President Barack Obama signed a law that extends through next spring a temporary tax credit of up to $8,000 for some first-time home buyers, which was due to expire Nov. 30. The law also adds a new tax credit of up to $6,500 for certain repeat home buyers. The package, which the government estimates will cost a total of $11 billion, is intended to help spur housing sales, a critical part of the economy.
There are some great questions and answers within this informative article that will definitely clear up any confusion. To read the entire article click here.
Any other further questions, make sure you give Bill Rayman a call at 310-295-2900 ext 113 or email to Brayman@Mortgcap.com.
Wednesday, January 27, 2010
Monday, January 25, 2010
The Mortgage Protection Program has been extended through December 31, 2010. The Mortgage Protection Program is to help alleviate some of the anxiety home buyers feel when purchasing a home by providing a layer of security. The funds are intended to help consumers meet their mortgage payment obligations. It provides up to $1,500 per month for eligible new home buyers, and up to six months for co-buyers who can participate in the program, and receive monthly benefits of $750. To read the full article, click here.
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Saturday, January 2, 2010
Did Mortgage Relief Program Make Housing Crisis Worse?
By: Peter S. Goodman
The New York Times
The New York Times
The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.
Since President Obama announced the program in February, it has lowered mortgage payments on a trial basis for hundreds of thousands of people but has largely failed to provide permanent relief.
Critics increasingly argue that the program, Making Home Affordable, has raised false hopes among people who simply cannot afford their homes.
As a result, desperate homeowners have sent payments to banks in often-futile efforts to keep their homes, which some see as wasting dollars they could have saved in preparation for moving to cheaper rental residences.
Posted by Bill Rayman at 1:15 PM
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