Housing Recovery Act Summary
August 8th, 2008 Categories: Real Estate News
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There has been so much going on in the Real Estate World.
I wanted to touch base on the H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008.
The bill is over 600 pages I am going to point out a couple of highlights.
Loan Limits
Both FHA and Conventional loan limits are now going to cap out at $625,000. These caps are based on formulas that are tied to local area median price ranges.
Another FHA item, the minimum down payment is going to increase to 3.5% up from 3%.
First Time Homebuyer Tax Credit
A $7500 tax credit that would be would be available for any qualified purchase between April 9, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
First-time homebuyer tax credit chart
Frequently asked questions about the first-time homebuyer tax credit
Down Payment Assistance Programs
Only those programs that are funded directly from the seller or other party to the transaction are prohibited. Down payment assistance from family members, government programs, or charities that are not seller-funded is still permitted.
The prohibition goes into effect October 1, 2008.
Salt Lake County Grants
Currently there are grant for various cities of Salt Lake County, some are as high as $10,000
Contact me today to find out more information. Rob@Aubrey.net or call 801-694-4762
To search all listed homes by all brokers go to www.MoreUtahListings.com
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