The Stimulus Bill and Home Financing

 

The Stimulus Bill and Home Financing
In the pending legislation there is and $8,000 tax credit for home buyers. This credit is for people that purchase a home between January 1, 2009 to December 1, 2009. And if the home is resold within 3 years the credit must be recaptured on the sale of the property, but if it is held for more than 3 years it is nonrefundable.
Fannie May and Freddie Mac have adopted the same loan limits for 2009 as those for 2008. For Arizona the Maximum limit on a FHA mortgage is $417,000. There is also money appropriated for cities and counties to use for neighborhood stabilization and redevelopment.
This will not be enough to address the root cause of our economic problems that were created by the mortgage finance and housing industries.