The Stimulus Package and Real Estate
The Stimulus Package and Real Estate
Last week the U.S. House of Representative passed H.R. 1, the Economic Recovery Package, by a 244 to 188 vote. The bill contains a number of issues critical to the real estate industry. One of the most important components included in the bill is the extension of the 2008 Fannie Mae, Freddie Mac and FHA loan limits through 2009. This extension would provide lenders the ability to fund borrowers of higher priced real estate without encumbering them with higher interest rates and fees typically associated with loans higher than the established limits.
The proposed legislation will also eliminate an existing payback requirement on the first-time homebuyer tax credit for qualified buyers who purchase a home between December 31, 2008 and July 1, of 2009.
The Senate is now considering its own version of the stimulus package. The California Association of REALTORS® (C.A.R.) in conjunction with the National Association of REALTORS® (N.A.R.) are working to ensure that language similar to that contained in the House bill is included in this version as well.
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