Mortgages Made Simple with Rick Gundzik

Thursday, July 10, 2008
Housing Relief Bill, Will it help You - July 10, 2008
The House of Representatives recently passed the Housing Relief Bill. This latest economic stimulus type Bill which must still pass the Senate has the following three goals: 1. Help distressed homeowners, 2. Tax credit for First time homebuyers and 3. Permanently increase Fannie Mae loan limits to $625,000. Mortgages Made Simple logo

The most shocking provision of the Bill requires lenders to reduce a borrower's loan balance to 85% of the home's appraised value. The distressed borrower will then be able to refinance to an FHA loan.

The tax credit for first time homebuyers will be $8,000. However, it will only be eligible for homes purchased from April 2008 until April 1, 2009. And finally, it will increase loan limits to $625,000 to try and keep the high cost states humming along.




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posted by Pac Res @ 7:19 AM  
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