More State and Govt Real Estate Programs

By
Real Estate Agent with Home Buyers Marketing II, Inc. Broker/Realtor DC,MD/VA

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

Http://DJonesSellsHomes.com

 

 

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Deandrea "Dee Dee" Jones                                                          

Broker/ Realtor  Serving Washington DC &MD/ Northern VA 

Home Buying Marketing II, Inc.

http://DJonesRealEstate.com

djoneshomes@gmail.com

 

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Rainmaker
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Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

The one that will have the most meaningful impact if it gets through is the 15k TAX CREDIT. That would be huge for all of us!

Feb 07, 2009 08:32 AM #1
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Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Jonesy,

The 7,500 tax credit will likely be doubled, but they're taking some of the steam out of the engine.  I don't know how much this will help us.

Jonesy in Tucson

Feb 07, 2009 04:50 PM #2
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