$7500 interest-free loans, and other perks of the housing bill


$7500 interest-free loans, and other perks of the housing bill
By Scott Rogers • July 29, 2008
The president is expected to sign a new housing bill today (July 29, 2008) that may have significant implications for current and hopeful homeowners. Here are a few highlights: A $7500 "first-time" home buyer tax credit will provide (in a sense) an interest-free $7500 loan to home buyers. You would qualify if you haven't owned a home in three years, and if you have bought, or do buy between April 8, 2008 and July 1, 2009. The tax credit is applied the year that you buy the house, and is paid back (without interest) over 15 years, starting two years after you buy the house. Those threatened by foreclosure may have new options under an FHA foreclosure rescue plan. Home buyers with subprime loans may be able to refinance via the FHA financing program at 90% of the current appraised value of their home. Many markets will see increased FHA limits to allow for more homes to be financed through the increasingly popular FHA loan program. There are many other aspects of the housing bill, many of which are intended to help stabilize the economy and the housing market. For further reading, check for the latest articles on Google News. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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