There is a "new" bill in Congress (I say "new" because it was originally introduced on January 16, 2009) that would reinstate FHA seller financed down payment assistance.
H.R. 600 was introduced by Rep. All Green (D-TX) and has 23 additional sponsors. This bill, if passed, would revive the down payment assistance programs that were so popular before the mortgage meltdown and the foreclosure wave that has hit the US real estate market.
This bill differs from the previous Down Payment Assistance programs in that a buyer would need a credit score of 680 or higher to qualify. Which supports say would lessen the risk of foreclosure. The majority of foreclosures that have happened in recent months have been with loans given to buyers with credit scores south of 600.
So, the question is, is this the magic tool that will kick-start our real estate industry? Let's think about it this way. Seventy percent of all first time buyers who purchased a home using the now expired tax credit, stated that they would have purchased a home anyway. The tax credit just gave them the incentive to do it a little earlier. The cost of the tax credit is placed on the government, which eventually gets passed to the tax payers. So why not have a program where the seller helps the buyer with the down payment, instead of the tax payers. This could work.
Below is a link to a video giving more information about this program:
http://www.thinkbigworksmall.com/mypage/archive/1/52128/
Also, if you would like to read the bill, here the link for that:
http://www.govtrack.us/congress/billtext.xpd?bill=h111-600
This may be a great way to breathe some life into the US Real Estate Industry, which is on of the major drivers of the entire US Economy. If you agree with this bill, contact your representative and tell them to take a look at this bill, a see what can be done to get it passed.
And as always, if you need any assistance with any real estate related issue, just contact me. I'm always happy to help!
Thursday, July 29, 2010
Monday, July 26, 2010
One reason built-in bookcases are popular in new homes.
This us our family pet, Max&RubyJoe. (my children named him after their two favorite NickJr. Shows). He loves the built-in bookcases in our new home.
Lisa Coleman, Broker
Coldwell Banker HPW
Friday, July 23, 2010
The Chic fil A cow is an NC State Wolfpack fan!
There's no doubt about it! This is a die hard Wolfpack fan!
Lisa Coleman, Broker
Coldwell Banker HPW
Wednesday, July 14, 2010
Meet Mary...a great lady in search of a job!
This is Mary Roberts. She, her husband Jim and their daughter Lexi just sold their home in upstate NY and are relocating to Raleigh. They are going to buy a house from me, but Mary needs to find a job. So let's help her. Mary is looking in the accounting field, as a Controller, Director or CFO. You can contact her at MRoberts127@nc.rr.com . Or email me and I'll be happy to forward you her resume.
Lisa Coleman, Broker
Coldwell Banker HPW
Mimi's Cafe has the best French Toast!
Yum yum!!!
Lisa Coleman, Broker
Coldwell Banker HPW
Thursday, July 1, 2010
Homebuyer Assistance and Improvement Act H.R. 5623
The Congress has passed H.R. 5623, the Homebuyer Assistance and Improvement Act, which extends the tax credit closing deadline until September 30th. There will also be no gap between June 30th and the date the President signs the bill into law. The extension only applies to transactions in which the purchase contract was signed by April 30th. Again, this applies only to contracts executed on or before April 30.
This will go to the President for his signature before it becomes law.
I know there are few of these deals floating around out there (new construction?) which is great news for these buyers.
What this new Act does is extends the time that a home buyer must close to October 1, 2010. The old date was June 30, 2010. It was estimated that over 180,000 home buyers were going to miss out on the tax credit because of lack of time for underwriters and loan officers to get needed information and to get the closing documents to the closing parties or attorneys.
In the Senate's version of this bill, there is also a measure to extend unemployment insurance to those out of work.
So, will this fix the economy? Many do not think so. I have been reading comments online from people who think that the government should stay out of it and let the economy fix itself. However, this is not an expansion of the tax credit, simply an extension.
The home buyer's that this applies to are those that did purchase, in good faith, a home before the April 30th deadline, and through no fault of their own, would have missed the required June 30th deadline for the tax credit. Most delays are coming from swamped loan underwriters and home builders trying to get new home finished in time.
If you have any questions about this extension, please feel free to contact me or visit www.MarketWatch.com. They have a great section on this as well as other items affecting the economy.
Have a great day!
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