The new Housing Stimulus Bill (H.R. 3221) was signed into law by President Bush.
Here are a few of the things you will find in the bill:
- FHA and VA Loan limits have been changed
- Seller funded assistance programs have been made eliminated starting October 2008.
- Bailout of Fannie Mae and Freddie Mac
- $7500 tax credit for buyers
- FHA foreclosure rescue
- There are a couple of refinancing programs
- New loan originator requirements
- Neighborhood revitalization funds
Attached is a link to the National Association of REALTORS® summary of the new law: http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument
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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
Randy there are a lot of things that are uncertain in this Bill like the Underwiting Guidlines. But one positive that we do know about is the $7,500 Tax Credit to First Time Home Buyers.
George - It will be interesting to see what percentage of the population actually see benefit from the package of programs and regulations.