President Bush Signs Mortgage Relief Bill
President Bush signed into law legislation that helps
homeowners facing foreclosure and extended a lifeline
to Fannie Mae and Freddie Mac.
Highlights:
a. Permanent increase of Fannie Mae & Freddie Mac loan limits to $625,000.
The current limit of $729,750 was set to expire 12-31 and revert back to $417,000.
b. $300 Billion to back cheaper mortgages for troubled home owners.
c. 3.9 billion to help fix up foreclosed properties.
d. $15 billion in tax cuts including a $7,500 tax credit for some first time home buyers.
The Federal Housing Tax Credit of $7,500 for first-time buyers might be the oppprtunity of a lifetime - Another reason for not waiting and buying now. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible.
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