Housing & Economic Housing Act of 2008 Signed Today!
President Bush just signed into effect several provisions that will effect our housing market! According to the National Association of REALTORS, here is a brief overview. Some of the changes are as follows: FHA loans will be reformed. There is now a permanent, greater loan limit of $271,050 or 115% of the local area median home price, with a cap of $625,000. The minimum down payment will go up to 3.5%, but this could be paid by family members, employers, or charitable organizations.(no longer the Seller).
VA loan limits are also increased. A Homeowner Tax Credit is available for those Buyers who purchase from April 8, ‘08 and June 30, ‘09. The credit is repayable over several years. To read more,
click on the link. www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument
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