With an 81 to 16 vote, the Senate passed an amended version of H.R. 5140, a $150 billion plan to jumpstart the economy with temporary tax breaks for consumers and businesses, extended benefits, and most importantly, two provisions designed to assist the housing market.

According to CNN, the House is expected to consider and pass the amended bill as early as tonight, which could put the bill on the President’s desk as early as Friday.

The bill temporarily increased the size of loans that may be purchased by Fannie Mae and Freddie Mac, raising the current level of $417,000 to reportedly up to $730,000 in the highest cost regions of the housing markets. The bill also increases the size of loans the Federal Housing Administration could insure.

Rest assured, I am following this story closely and preparing the tools and resources you’ll need to make the most of this important legislation once it actually becomes law.

By the way, if you have questions about how this new legislation affects you, your financing and your real estate holdings, give me a call or shoot me an email.  I’d love to discuss the specifics of your situation with you.