Stimulus Package Approved But No 4% Mortgage Loans… Just $8000
By Jason, Feb 17 in Blog, Mortgage News with 0 commentsWell, America is another $787 BILLION in debt. And for what? Well, for one there is no provision forcing Fannie Mae and Freddie Mac to lower their rates to 4% on home mortgage loans. Okay, enough of the bad news. Here is the good news, Eustis, Tavares, Mt. Dora and surrounding areas…
The stimulus package gives first-time home buyers an $8,000 tax credit, which unlike last years $7,500 credit does not have to be repaid provided you do not sell your home within 3 years. There are two catches to the credit: 1) You must purchase the home between January 1 and December 1 of 2009. 2) Your Adjusted Gross Income filings must be less than $75,000 for individuals and $150,000 for married couples.
Want to know what other provisions are in there without reading the whole 1,000+ page document and how they will affect you? Read here…
Leave a Comment