Monday, November 9, 2009

Some Help on Homes

From the NY Times comes this article: "US readies Jobless Aid and Help on Homes"

The article discusses among other things, the renewal and expansion of the Federal Housing Tax Credit. Some excerpts:

"...the government moved Thursday to assist long-unemployed workers and struggling businesses, as well as home buyers and homeowners facing foreclosure. Fannie Mae, the federally controlled mortgage company, announced a Deed for Lease program in which those in danger of eviction may be able to stay as tenants in their houses for at least a year."

"To spur the housing market, the bill extends an $8,000 tax credit for first-time home buyers that was due to expire on Nov. 30, making it available to those who have a contract before May 1 on a primary residence priced at up to $800,000. The bill also creates a new credit of up to $6,500 for existing homeowners who buy a new residence if they have lived in their current one for at least five of the last eight years.Further expanding the number of eligible people, the measure raises the income limits for those claiming the credit to $125,000 a year for individuals and $225,000 for couples, up from $75,000 and $150,000. After that, the break begins phasing out."

What does that mean? It means that those First Tiem Homebuyers on this mailing list and who have been slow to act on it are getting a second chance! You have to buy before April ends and close before June!

Read the article here:

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