Mortgages Made Simple with Rick Gundzik

Thursday, July 31, 2008
Housing Relief Bill, Will it help You - July 31, 2008
We have received a ton of inquiries about this bill, so we decided to post this encore podcast for those who can't find it. There were a few changes in the final bill signed by the president, but nothing earth shattering. The best part of the bill is the tax credit for home purchases. This latest economic stimulus type Bill 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 $7,500. However, it will only be eligible for homes purchased from April 9, 2008 until July 1, 2009. And finally, it will increase loan limits to $625,000 to try and keep the high cost states humming along.

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email

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posted by Pac Res @ 7:29 AM  
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