Sanders Asks Congress To Raise Home Loan Limit
SAN DIEGO — San Diego Mayor Jerry Sanders urged Congress to support a temporary increase in home loan interests in pricey areas Thursday.
The mayor sent a letter to Senate Majority Leader Harry Reid asking for the increase, which is part of President George W. Bush’s economic stimulus package.
If the proposal is passed, loan limits before a “jumbo” loan would increase from $417,000 to $730,000, officials said.
Sanders said the proposal is in response to the increasing number of resident who cannot afford homes in the San Diego area.
