Housing Stimulus and How It Affects You

By
Real Estate Agent with Coldwell Banker Holman Premier Realty

Recent Housing Stimulus News

February 19, 2009

President Obama's housing initiatives have just been released.  This page will provide helpful information on the recently enacted New Homebuyer Tax Credit and the Homeowner Affordability and Stability Plan that is to be enacted March 4, 2009.

Here are some of the bullet points:

  ~ An $8,000 tax credit for homes purchased January 1 - December 31, 2009 for first-time homebuyers

  ~ Refinancing for homeowners who have seen values of their homes fall

  ~ Loan modifications for those at risk of becoming delinquent, or who have already become delinquent on their loans

  ~ Financial incentives for lenders to modify loans

  ~ Financial incentives for homeowners to stay current on their payments on loans that have been modified

  ~ Fannie Mae / Freddie Mac will guarantee all modified loans they hold

  ~ Fannie Mae / Freddie Mac will ensure strength and security in the mortgage market and help maintain mortgage affordability (low interest rates)

  ~ Allow loan modifications on bankruptcy for primary residences

  ~ Clear and consistent lender guidelines for loan modifications

Here are some helpful links to the information mentioned above.

First-Time Homebuyer Tax Credit

Homebuyer Tax Credit, Home Energy Credit, New Tax Cuts

Homeowner Affordability and Stability Plan:

- Executive Summary

- Housing Example Sheet

- Fact Sheet

- Consumer Q&A

Please contact me to find out how this may affect your home buying, home selling or home refinancing plans.  I'm always at your service.

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