Tax Credit For Homebuyer’s Could Become Compromised!

What's NextRecently this week a $15,000 Tax Credit for any Homebuyer was approved by the Senate. However, the $15,000 Tax Credit that was part of TARP II, a $838 Billion Dollar economic stimulus plan was scaled back to only $8,000 and limited to First Time Homebuyers as part of a compromise between both the Democratic and Republican Parties.

It seems that Fannie Mae, Freddie Mac and the FHA programs will be able to stay apart of the New Stimulus Plan which will allow them to restore higher Loan Limits that they can offer to Homebuyers.

There is also some hope for those Home Owners that are facing Foreclosure. President Barack Obama’s New Treasury Secretary released their plans on a Financial Stability Plan that includes $50 Billion for Foreclosure Prevention Programs. Hopefully I will be able to report more on that later. I have read that this plan may also expand on existing efforts of the Federal Reserve to drive down Mortgage Rates.

What are your thoughts on the new TARP II Economic Stimulus Plan? Do you have a better plan? Let me know I would love to hear your thoughts and the plan you would present to the Senate and House.

If you are a First-Time Homebuyer looking to buy a Home in the North Georgia Mountains, I would appreciate the opportunity to provide you with some helpful information as well as sound advice on all your Real Estate needs. You can Contact Me, or simply call me at 706.633.8186 most anytime. As always, Thank You for visiting The Front Porch View and please come back at each and every opportunity that you have. Subscribe Here if you would like to be notified of future Posts from me on The Front Porch View Blog.

Make it a GREAT day!

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