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New Housing legislation
By Reginald Sullivan | August 21, 2008
The New Bill: What You Need To Know.
Key facts of the new housing legislation include:
For homeowners in danger of losing their homes:
The Federal Housing Administration will insure and refinance up to $300 billion in mortgages to qualified homeowners. Existing mortgages would be canceled in favor of 30-year, fixed-rate loans for up to 90 percent of the home’s current value. The program will run from Oct. 1 to Sept. 30, 2011.
Lenders must wait nine months, not the current three months, before starting foreclosure proceedings against a returning soldier.
For home buyers:
A $7,500 tax credit is available to buyers who have not owned a home for three years and who have modified adjusted gross income of less than $75,000 for one person or $150,000 for a married couple.
FHA loans will require a down payment of 3.5 percent, rather than the current 3 percent.
The maximum loan amount for FHA-insured loans will be increased to as much as $625,000, depending on the area, making FHA loans an option for more expensive properties.
Seller-funded down payment assistance programs will no longer be allowed for FHA loans.
This new bill takes affect October 1, 2008. So if you are in the market for a home and you will need down payment assistance, give Reggie Sullivan a call at (478)447-9517. Let me show you how to purchase a home with no money down!
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