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Economic Stimulus Package

03-26-08
Samantha Liacos

Economic Stimulus Package

In February, President Bush signed an economic growth package designed to put more money back into the hands of consumer and increase their ability to gain access to government insured loans.

Through rebate payments to over 131 million Americans and tax incentives to businesses, this new law is expected to provide a meaningful boost to the nation's economy.

Under the legislation, most people who pay federal income taxes will get up to $600 for individuals or as much as $1,200 for married couples, with an additional $300 per child. Some Americans will not receive this rebate payment due to income limits: above $75,000 for individuals and $150,000 for married couples who file jointly.

In addition, the new law provides for a temporary increase in Fannie Mae, Freddie Mac and the Federal Housing Authority's (FHA) loan limits in select Metropolitan Statistical Areas (MSAs) where housing costs are high. This will make it possible for more people to obtain low-risk loans - currently a very popular option for a wide range of consumers. Loan limits may be as high as $729,750. The increases apply to loans originated from July 1, 2007, through Dec. 31, 2008.

The Wells Fargo View: Once Fannie Mae, Freddie Mac and the FHA assess how they will implement the new loan limits, Wells Fargo will define and communicate the process changes with clients and external sources. The goal is to make the new loan limits available as quickly as possible.

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