Housing Stimulus Bill Highlights by toriola1


									Presented by Daniel Toriola
Thousands of honorable, hard working Americans are losing their homes daily. The banks are foreclosing at a rate of about 150,000 homes a month as of this writing. Do not let fear overwhelm you! Learn how to save your house now! Get informed. Click here to know more

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2008 Housing Stimulus Bill Highlights By Paula Cherrist

The recent Housing Stimulus Bill, also known as the Housing and Economic Recovery Act of 2008 was signed into law on July 30, 2008. Many homeowners may be confused as to what this bill means for them and how it can help. With the major downturn in the housing market, dramatic increase in foreclosures and failure of some mortgage banks, the federal government felt something needed to be done. With the passage of this bill some new options and recourses for homeowners have become available and will hopefully aid in the recovery of the housing market and prevent many homeowners from losing their properties. Across the U.S. there are an estimated 400,000 homes in danger of foreclosure. By mid year in the month of June, Illinois held the 13th spot out of 50 states by number of residential foreclosure suits, according to data from RealtyTrac. The new housing bill will allow homeowners in distress to refinance their high rate loans to government backed low interest mortgages as long as lenders will work with a loss. One of the main tenants of the bill that lenders would agree to basically write down loans that are in trouble to 85 percent of the appraised value. Then the homeowner who qualified would be able to get a 30 year fixed rate mortgage from FHA at 90 percent of the appraised value of the home. Anyone taking out one of these FHA loans would be obligated to split all future profit or appreciation from the home with FHA. There is a cap of $550,440 and the program starts on October 1, 2008. Perhaps the provision that first time home buyers will notice is the Homebuyer Tax Credit. This is a $7,500 tax credit that is offered to any person who qualifies and purchases a home between the dates of April 9, 2008 and June 30, 2009. It is basically an interest free loan and can be repaid over a 15 year period. This could be especially helpful to anyone who is interested in buying Chicago new construction homes like those listed here http://www.bestchicagocondos.com/new-construction-condos/index.html and has to come up with a down payment. Another key element of the reform is the creation of a new department to regulate mortgage companies such as Freddie Mac and Fannie Mae. It would also set the high end loan limit that would be guaranteed at $625,500. The bill would also prohibit any lender or other company or developer who stands to profit from the sale of a condo or home from financing or helping the borrower with a down
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payment. Many first time condo or home buyers fell victim to lenders who qualified them for loans that they were financially unable to repay. Other buyers obtained down payment financing from developers who were trying to sell out their building in order to gain construction financing. Those practices led to record numbers of borrowers who soon found themselves under the threat of foreclosure. Hopefully these new laws will help to prevent that from happening again on such a large scale at least. The formation of the National Affordable Housing Trust Fund is another product of this legislation. This trust fund would be established to cover the cost of FHA loans that were subject to foreclosure. Later on, the funds would be earmarked to create affordable housing for those who qualify under income requirements. Also, the Low Income Housing Tax Credit program is being updated to make the process more streamlined for those applying. And along the same vein, the bill also allows for $4 billion in funds for neighborhoods to buy foreclosed properties and move forward with revitalization programs for the benefit of the community. This is just a brief, nutshell highlight of the new legislation that passed. There are many other points and details of the bill that you can research in depth. Your accountant, lawyer or real estate agent should be able to help you, as well as employees of FHA. For those who purchased a new condo or home, which is the dream of most people, and now find themselves in financial trouble this bill could be a huge help. If you need help, don’t hesitate to get the ball rolling and see if you qualify for assistance under any of the new provisions and programs. Don’t let your dream of owning a condo or home turn into a nightmare. Paula Cherrist writes articles about http://bestchicagocondos.com Chicago real estate, Chicago condos for sale, housing-related topics and home trends.

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How The Economic Stimulus Bill Will Help The Housing Market By Frank Elliot

The economic stimulus bill formally called as HR 5140 was approved by the senate with an overwhelming vote of 60-38. The stimulus package amounted to a gargantuan $787 billion, it is an ambitious package of federal spending and tax cuts designed to revive the United States economy and save or create millions of jobs. There are many hopes riding on the package and it is generally viewed as the savior of the US economy and the world economy as well. Last week, President Barack Obama signed it into law in order to start the economy down the road to economic recovery. In summary, the stimulus bill will provide one-time rebates to roughly one hundred and eleven million families, provide tax breaks to businesses, and ease mortgage loan limits. Now what's more important to most of us if you agree is about the provisions of the stimulus bill and its effects homeowners. The housing bubble has been considered by many as the root cause of the economic downturn. First the bill is aimed to create about 3.5 million jobs, providing respite to homeowners who have lost their jobs. Second, the bill can provide homeowners the much needed cash via tax breaks. Tax breaks can amount to $400 for individuals and $800 for couples on the first payment alone. Third, there’s a homebuyer tax credit provision which provides a $7,500 tax credit to first time homebuyers up to a maximum of $8,000. The good news is, you don’t have to repay the $8,000. The credit is available to homeowners with gross income of $75,000 to $95,000 for individuals and $150,000 to $170,000 for married couples. The definition of “first time” homebuyer is someone who hasn’t purchased a house in the last 3 years. As a form protection, the bill will force a recapture of the entire $8,000 tax credit if the home is sold within 3 years of purchase. And lastly, the bill extends the increase in loan limits that were passed in 2008. The limits are 125% of the median home price for the local area for FHA and $417,000 for Fannie and Freddie. Giving people access to more credit will help people feel they are in a better financial position and help spark an increase in home purchases. The positive effect of the stimulus bill on housing doesn’t end there. President Obama also hinted of a $50 billion plan to help stem foreclosures in heavily affected states like Arizona. The president’s economic team will be providing the public, the details of the plan to prod the mortgage industry to do more in modifying the terms of home loans so borrowers have lower monthly payments. All these provisions are aimed at alleviating the house foreclosures which have increase to a record high of 81% from the year 2007 and might increase further depending on the effectively of the economic stimulus bill. Last February 12, the 30-year fixed-rate mortgage averaged 5.16 percent which is 0.56 percentage points off from last year’s. This has lead to an increase in mortgage refinance applications. At the same time, it also shows the positive impact of the stimulus bill.

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