Categories: General
Date: Nov 18, 2009
Title: Tax Credit Exteinsion to boost home buyers and sellers through next Spring!
ERA Economic Stimulus Resource Center
This section is designed to provide you with the information and resources you need to help you understand the benefits and opportunities that are available through the federal government. Whether you are trying to buy a home or save a home from foreclosure, you can find ways to help here.
NOTICE!!!!! Extended Home Buyer Tax Credit 2009/2010
On Nov. 6, 2009, President Obama signed......
The Homebuyer Tax Credit was extended for first-time homebuyers who sign a binding contract by April 30, 2010 and close on the purchase prior to July 1, 2010; and expanded to include a $6,500 credit for current homeowners who purchase a new primary residence. Under the terms of the legislation, "current" homeowners must have used the home they have sold, or that is being sold, as their primary residence consecutively for five of the past eight years. In addition, other eligibility requirements apply, including income limits.
FHFA Announces Maximum Conforming Loan Limits for 2010
On November 12, 2009, the Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for 2010 will remain unchanged from 2009 levels.
The maximum loan limit for one-unit properties in most of the contiguous United States has been left unchanged at $417,000 for 2010. Loan limits for two-, three-, and four-unit properties in 2010 will also remain at 2009 levels: $533,850, $645,300, and $801,950 respectively for homes in the contiguous U.S. Loan limits are higher in certain high cost areas, where median home prices are high, and in certain statutorily designated locations, including Alaska, Hawaii, Guam and the U.S. Virgin Islands.
FHA Allows Tax Credit to Be Monetized Toward Purchase Cost
On May 29, 2009, the U.S. Department of Housing & Urban Development (HUD) announced that the Federal Housing Administration (FHA) will now allow first-time homebuyers to monetize their tax credit for use toward the purchase cost of a FHA-insured home. FHA still requires a minimum of 3.5 percent down payment from other sources. However, the monetized tax credit can be used as an additional down payment or toward closing costs. This allows first-time homebuyers to benefit from the federal tax credit at the time of purchase, instead of waiting until they file their tax return.
Conditions do apply to this rule change and they are outlined in the HUD letter announcing the change.
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ERA Save the Dream Initiative
It is no secret that the increased number of foreclosures has had a tremendous impact on home prices, consumer confidence and families across the country. The federal government and the U.S. Department of Housing and Urban Development (HUD) have created resources to help homeowners refinance or renegotiate their mortgages. Alex Perriello, president and chief executive officer, Realogy Franchise Group, has asked that we in the real estate industry take steps to help keep our clients and neighbors out of foreclosure. Here you can access resources designed to help families keep their homes.
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Realogy President and CEO, Richard A. Smith, will sit on the Business Roundtable Housing Working Group to develop and promote actionable items to revive the housing industry. Read the press release here.
The American Recovery and Reinvestment Act of 2009
The American Recovery and Reinvestment Act of 2009 was signed into law on February 17, 2009. The bill includes several provisions, in addition to the First-Time Homebuyer Federal Tax Credit, that stand to affect the real estate industry.
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General Federal Government Resources
West Hempstead ERA customer cited at Obama tax speech
VIDEO: Realogy CEO Talks About Jump-Starting the Housing Market
Realogy CEO Richard A. Smith was a featured speaker at the prestigious Milken Institute 2009 Global Conference on April 28 as part of a lively panel titled "Jump-Starting the Housing Market." During the hour-long panel discussion, Smith stated that while the Obama administration has focused on the foreclosure issue, the solution to the problem is on the demand side. Smith demonstrated Realogy's thought leadership by explaining how the government could take stronger action by lowering mortgage interest and expanding tax credits from first-time buyers to all homebuyers. Both of those actions would spur home sales activity and thus create a positive overall impact on the economy. The panel was moderated by Fox Business News anchor Brian Sullivan. Click here to view a six minute excerpt of Richard Smith's comments from the discussion.
Business Roundtable's Housing Working Group
The Business Roundtable's Housing Working Group, chaired by Realogy CEO Richard A. Smith, announced its recommendations for the White House and Congress that are aimed at jumpstarting the housing market in order to stimulate a broader economic recovery.
The Business Roundtable's Housing Working Group is part of the Business Roundtable, an association of chief executive officers of leading U.S. corporations.
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