How the Housing Reform Act Affects You! August 3, 2008 11:23:23 PM
This past Wednesday (July 30, 2008), President Bush signed H. R. 3221, The Foreclosure Prevention Act of 2008, which contains sweeping measures affecting residential mortgage reform, residential taxes, REIT Investment Diversification, and veterans' housing matters. Some energy measures are addressed as well.
This Act provides a good portion of the material you might expect in the next Core Law portion of Continuing Education for real estate licensees. Moreover, there are changes in the tax code which could affect all homeowners.
Inman News contributor, Matt Carter, points out that the FHA changes in the bill are a "mixed bag" with regard to stimulating new residential sales.
On the stimulus side are such measures as 1) the $7500 tax credit for first-time home buyers, 2) an increase in the FHA loan limit to $625,500 which will allow guarantees in high cost markets, and 3) a moratorium on risk-based insurance premium pricing for FHA guaranteed loans.
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