The Senate and House of Representatives have come to agreement on an Economic Stimulus Package. It is currently awaiting the President's signature to be signed into law, that will raise Federal Housing Administration (FHA) and Government Sponsored Entities (GSEs) conforming loan limits to as high as $729,750 in high cost markets until December 31, 2008. That limit is temporary and will not apply equally across the country and although it is being signed into law soon it may take some weeks before the exact details of specific loan limits for your specific area are available through lenders. The stimulus package also provides immediate tax rebates for 2007 income tax filers.
This stimulus package offers a unique opportunity for first-time Latino homebuyers on their quest to purchase a new home. How it can help? On average, a family of two adults and two children could receive up to $1200.00 by May provided they have filed their tax returns for 2007. This rebate can play an excellent role in partially assisting many buyers in overcoming the down payment and/or closing costs barrier.
By utilizing the rebate checks as down payment or as part of the closing costs on affordable mortgage programs like FHA, My Community Mortgage and others that assure sustainable home ownership, Latino borrowers will have an opportunity to not only purchase their first home, but to also begin to create wealth and family stability.
Another possible use could be opening a savings matching account like an Individual Development Account (IDAs). If Latinos are disciplined enough to invest it in homeownership, it could be an investment that can last a lifetime.
Bill Arce
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Most Latinos as well as U.S. citizens are not receiving their stimulus payment. Check out http://en.wikipedia.org/wiki/Tax_rebate under "Immigration Controversy" to see who is stealing money from me and my three children, all U.S. citizens with social security numbers. FAIR, an anti-immigration group accused of having ties to white supremacists and branded as a hate group, lobbied the Senate for the change. The amendment was proposed by Senator John Ensign of Nevada, one of six Congressmen living in a Capitol Hill townhouse subsidized by the "The Family", a religious organization linked to the CIA and numerous current and past dictators around the world. This "world organization led by Christ" means that Christ tells you what to do. "It doesn't matter whether Hitler was good or bad, Hitler was chosen for leadership. That was part of God's plan. Nothing happens that isn't part of God's plan." It's hard to name a nasty regime around the world that doesn't have really well-documented connections to the "The Family" or "The Fellowship." Immigrant restrictionism is stiffing hundreds of thousands of American citizens and legal residents out of their tax-rebate checks because "God spoke" and this was part of "His Plan." Buy that? I don't either!