Breaking News!

As predicted in yesterday’s blog titled, The Good, The Bad, The Housing Reform Bill, The U.S. Senate just passed bill H.R.3221 (the Federal Housing Reform Bill) by a margin of 72-13 The House passed the measure on Wednesday 272-152.

With the bill, now going to the White House to be signed into law and taking effect on October 1, 2008, it will provide guaranteed refinancing options for certain homeowners in risky loan situations, guarantees federal funding to secondary market mortgage purchasers Fannie Mae and Freddie Mac throughout 2009, raises FHA loan limits to $625,000 in high-cost areas, increases Fannie and Freddie’s purchasing ability to loans up to $625,0000, cracks down on shady lending practices by enforcing the lending industry with more oversight and overhauls FHA loans which includes raising the down payment requirement to 3.5% and eliminates acceptance of down payment assistance programs.

Stay tuned for any additional developments and call me at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com to see how this sweeping piece of legislation can affect your unique situation.

Mike Dobranski, REALTOR®
Prudential Americana Group, REALTORS
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com