The new Economic Stimulus Act of 2008 is more then just a rebate in your pocket – though who couldn’t use and extra $600 or $1200 in their hand? If you’re a homeowner or a new buyer shopping for a California home loan or home equity line of credit, then there is even more good news for you then just your rebate. The new stimulus package is also designed to help certain “high-cost regions” that are currently plagued by a struggling housing market.

The new bill calls for a temporary increase in the conforming loan limit from $417,000 to as high as $729,750 in specified areas. So what does this mean for you? Well Orange County is one of these high-cost regions and the increase in the conforming loan limit could help you avoid higher interest rates associated with non-conforming or jumbo loans. This means that you can buy a new home or even refinance you current mortgage at a lower rate then you could have before the change in limits – which will save you tons of money of the course of your loan.

Remember though, it is harder to get a California home loan at the moment, so your credit score is more important then ever.

As a California home loan specialist, one of the things I often tell my clients is that knowledge really is power. The more you know and understand your credit, the better your chances of qualifying for the home equity loan or California home loan you want.

Most people who take the time to understand how their daily purchases, credit checks and account standings impact their credit rating are likely to make the right moves when it comes to building strong credit. If you don’t know how your credit rating is even determined, how could you be expected to have a very good score?

If you are thinking about buying a home now or in the future, the best thing you can do is check out the Credit Scoring Booklet I give to everyone that walks through my door. It’s free and can really help you get a better understanding of what you need to start doing or keep doing in order to qualify for a California home loan.

On July 30, 2008 President Bush signed into law H.R. 3221 which is the “Housing and Economic Recovery Act of 2008,”. The Housing and Economic Recovery Act of 2008 is a $300 Billion program to help homeowners that may be in trouble, avoid foreclosure, and to boost confidence in the currently slow housing market in California.

This landmark legislation is in the process of being analyzed to see how it affects you, and what opportunities it presents to your financial wants and needs.

The bill alone is hundreds of pages and contains many detailed and complex conditions that can be interpreted in many ways. As your trusted California Home Loan agent, I’ve already seen and read a lot of conflicting analysis of this important bill in the media.

In the near future, I will discuss more accurate and trust worthy details in regards to this bill, not to mention how you might benefit from it!

Here are a few of the stand-out items that are quite exciting…

• New tax incentives for California homeowners and buyers.
• An extension of higher loan limits at preferred interest rates.
• Reliable help for homeowners that may be heading towards foreclosure.

These are just a few incentives which will also help improve property values in your neighborhoods.

In addition, the new tax credit and changes, still in limbo, for particular mortgage programs could make this one of the most beneficial opportunities in a LONG time for first-time home buyers.