Everyone is focused on the $7500 tax credit but do you know about the other state and government programs and there impact on the economy.
Foreclosure Relief- This will offer a refinance program that will help struggling homeowners stay in their homes. Yeah Less Foreclosures!!!
FHA Modernization - maximum loan will increase to 115% of median home price in area up to $625,500. This means will be seeing a lot of FHA buyers in 09.
Mortgage Revenue Bonds-States will be given the authority to issue an additional $11 billion dollars to be used to refinance subprime loans and help more first time buyers obtain a mortgage.
GSE Government Sponsored Enterprises- will regulate the industry helping buyers secure financing for homes in high priced markets such as California and the North East. And will become a viable alternative from interest only loans.
LIHTC Low Income Housing Tax Credit and Bonds-helps construct and rehabilitate affordable housing. This will also create more jobs. Open up home ownership opportunities to more people.
Community Development Block Grants -The legislation provides $3.9 billion in grants to state and local governments for the purchase of foreclosed homes and the rehabilitation or redevelopment of residential property. This also will create and sustain more jobs.
For more information on these programs go to http://www.federalhousingtaxcredit.com/how.php
Dee Dee Jones
The Hampton Roads Real Estate Lady