Capitol Hill legislators are busy hammering out another economic stimulus plan to help ordinary Americans, but attracting quick bipartisan and Bush administration support to help consumers is not certain.
The problem is that Democrats and Republicans have very different views of how a stimulus package should be structured, and the White House has signaled its opposition to some of the key ideas now being circulated.
Senate Majority Leader Harry Reid (D-Nev.) took the wraps off a $150 billion package similar to a stimulus proposal made by Democratic presidential nominee Sen. Barack Obama (D-Ill.) earlier in the week that includes spending on infrastructure projects, providing energy assistance to low-income families, and a mandate for the federal government to be more aggressive in using its authority to push lenders to reduce foreclosures by renegotiating mortgage loans.
Republicans, by comparison, favor suspending the capital gains levy, lowering the corporate tax rate, and providing federal guarantees on interbank lending.
[Editor's note: The National Association of REALTORS® has called on Congress to pass a new stimulus bill during the lame-duck session of Congress later this year and to include four consumer-oriented housing provisions in the bill that would:
1. Make the temporary high-cost conforming loan limit of $729,750 permanent.
2. Eliminate the repayment requirement in the $7,500 homeownership tax credit and also expand eligibility for that tax credit to all buyers, not just first-timers.
3. Ensure the $700 billion in federal assistance to Wall Street gets filtered to lenders for new loan originations and refinancings, and not just be used to shore up investment banks' bottom lines.
4. Permanently keep banks out of real estate brokerage and management to ensure long-term protection of consumers.]
Source: Los Angeles Times, Jim Puzzanghera and Richard Simon (10/16/08)
Friday, October 17, 2008
Wednesday, October 15, 2008
Almost New Home on Johns Island
2818 August Road
Summertrees, Johns Island
$269,000
Look no further, this beautiful home has everything you are looking for and is just two years old! Foyer has wood floors and a coat closet. Bright and sunny Living Room features Berber carpeting, a ceiling fan and a wood burning fireplace with marble surround and a white mantle. Spacious Dining Room has chair railing and a pretty brushed chandelier. The Kitchen is filled with upgrades including 42" cabinets with brushed pewter knobs, a custom tile backsplash, corian countertops, all black appliances, smooth top stove, built in microwave, double embedded sink, breakfast area, and recessed lighting. Laundry closet is downstairs. Powder bath has a pedestal sink and upgraded fixtures. Brushed door knobs throughout home. All of the carpeting is an upgraded Berber. Master Suite is upstairs with a tray ceiling, upgraded ceiling fan, dual closets, dual vanities, a garden tub, and a separate shower. Other two bedrooms are a nice size with lots of closet space. The huge Bonus Room can also be the fourth bedroom with a ceiling fan and a good size closet. Home offers 3 thermostats for comfort and efficiency. Two car garage with custom built cabinets and the floors are finished with protective paint. Large backyard backs to woods for lots of privacy on the screen porch. Amenities include a playground, picnic area, sidewalks, and paths to Whitney & Trophy Lakes. One Year Global Home Warranty to Buyer at closing.
Law Makes Housing Affordable for Veterans
Veterans across America now have expanded homeownership opportunities due to the Veterans’ Benefits Improvement Act of 2008, which President George W. Bush signed into law last Friday.
The bill includes housing provisions for veterans who are already home owners and those who aspire to homeownership, according to the NATIONAL ASSOCIATION OF REALTORS®.
“This [bill] will go a long way toward helping veterans buy and keep their homes,” says NAR President Dick Gaylord.
Three provisions in the legislation are critical to help veterans during the current housing turmoil.
1. The law will make it easier for veterans who have fallen victim to risky subprime loans to refinance their loans into safer, more affordable loans backed by the U.S Department of Veterans Affairs.
2. The legislation also makes the VA loan limit increases permanent, which will help veterans living in high-cost areas.
3. The VA also can now offer adjustable-rate mortgages to veterans. That would make homeownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.
“We need to support and protect those who serve our country,” Gaylord says. “Helping ensure that every veteran who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it is part of that commitment.”--NAR
Daily Real Estate News October 13, 2008
The bill includes housing provisions for veterans who are already home owners and those who aspire to homeownership, according to the NATIONAL ASSOCIATION OF REALTORS®.
“This [bill] will go a long way toward helping veterans buy and keep their homes,” says NAR President Dick Gaylord.
Three provisions in the legislation are critical to help veterans during the current housing turmoil.
1. The law will make it easier for veterans who have fallen victim to risky subprime loans to refinance their loans into safer, more affordable loans backed by the U.S Department of Veterans Affairs.
2. The legislation also makes the VA loan limit increases permanent, which will help veterans living in high-cost areas.
3. The VA also can now offer adjustable-rate mortgages to veterans. That would make homeownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.
“We need to support and protect those who serve our country,” Gaylord says. “Helping ensure that every veteran who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it is part of that commitment.”--NAR
Daily Real Estate News October 13, 2008
Wednesday, August 6, 2008
Pulte to Match $7,500 Credit for Home Buyers
Pulte Homes plans to match the $7,500 tax credit that the federal government is offering to first-time home buyers as part of its housing stimulus package.
However, the Bloomfield Hills, Mich.-based residential builder plans to make the incentive available to all buyers and expects other builders to introduce similar offers.
In addition to the tax credit, which amounts to an interest-free loan payable over 15 years, the package expands the FHA foreclosure rescue program.
"The lender is going to use the program when it makes sense for the lender," says Mortgage Bankers Association spokesman John Mechem, so borrowers who qualify should contact their lender.
Source: Detroit Free Press, Greta Guest (08/05/08)
However, the Bloomfield Hills, Mich.-based residential builder plans to make the incentive available to all buyers and expects other builders to introduce similar offers.
In addition to the tax credit, which amounts to an interest-free loan payable over 15 years, the package expands the FHA foreclosure rescue program.
"The lender is going to use the program when it makes sense for the lender," says Mortgage Bankers Association spokesman John Mechem, so borrowers who qualify should contact their lender.
Source: Detroit Free Press, Greta Guest (08/05/08)
Wednesday, July 30, 2008
President Signs Housing Rescue Bill
President George W. Bush signed into law a bipartisan housing stimulus bill Wednesday that is expected to bring greater stability to housing markets nationwide.
The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes.
The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and an be used for purchases between April 9, 2008, and July 1, 2009.
The bill — H.R. 3221, the Housing and Economic Recovery Act of 2008 — also includes reform of Fannie Mae and Freddie Mac, FHA modernization, and permanent increases in conforming and FHA loan limits.
"These are all designed to help the housing and mortgage industries and boost the U.S. economy," NAR President Dick Gaylord said in a statement. “NAR has been a leading advocate for many of these changes long before the current housing and economic downturn. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership.”
Source: NAR, Associated Press (7/30/08)
The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes.
The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and an be used for purchases between April 9, 2008, and July 1, 2009.
The bill — H.R. 3221, the Housing and Economic Recovery Act of 2008 — also includes reform of Fannie Mae and Freddie Mac, FHA modernization, and permanent increases in conforming and FHA loan limits.
"These are all designed to help the housing and mortgage industries and boost the U.S. economy," NAR President Dick Gaylord said in a statement. “NAR has been a leading advocate for many of these changes long before the current housing and economic downturn. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership.”
Source: NAR, Associated Press (7/30/08)
Tuesday, July 22, 2008
Good Credit Is Step One for Buyers
Potential home buyers inevitably must confront their credit scores.
Here’s a primer for those who have never faced this issue before:
A credit score, commonly known as a FICO score, is derived from a history of taking on debt and paying it off.
FICO scores range between 300 and 850, with the highest reflecting the best credit risk. The median FICO score nationally is around 720-723, according to Fair Isaac, the company for which FICO scores are named.
Except for a first-time buyers or those who have a large down payment, lenders will want to see a FICO score of 680 or higher, says Robert Satnick, chairman of the California Mortgage Bankers Association.
To get their FICO score, potential home buyers can go to Myfico.com, a unit of Fair Isaac. Obtaining a FICO score and a credit report from one of the three credit bureaus that collect this history costs $15.95; the combination of all three scores and the FICO report costs $47.85.
The credit factors that determine the score are: a person's payment history (35 percent of the score), how much they owe (30 percent), the mix of credit and installment loans they have (10 percent), the length of their credit history (15 percent), and whether they have applied for new credit recently (10 percent).
Source: The Associated Press, Alex Veiga (07/21/2008)
Here’s a primer for those who have never faced this issue before:
A credit score, commonly known as a FICO score, is derived from a history of taking on debt and paying it off.
FICO scores range between 300 and 850, with the highest reflecting the best credit risk. The median FICO score nationally is around 720-723, according to Fair Isaac, the company for which FICO scores are named.
Except for a first-time buyers or those who have a large down payment, lenders will want to see a FICO score of 680 or higher, says Robert Satnick, chairman of the California Mortgage Bankers Association.
To get their FICO score, potential home buyers can go to Myfico.com, a unit of Fair Isaac. Obtaining a FICO score and a credit report from one of the three credit bureaus that collect this history costs $15.95; the combination of all three scores and the FICO report costs $47.85.
The credit factors that determine the score are: a person's payment history (35 percent of the score), how much they owe (30 percent), the mix of credit and installment loans they have (10 percent), the length of their credit history (15 percent), and whether they have applied for new credit recently (10 percent).
Source: The Associated Press, Alex Veiga (07/21/2008)
Charleston is a Walkable City
Historic Charleston rates a 77 out of 100 for walkable cities. Get more information on Walkable Cities at www.walkscore.com.
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