The Housing & Economic Recovery Act of 2008
Posted Aug 16, 2008 @ 11:49 am, Viewed by 451 Visitors, Read 470 Times.
The Housing & Economic Recovery Act of 2008 signed last week Below are the highlights of just three changes I believe will impact our clients as they pursue their home purchasing process. These changes are:
First-Time Home Buyer (FTHB) Tax Credit:
· The maximum credit amount is $7,500.
· The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. There are specific modifications to these limits, best to seek advise of a tax preparer.
· Effective October 1, 2008 the minimum down payment will increase to 3.5%, up from 3.0% currently.
· Seller funded Down Payment Assistant Programs such as Nehemiah, HART and AmeriDream or funds from any other interested party to the transaction will be prohibited on all loans where final credit approval has not been established by September 30, 2008.
· Effective January 1, 2009 the maximum FHA-insured loan will be increased to 115% of an area’s median home price, up to a maximum of $625,500.
Fannie Mae and Freddie Mac’s Conventional Conforming Loan Limits
· Effective January 1, 2009 the conforming loan amount will increase in high-cost areas to $625,500.
· Loan limits defined in the Economic Stimulus Act of 2008 will remain effective until December 31, 2008.
Rick and Joyce Tietz
Contra Costa County's Real Estate Team
"WE SAVE YOU THOUSANDS ON EVERY DEAL" Call or email us for info.
(925) 628-5105 or info@tietzhomes.com
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Rick and Joyce Tietz service the cities of Antioch, Brentwood, Oakley, Pittsburg, Pleasant Hill, Walnut Creek & Concord. Realtors that help both buyers and sellers reach their goals. Read More
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This is great news for us all.