IRVINE, Calif. - (Business Wire) Sage Credit Company
www.sagecreditcompany.com feels optimistic that the recent increases in the conforming rate limits will help California home owners.
The Economic Stimulus Act of 2008, signed into law on February 13th, 2008, establishes temporary increases in GSE loan limits for first lien mortgage loans in high-cost areas.
Government-sponsored loan buyers such as Fannie Mae and Freddie Mac can now buy loans up to the new conforming limit of $729,750 in Orange County for instance. This is a 75% increase from the old limit of $417,000 according to the Department of Housing and Urban Development.
“Many home owners in California were severely restricted in Orange County where the prices of homes and subsequent mortgages were much higher than the previous conforming limit,” said Quentin Caruana, President of Sage Credit Company. “This severely hampered the mortgage options that we could offer our customers. This guideline legislative improvement is welcomed and should help many California homeowners.”
Sage Credit Company acknowledges that there have been some challenging times for the residential real estate market and the mortgage industry. However the Economic Stimulus Act will soon make larger loans more attractive to obtain and will give the struggling housing market a boost. Fannie Mae has reported that it began buying larger fixed-rate mortgages on April 1st, 2008 and will begin buying larger adjustable-rate mortgages on May 1st, 2008.
“We welcome this innovative change by the Federal government to help the plight of many current mortgage owners which have been challenged by their limited refinancing and buying options,” said Quentin Caruana, President and Founder of Sage Credit Company. www.sagecreditcompany.com
About Sage Credit Company
Sage Credit Company, Inc., headquartered in Irvine, California, is a mortgage banking company licensed nationwide, and by the U.S. Department of Housing and Urban Development. The company has retail offices providing a comprehensive array of loan products, including mortgages for first-time buyers, home equity loans; cash out refinance loans, and debt-consolidation loans.
Sage Credit Company is located in the Irvine Spectrum at 8001 Irvine Center Drive, Irvine, Suite 200, California 92618. For more information please visit www.sagecreditcompany.com.
Blank and Associates
Hank Blank, 949-300-3266
hank@hankblank.com
