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American Housing Rescue and Foreclosure Prevention Act (H.R. 3221)
The U.S. House of Representatives passed the American Housing Rescue and Foreclosure Prevention Act on May 8th, 2008. The new act would help those facing foreclosure refinance into an affordable FHA mortgage and would make homeownership more affordable for first time homebuyers.
The new act includes an amendment to the FHA Housing Stabilization and Homeownership Retention Act which expands FHA programs so many borrowers in danger of losing their homes can refinance into a lower cost government insured mortgage they can afford. The expansion is limited to owner occupied primary residences only. The amendment would also provide up to $230 million for financial counseling to help families stay in their homes.
The amendment will also strengthen regulations on Fannie Mae, Freddie Mac and the Federal Home Loan Bank system. The jumbo mortgage loan limit will be raised in high cost areas making home ownership more affordable for homebuyers in these areas.
The second amendment would provide $11 billion in tax benefits to help spur home buying and stabilize the housing market. First time homebuyers could receive up to $7,500 in a refundable tax credit that works like an interest free loan that is to be paid back over 15 years. There would also be a temporary increase of $10 billion in a tax exempt mortgage revenue bond to refinance subprime loans and to provide loans to first time homebuyers.
NAR President Dick Gaylord said, “This is meaningful legislation that can have a major impact. We look forward to working with the House and Senate to finalize an aggressive bill that will ensure that every American who can afford to own a home and aspires to do so will have that opportunity and that every American who responsibly owns a home is able to keep it.”
Submitted by admin on 5/12/08
Source: House Committee On Financial Services
NAR
The U.S. House of Representatives passed the American Housing Rescue and Foreclosure Prevention Act on May 8th, 2008. The new act would help those facing foreclosure refinance into an affordable FHA mortgage and would make homeownership more affordable for first time homebuyers.
The new act includes an amendment to the FHA Housing Stabilization and Homeownership Retention Act which expands FHA programs so many borrowers in danger of losing their homes can refinance into a lower cost government insured mortgage they can afford. The expansion is limited to owner occupied primary residences only. The amendment would also provide up to $230 million for financial counseling to help families stay in their homes.
The amendment will also strengthen regulations on Fannie Mae, Freddie Mac and the Federal Home Loan Bank system. The jumbo mortgage loan limit will be raised in high cost areas making home ownership more affordable for homebuyers in these areas.
The second amendment would provide $11 billion in tax benefits to help spur home buying and stabilize the housing market. First time homebuyers could receive up to $7,500 in a refundable tax credit that works like an interest free loan that is to be paid back over 15 years. There would also be a temporary increase of $10 billion in a tax exempt mortgage revenue bond to refinance subprime loans and to provide loans to first time homebuyers.
NAR President Dick Gaylord said, “This is meaningful legislation that can have a major impact. We look forward to working with the House and Senate to finalize an aggressive bill that will ensure that every American who can afford to own a home and aspires to do so will have that opportunity and that every American who responsibly owns a home is able to keep it.”
Submitted by admin on 5/12/08
Source: House Committee On Financial Services
NAR