Home
My Listings
About Kellie
Helpful Info
Home Search
Local Links
Interest Rates
Contact Kellie
Congress passed the most sweeping Housing bill of this generation ….
…and the President has stated his intent to sign the 700 page document. Included in the bill are a number of C.A.R. supported provisions that will help to create new homeownership opportunities and begin the process of stabilizing a tumultuous market.
A few of the highlights included in the bill is:
The new loan limit for Fannie Mae and Freddie Mac, which will be the greater of either $417,000 or 115% of an area’s median home price capped at $625,500.
The New FHA loan limit, which will be the greater of $271,050 or 115% of an area’s median home price capped at $625,500. Both new loan limits will be effective at the expiration of the Economic Stimulus limits on December 31, 2008.
Federal Housing Administration (FHA) rescue program, which allows homeowners to refinance their loan with the FHA and convert it to a 30-year fixed loan. Ideally, this will help many homeowners avoid foreclosure.
First time home buyer tax credit:allows first- time home buyers to receive a tax refund worth up to 10 percent of a home’s purchase price, but no more than $7,500. The refund serves as an interest -free loan and the homeowner is required to pay it back in equal installments over 15 years.
Provides $4 billion in neigborhood revitalization funds for communities to puchase foreclosed homes.
Posted: on Wednesday, August 13th, 2008 at 5:11 pm.