Menu

Home › Forums › Housing › Some actual language from the stimulus bill › “Mortgages originated during

February 8, 2008 at 11:44 AM #149880
SHILOH
Participant

“Mortgages originated during the period beginning on July 1, 2007, and ending at the end of December 31, 2008.

Calculation of New Conforming Loan Limit. The limitation on the maximum original principal obligation of a mortgage that may be purchased by the GSEs shall be the higher of:

(1) the conforming loan limitation for 2008

(2) 125 percent of the area median home price, but in no case to exceed 175 percent of the conforming loan limitation for 2008″
http://www.mikesrealestateshow.com/2008/01/29/new-conforming-loan-limits-you-just-got-125-off-your-interest-rate-for-new-loan/

When is a mortgage considered “original.” If you refi does that then make the new mortgage an “original.” It would seem that original would only apply to the borrowers first mortgage on the property….