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On July 30, 2008, President Bush signed into law H.R. 3221, the "Housing and Economic Recovery Act of 2008," a sweeping $300 Billion rescue plan to help struggling homeowners avoid foreclosure, and to boost confidence in the sluggish housing market.
As your trusted mortgage advisor, I wanted to let you know that I am in the process of analyzing this landmark legislation, how it affects you, and what opportunities it presents to your financial goals and needs.
The bill itself is very large (hundreds of pages!) and contains many complex provisions that can be interpreted in different ways. In fact, I've already seen and read a lot of conflicting analyses of this important bill in the media.
Rest assured, you will be hearing from me soon with accurate details that you can trust regarding this bill, and more importantly, how you might benefit from it. Some of the highlights include exciting new tax incentives for homeowners and homebuyers, an extension of higher loan limits at preferred interest rates, and real help for homeowners that may be headed towards foreclosure, all of which will help strengthen property values in our neighborhoods. In addition, the new tax credit and pending changes for certain mortgage programs could make this the best opportunity in many years for a first-time home buyer.
If you have any questions or concerns regarding the new legislation and how it may affect your mortgage or your plans to buy a new home, do not hesitate to call.
Sincerely,
Terry Ross
Benchmark Mortgage
832-473-8795
terry.ross@benchmarklends.com
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