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About an hour after the plan was announced, the Senate narrowly passed President Obama's $838 billion economic stimulus bill. The measure was approved by a vote of 61-37. The bill will now go into negotiations with the House.
If this plan takes effect, it could improve the housing market with greater incentives for homebuyers. A $15,000 tax credit will likely be a motivating factor for buying a home.
Today's interest rate of 5.5% for a standard loan, and 6.625% for a jumbo loan, are improved over the past.
The interest rate on my first home was a whopping 14 ¾!
With improving housing affordability,low interst rates,and a possible tax credit, I believe the door is wide open for homebuying.Yes, a down payment of 3% for FHA, or 5% for a conventional loan is required,but lower home prices and possible tax credits will allow young buyers to jump into the market.
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