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FHA changes down payment requirements 1-1-2009.
As many of you know, HR 3221 has been signed into effect by President Bush this week. I will keep this really short and to the point, because the document is 786 pages long and has left quite a bit for interpretation.
Basics are much of the bill has to do with loan bailout but this blog today is about FHA seller down payment assistance programs going away.
FHA seller down payment assistance has been eliminated effective 9-30-2008.
Very unfortunate for homeowners, lenders and agents that played by the rules. You can thank much of the abuse to seller owned mortgage companies (yes this means Builder owned mortgage companies,
If you are a buyer in prequalification stage get going and find your home asap.
You may have heard about the tax credit for first time home buyers which will be eligible from 4-9-2008 to 6-30-2009.
This is really great news. However it is not a tax deduction.
It is a credit. Up to $7,500.00!!
Essentially this is a loan accruing at 0% interest which will be paid back by the buyers over the next 15 years.
If the property sells, you pay whatever is remaining unless your equity is less than what is owed or you meet your maker.
Who is eligible? First time homebuyers (those who have not owned a home or real estate within the past 3 years) if single and make under $75,000 and if married make under $150,000.00 will qualify for the max credit.
There is a tiered qualification for the credit as well where there is a benefit for first time homebuyers up to $95,000.00 if single and $175,000.00 if married.
How can the credit be allocated? Up for interpretation as this is so new.
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My Blogging regarding my opinion!
Inflation Newsmaker last week, it appears that news coming in the next week will be focused on the housing market, as both New and Existing Home Sales Reports will be released. I don't exspect to see much change in the continued sluggishness in the nation's overall real estate housing market.
Stats coming out regarding Durable Goods Orders, which is a measure of how many "durable" or non-disposable goods have been purchased during the previous month or month's.
Products which are expected to last longer than three years, such as TV'S, Furniture,Office equipment, and Cars.
Consumables like food and energy are taking such a toll on consumers pocket books.
How are consumers feeling? Positive - or not - about their current and future economic conditions.
Keep in mind that its my understanding when Bond prices move higher, home loan rates move lower...and vice versa.
This week, Bond prices took a steep dive, causing home loan rates to worsen.
Is this weeks Bond market going to be friendly? Bond prices could continue lower, and cause home loan rates to worsen ...but negative economic news could pull money out of Stocks and into Bonds, give Bonds an upward boost , and help home loan rates .
This information is not to be taken as Advice these are only my opinions!
Expertise in Flower Mound, Highland Village, Keller, Lewisville, Coppell, Colleyville, Southlake and surrounding areas? Covering Copper Canyon, Double Oak, Corinth, Denton, Westlake, Grapevine, Argyle, Lantana, Castle hills, Robinson Ranch, The tribute, Wellington, Bridlewood, Point Noble, The Landing and all surrounding areas. Flower Mound Real Estate, Keller Texas Real Estate, Flower Mound Homes, flower mound homes for sale, Lewisville Texas Homes, Lewisville Texas Homes for Sale, Flower Mound TX Homes for Sale, Denton Texas Homes, Highland Shores Real Estate, Highland Village TX, Lantana Texas Homes, Double Oak Texas Realtor, Copper Canyon TX Homes, Argyle Texas Real Estate, Flower Mound Texas Homes
