How REALTORS are helping
When the current administration’s first stimulus proposal appeared, it looked much different than it does today. The National Association of REALTORS lobbied for several improvements that are vital to providing the best results for homeowners. NAR asked for loan limit increases to be raised in high cost areas beyond 2008. Loan limits for these areas have now been set at $729,750 for FHA, Fannie Mae, and Freddie Mac products through 2009.
The Association also asked for the original $7,500 tax credit for first time homebuyers to be higher and to be a true credit with no repayment requirement. The credit is now $8,000 with no payback unless the home is sold within 3 years of the date of purchase. This credit applies only to homes purchased during 2009. If any credit amount remains unused, the unused portion will be refunded as a check to the purchaser. This credit is available to those with a gross adjusted income of no more than $75,000 for singles or $150,000 if filing jointly. The credit applies to any single-family residence, including co-ops, condominiums and townhomes that will be used as a principal residence.
I will tackle the refinancing aspects of the package in the next issue. For more information check out some of these helpful websites:
http://www.car.org/governmentalaffairs/federal/hrlmp/
http://www.makinghomeaffordable.gov
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