The headlines around the nation have been dominated by a new mortgage bill that has already passed the senate and on the way to W’s desk to get signed.
The bill provides government money to help the housing industry. I’m not so sure about all of the FHA stuff in the bill. It’s a little hard to understand because I’m not sure if it’s between the lenders and their current customers, or if customers can refinance into a new FHA mortgage loan with a different lender?
One part of the plan is called "FHA rescue" which is supposed to help people get out of toxic mortgages. Sounds more like a way to help people stop foreclosing and to help ease the housing market crash. I will post more information on this topic when I gather more knowledge.
The highlight of this bill is for First-Time Home Buyers (FTHB). The numerous articles I have read state that there will be a tax credit issued to First-Time Home Buyers. On a bankrate.com mortgage blog, they are saying that FTHB will receive as much as $7,500 in tax rebates if they buy a home.
With this new tax incentive, next year might be the best time ever in the history of the United States of America to be a FTHB. Not only are there tons of great deals on the market today, FTHB will get a $7,500 dollar incentive to purchase a new home!! Basically, you can buy a new construction for a discount or buy a fixer-upper for a discount...You can’t go wrong!!
If you are interested in learning more about what you qualify for, or want to start looking at homes, please Contact Us. We have the answers for you.
