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Blog entries tagged with "housing bill":
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The FHA down payment requirement was increased from 3% to 3.5% as part of the Housing and Economic Recovery Act that was passed in July. The legislation was touted as helping restore the housing market by stabilizing Fannie Mae and Freddie Mac and to provide foreclosure relief through Hope for Homeowners.
Hi everyone,
As some of you may remember the Housing and Economic Recovery Act signed earlier this year included a provision to give the states a combined total of roughly $4 billion to combat foreclosures. The state of Missouri received just over $42 million of this money and Kansas City is slated … (5 comments)
I'd love to hear any comment or ideas about my upcoming video broadcast. This will happen on Wed morning 11:15 Eastern. Join me and my special guest, a CPA to discuss the new TAX CREDIT for homebuyers. This is $7,500 that could make a deal happen in your life. Get your … (0 comments)
Lenders say "Thanks, but NO thanks" to the housing rescue bill, which is being initiated on October 1. Why are they saying "no thanks"? Because the bill calls for the lenders to "forgive" any loan balance greater than 90% of the home's value. FHA is insuring the new loan of 90% … (1 comments)
In what has been another intriguing week in the future of the U.S. economy, we are on the verge of many more changes. Following the governments take over off Fannie Mae and Freddie Mac a week ago, we have seen long term interest rates move to their best levels this … (1 comments)
George Souto is someone I look to for information on the mortgage industry. The post below will certainly drive this point home.
I know this is not “new” news, but the closer we get to October 1st the more I get irritated about the passing of housing bill HR 3221.
Ready to purchase the lavish real estate in Sandy Springs and Metro Atlanta? Well the rules to do so are changing quickly. Stay informed and prepare yourself for the good, the bad, and even the ugly.
At the beach, many property owners have used the 1031 exchange procedures outlined in our tax laws to delay or "push-off" taxable gains on the sale of investment properties and, many times, vacation homes. Part of the strategy is to continue to rent the property for a while and then move into … (0 comments)
In the past, HUD offered a fixed price policy for FHA financing, but those policies have changed recently due to the high volume of foreclosures experienced in the recent past. As of last year, HUD decided that they would modify the way that FHA fees are charged to be more "risk-based" … (1 comments)
I have received many calls and email about the new Housing Bill Congress recently passed and was signed by President Bush into law.
Since President Bush signed the Housing Bill on July 30th, I've experienced a huge surge in business! I was curious to see if it was simply me having some good results, or if there has been a shift in the market. I ran a search of homes for sale in Mt. … (2 comments)
The powerful pen of the Executive
Office has been wielded, endorsing housing legislation that gives broad
authority to the Treasury Department for safeguarding Fannie Mae and Freddie
Mac and saving thousands from foreclosure. But at what price?. It increases the
national debt by 800 Billion, and the liabilities for taxpayers … (0 comments)
Housing Bill: What It Means for Buyersby Hassan Nicholás
While on www.Bankrate.com, I read an interesting article to share. Service members returning from active duty abroad will be given breaks. Some protections apply to service members whose military obligations affect their ability to repay debts, primarily Reservists and members of the National Guard who are called to active duty. They … (0 comments)
This past Saturday the Senate overwhelmingly passed a bi-partisan housing Bill that will offer FHA financing in new loans for troubled homeowners that can not make their current mortgage payments. This legislation is the largest government involvement in the housing market in decades and is aimed at curbing the foreclosures keeping homeowners in … (0 comments)
At the stroke of the pen during the President's recent signing of the Housing and Economic Recovery Act of 2008, opportunity arrived for First Time Buyers. But even beyond that - it is also good news for Sellers of entry-level houses as well. In recent months many folks dwelling in their … (2 comments)
At the stroke of the pen during the President's recent signing of the Housing and Economic Recovery Act of 2008, opportunity arrived for First Time Buyers. But even beyond that - it is also good news for Sellers of entry-level houses as well. In recent months many folks dwelling in their … (0 comments)
One of the biggest provisions of the recently signed housing bill is a first time home buyer tax credit of up to $7,500. This credit is available for anyone who has not owned a home in the last three years and is designed to jump start the housing market and give … (5 comments)
President Bush signed the Housing and Economic Recovery Act of 2008 into law and the press jumped on the obvious storylines:
Q: What exactly will the legislation do?
Congress passed the "Housing and Economic Recovery Act of 2008" and President Bush signed the legislation July 30, 2008. The bill, which can be read in it's entirety at
Housing Bill has passed and the most noticable changes are with FHA. October 1st 2008, the down payment increases from 3% to 3.5%. FHA will no long allow the down payment assistance programs like Nehemia, as predicted. Any and all loan process must have full credit approval by FHA on September … (0 comments)
Does anyone know how this program works? Does the IRS send them a check after closing?
On July 30, 2008, President Bush signed into law a far reaching housing bill that attempts to address the country's housing and mortgage crisis. The law does not go into effect until October 1, 2008 and it may potentially take several more months for the new loan programs that are authorized … (2 comments)
Here are some of the details from the new housing bill: The President has signed into law legislation that will allow HUD's Federal Housing Administration (FHA) to continue providing targeted mortgage assistance to homeowners. The Hope for Homeowners program will continue FHA's existing and successful efforts to provide aid to struggling … (2 comments)
Fed
Stands Still – Time to Make Your Move
Let's face it - few people want to take the time to go through the legal jargon of any type of legislation, but the new Housing & Economic Recovery Act is worth investigating.
The recent passage of the Housing and Economic Recovery Act of 2008 has set new loan loans limits for the Federal Housing Authority (FHA), the Veterans Administration Home Loan Program (VA), Fannie Mae and Freddie Mac.
Many of the first-time homebuyers that I work with end up getting help with the up-front costs involved in purchasing their first home. The luckiest of them have parents or relatives who can help them out with cash up front for a down payment, closing costs, or home improvements. Most often, … (1 comments)
I have been getting calls from sellers in Destin Florida and the surrounding towns, concerned over rising mortgage payments or from those who have lost income or jobs, to find out if they are eligible for the favorable refinance benefits recently passed in the Housing and Economic Recovery Act of 2008. Following is … (4 comments)
The recently passed Housing and Economic Recovery Act of 2008 has sparked many questions, many of which have been regarding the $7500 tax credit for first-time home buyers. I have put together the following links to help shed a little light on the Act, and how it will effect you and … (0 comments)
Will the new housing bill put a slowdown on foreclosures? Fewer foreclosures on the horizon?
Zero down no more? Well, the down-payment assistance groups (DPAs) are still alive for now. The ban for new applications will go into effect October 1st. This can change, and I still recommend you act without delay if you plan to structure any 97%+ LTV deals. I registered quite a few this … (1 comments)
The new Housing Bill is over 700 pages long and not written for the faint of heart. To determine what tax credits are most advantageous for you, please be sure to obtain counsel from a professional tax consultant or accountant.
So, we have beat this dead horse over and over again, but I would like to bring a positive spin on this dead horse. Here goes: we need to be focused on the fact that the our first time home buyers are going to be getting an extra tax break to … (2 comments)
H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following … (0 comments)
I've been doing the FHASecure Short Refinance Loan for a while now and when the new Housing Recover Bill I was concerned that the new FHA HOPE was going to replace the FHASecure. Fortunately...NOT!
Real Estate Outlook: Housing Bill Approvedby Kenneth R. Harney
Note to Editors: McElroy Associates public relations is pleased to announce that we are now representing Major Enterprises, Inc. Please consider Major as a source for any news/feature stories on real estate - especially innovations in the real estate market such as auctions.
Michelle Singletary's column in today's Washington Post http://www.washingtonpost.com/wp-dyn/content/article/2008/07/30/AR2008073003013.html points out that the new $7,500 tax incentive in the new housing law is not really a credit, but is essentially a loan administered through the tax code.
Hi! Originally uploaded by Special
It's official. Will buyers come out to play?
What's it mean to you and me? It all depends on where you live and what your situation is. One sure thing, although we are silly-putty pounded by media reports referring to the "National Housing Market", there … (0 comments)
Harris Real Estate University Students and future students…here is the summary of theHousing Bill. (Thanks to the excellent reporting from Realtor.com for much of this content) * GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median … (1 comments)
President Bush has signed into law the U.S. Housing Bill. And along with it comes the $7,500 First-Time Home Buyer Tax Credit.
H.R. 3221: The Housing and Economic Recovery Act of 2008 
Housing Bill Signed by President Bush
How Will it Help You 
Well,
The new housing bill also known as H.R. 3221, the "Housing and Economic Recovery Act of 2008" has been signed into law. Many have been asking, what does this do for the current housing market and for current and future homeowners? In the next coming days and weeks, the bill will … (0 comments)
What do you think about President Bush signing this bill that's intended to help relieve some homeowners that are in fear of foreclosure? Pro's/Con's for the real estate business? Share your thoughts..
The legislation will assist an estimated 400,000 homeowners facing foreclosure, many of whom reside in California, by allowing them to refinance their current mortgages with a Federal Housing Administration (FHA)-backed loan. The bill also will permanently increase FHA, Fannie Mae, and Freddie Mac loan limits in high-cost areas.
This federal housing bill is a significant move in the right direction for California homeowners. It will aid in stabilizing our economy and help stem foreclosures, while also providing support to first-time homeowners.
The President signed HR 3221 today making it law. I wrote about it in a post on my outside mortgage blog called
Shortly after 7am today, President Bush signed the massive Housing and Recovery Act of 2008.
Good news for first time home buyers with the Housing and Economic Relief Bill signed today (July 30,2008) by President Bush! 
Lenders and Agents, you are on the front lines, so I NEED your input here. Tell me of situations that you see that result in foreclosure. Don't get into blame... I want to know what the situations of the homeowners are, why it is their only choice. I don't (for purposes … (5 comments)
One of the provisions of the new housing bill that is likely about to go into law is a $7,500 tax credit for first time homebuyers. Unfortunatly, I feel like this is all smoke and mirrors and is flawed. The problems are:
The Housing and Economic Recovery Act of 2008 which is expected to be signed by President Bush today has a tremendously advantageous program within it called the "HOPE for Homeowners Act of 2008." This has the potential to help the many, many homeowners who have lost considerable equity in their homes and … (2 comments)
I fully understand the impact of the current economic downturn and the role that it plays in our overall economy. I understand that many people are losing their homes to forclosure and I think that is terrible. I know that at lease some lenders utilized some poor practices getting people who … (1 comments)
Wednesday, July
23, 2008 (Roll Call #519)
the US House of Representatives passed
HR
3221; The Foreclosure Prevention Act of 2008; 272-152, 11 not voting.
Shortly thereafter on Saturday July 26, 2008
(Roll Call #186) the US Senate passed
HR
3221; 72-13. Both branches of our government passing the bill … (2 comments)
Wow, I have seen a lot of blogs about this new legislation. I believe that the President is due to sign it by midweek and it will take care of all of our problems. No more foreclosures. No more sub prime loans with nasty prepayment penalties and rate adjustments. No more … (9 comments)
Is Congress imitating a cartoon "Super Hero" rescuing struggling homeowners from foreclosure or just another comic book character hoping for a happy ending?
Read more. … (0 comments)
The rescue housing bill has finally passed the House and Senate. President Bush is expected to sign it into law. There are many aspects of this bill, some good, and some not so good. Looking over the highlights, there is one that will in my opinion, make an immediate impact:
Here are some of the new benefits:
Important information from the National Association of Realtors: