Saturday, August 2, 2008

Housing and Economic Recovery Act of 2008


Read the whole story here: http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions


H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:
GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500....

FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program...

Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009...

FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. ... Program is effective on October 1, 2008. ...more.


National Association of REALTORS®Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill (as of 7/30/08)









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