Posts Tagged ‘President’

Audit: FHA’s reserve funds way below what law requires

Thursday, November 12th, 2009

From The Washington Post : ‘FHA’s cash reserves have dropped well below amount required by law, audit shows’

DHW asks: Do you think the FHA’s reserves will hit zero?

FHA loan limits in your area

DesperateHouseWise Update

Saturday, November 7th, 2009

DesperateHouseWise.com added a new page to its site. Modification Center offers helpful information for homeowners seeking a loan modification or refinance. Find information about Making Home Affordable and local foreclosure prevention events. You can even find a free, HUD-approved housing counselor.

DHW also added Housing Tax Credits. This page provides in-depth information regarding the recent extension and additions to the housing tax credits.

DHW asks: Have you applied for a loan modification? How was your experience?

Done! Obama signs bill extending, creating Tax Credits

Friday, November 6th, 2009

President Obama signed bill  H.R. 3548, extending unemployment benefits for all states and extending the $8,000 Tax Credit for first home buyers. The bill also creates a $6,500 tax credit for those home buyers who have owned their current primary residence for at least 5 years.  See ‘Housing Tax Credits’ for more details. You can also see how congress voted.

Remember: The $6,500 tax credit took effect when the President signed the bill.

DHW asks: Will this encourage you to buy a home?

Obama to sign unemployment benefits, $8000 tax credit bill

Friday, November 6th, 2009

President Obama is scheduled to sign bill H. R. 3548, extending unemployment benefits to all states.  When signed, the bill will also extend the $8,000 tax credit for first time home buyers as well as initiate a new $6,500 tax credit for those home buyers who have owned a primary residence for at least 5 years.

On Thursday, the National Association of Realtors released detailed guidelines and a Frequently Asked Questions brochure for the tax credits. The new $6,500 tax credit takes effect the day the President signs the bill.

DHW asks: Do you think the new $6,500 tax credit will help boost real estate sales?

House approves $8000 Tax Credit extension

Thursday, November 5th, 2009

The House of Representatives overwhelmingly approved an extension of unemployment benefits to all 50 states, and the popular $8,000 tax credit to first time home buyers. The measure also allows a $6,500 tax credit for home buyers who have owned their primary residence for at least 5 years. President Obama is expected to sign the bill as early as Friday.

The National Association of Realtors released detail guidelines and a Frequently Asked Questions brochure for the Tax Credits on Thursday.

DHW asks: Will the Tax Credit extension encourage you to buy a home?

Fannie Mae expands ‘Deed for Lease’

Thursday, November 5th, 2009

Fannie Mae is expanding its ‘Deed for Lease’ program to help thousands of homeowners facing foreclosure. The program is designed for those who want to stay in their homes but do not qualify for President Obama’s loan modification program. Participants transfer their title to Fannie Mae and rent back for up to one year.

Some facts about the program:

  • Fannie Mae has hired an outside agency to manage the properties (name of agency has not been released)
  • Rent cannot exceed 31% of the homeowners’ pretax income
  • Homeowners must be able to prove they can afford the market rent (established by the management company)
  • Participants must use the home as their primary residence

DHW asks: Do you think ‘Deed for Lease’ is a good idea?

Higher loan limits extended by Congress

Monday, November 2nd, 2009

Last Thursday, the US congress passed a resolution to extend the current loan limits for FHA, Fannie Mae and Freddie Mac through calender year 2010. The resolution will require President Obama’s signature, which is expected shortly.

Visit these sites to find current loan limits in your area.

FHA

Fannie Mae

Freddie Mac

DHW asks: Will the higher loan limits help you purchase a home?