Las Vegas Mortgage Call Casey Moseman 702-271-1274

Personal and Professional Service to Get the Best Loan for you

The Housing and Economy Recovery Act of 2008: A Sweet Bill

Imagine…a $7,500 tax credit for first time homebuyers or individuals who have not owned a home in three years. This is just one of the important benefits of the Housing and Economic Recovery Act of 2008, authored by Sen. Dodd (D-CT).“Today marks an important change in the federal government’s response to the economic strain being felt by millions of Americans across the country and our financial markets,” Sen. Dodd (D-CT) said, after the bill made history on Wednesday, July 30, 2008. “I congratulate the President for signing it, and I am committed to ensuring that this law is implemented effectively and expeditiously, and that it fulfills its promise to prevent foreclosures, restore home values, stabilize our housing markets, and create economic growth.”

President Bush originally opposed the Housing and Economic Recovery Act of 2008. Earlier this year, he threatened to veto the bill as being overly socialistic, calling it a burdensome bailout that would open taxpayers to too much risk.

The bill is huge! Economists agree that the bill establishes a series of landmark reforms that will put U.S. housing and mortgage finance on solid footing for the long term. It is a sweet deal for the real estate market, potential homebuyers, mortgage giants Fannie Mae and Freddie Mac, and for an estimated 400,000 homeowners facing foreclosure.

The Housing and Economy Recovery Act of 2008 aims to help struggling homeowners hard-hit by foreclosures, stabilize the housing market, reform the oversight of government sponsored enterprises Fannie Mae and Freddie Mac and the Federal Loan Banks, and strengthen mortgage disclosure requirements. In addition, the Bill provides an increased standard deduction for those who pay property taxes but do not itemize deductions on their federal returns.

This Bill is also good news for lenders. They can stop hoarding capital and begin loaning again with more ease to help stimulate the suffering market.

Buyers are being urged to take advantage of the new buyer’s market, before home prices and interest rates shoot up as a result of surge in the market. The Housing and Economic Recovery Act of 2008 requires that closing on a home loan must take place on or after April 9, 2008 and before July 1, 2009.

Act now in order to get pre-approved for a home loan
Call Me:  Casey Moseman

%d bloggers like this: