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What is in the House Stimulus Bill 01/28/2009

This is only part of what the Homebuilders and NAR were looking for - but having the FHA limits here going back up will help... especially when you look at the new PMI guidelines that are coming out. (For information on the Genworth changes announced yesterday, click here going to minimum credit score of 700 in many markets)

Last night, the U.S. House of Representative passed H.R. 1, the Economic Recovery Package, by a 244 to 188 vote. The bill contains a number of issues critical to REALTORS® and the industry, including the extension, until the end of 2009, of all Metropolitan Statistical Area's (MSA's) 2008 Fannie Mae, Freddie Mac and FHA loan limits. The proposed legislation also will eliminate an existing payback requirement on the first-time homebuyer tax credit for qualified buyers who purchase a home between Dec. 31, 2008 and July 1 this year.

Congress included these provisions as a direct result of the grassroots efforts put forward by REALTORS®, and the advocacy efforts of both NAR and C.A.R. Congress elected not to include numerous housing provisions beyond those previously mentioned. Instead, Congress will address housing issues in other legislation next week when the Financial Services Committee meets.

In addition to tax credits for individuals and married couples, other provisions in the bill include funds for increasing access to high-speed and broadband; highways and roads; railroads; alternative energy incentives; unemployment insurance; Medicaid insurance, health care technology upgrades; childcare; education; and low-income and affordable housing programs. The bill is expected to be voted on by the Senate sometime next week.

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Comment balloon 5 commentsEleanor Thorne • January 29 2009 09:23AM

Comments

Hopefully we will get some help sooner than later. We may need 3 packages to get the United States moving again!

Posted by Donna Shuman, REALTOR - Marketing for Richard Shuman - www.SKIPtheBULL.com (Florida Wholesale Realty Corp) over 10 years ago

Hi Evelyn - Do you think this stimulus package will grow as it makes its way through the Senate?

Posted by Karen Cooper, Helping Homeowners w/Home Loans in 27 US States (Karen Cooper | Sr Retail Loan Originator ! NMLS # 223305 | 360 Mortgage Group LLC Austin Texas) over 10 years ago

So I guess the tax credit for first time buyers is no longer a loan?

Richard

Posted by Richard Stabile, Bergen County New Homes Builder Realtor (Re/Max Real Estate Limited) over 10 years ago

FHA is going to be the mortgage of choice and we all need the j=higher loan limits or we will be out of business.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 10 years ago

The increase of FHA loan limits can only be a help Eleanor. I hope it makes it.

Posted by Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant (Guild Mortgage Co - Oak Harbor WA) over 10 years ago

Participate