04 August 2008

President Signed the Housing Stimulus Package

As many of you may be aware, the President signed the Housing Stimulus Package last week.  What does this mean for you? Well if you are a first time homebuyer this could mean that you get a $7,500 tax credit.  If you are a FHA buyer this increases your loan limits.  If you are in Foreclosure this new law could provide for some relief.  This prohibits Seller Down-payment Assistance programs.  And much much more. 

If you are a first time homebuyer and are just concerned with the Tax Credit then check out my page dedicated to this issue here.

 If you want a more concise overview of the law check out this Realtor.org page. 

 

Now I want to know what you think.  Is this new law going to help hurt or not affect the current housing slump?

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Comments

# Porter said:

Barack Obama is now officially the president of the United States. And he must now start working out the change that he has promised to us. He has already come up of economic stimulus plan. The general focus of this plan is to target job-producing projects that can be underway quickly, to do just about whatever it takes to get the economy moving, and restore confidence in the nation’s economic future.  However, this plan has already received some negatives remarks even from his fellow Democrats. Recently from the House Democrats, they released their answer to Obama's original stimulus plan, which he unveiled last week. Their plan costs $825 billion, a bit more than the $800 billion that was originally estimated. The new plan cuts out the tax credit for businesses that make new hires. The tax cut for individuals is included though, but it's only a little bit extra in each paycheck, so a lot of Americans will probably still need a payday loan if they run into a financial emergency. Republicans, of course, are calling for more tax cuts, especially for businesses, and less spending. The Republican Study Committee released its own plan that reflects these ideals. The House is saying it hopes to have the bill finished by mid-February.

28 January 09 at 11:34 PM
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