As you probably already know, a new bill has been passed in efforts to resuscitate our economy and housing market. Call me for more information and to discuss. Here are your quick highlights - Potential for first-time home buyers to take a $7,500 tax credit from the purchase of a single-family home, town home or condominium apartment.
- Higher, permanent loan limits for conventional conforming and FHA will become effective Jan. 1, 2009; the Act calls for limits to increase to a maximum amount of $625,500, depending on metropolitan area. Note: the temporary limits established in March will expire on Dec. 31, 2008.
- FHA floor limits will remain the same at $271,050.
- The VA guaranty will increase.
- Minimum cash investment for FHA loans will increase to 3.5%.
- A moratorium on risk-based pricing for FHA loans will go into effect Oct. 1, 2008.
- Condo processing for FHA loans will be streamlined.
Click here for more information on the tax credit and find the official summary of the Housing Economic Recovery Act here.
Hope you found this helpful. Michael S. Mann
Fairway Independent Mortgage
484.224.2985
Make sure to check out my website at www.MikeMannMortgage.com |
We lend in Delaware, Florida, Maryland, North Carolina, South Carolina, Tennessee, Georgia, Washington DC. Licensed by the Pennsylvania Department of Banking. Virginia State Corporation Commission (License No. MLB-968).  |
'08 Housing and Economic Recovery Act