Here are some bullet points and explanation on how the stimulus package (The American Recovery and Reinvestment Act of 2009) will affect home buyers. President  Obama is expected to sign this bill into law today  in Denver, CO.  An important area of the bill that was reduced was the proposed $15,000 home buyer tax credit.  The credit was cut down from $15,000 to $8,000, but is an improvement over last year’s $7,500 tax credit.  If  you are looking for a house or would like to contact me about the “Stimulus Package” please feel free to give me a call or e-mail me your question.

 Here are some bullet points of the HOME BUYER TAX CREDIT:

  •         Lesser of 10 percent of purchase price of home or $8,000
  •       Applies to purchases after 1/1/09 and before 12/1/09
  •       Primary Residences
  •       Available to individuals making up to $75,000 or $150,000 for joint returns
  •       First Time Home buyer (may not have owned a primary residence in the past 3 years)
  •       No repayment required, unless home is sold within 3 years
  •       Can utilize credit if using state/local bond financing 
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Are you are looking to buy or sell a home in Lakewood Ranch? Whether your a first timer or experienced investor, working with the Jim Soda Group can leverage area knowledge here in Lakewood Ranch. It doesn’t matter if the market favors buyers or sellers.  The right agent will help you secure the best deal.  We pride ourselves on being knowledgable real estate consultants in the Lakewood Ranch area and vicinity:  

 

  • Local Market Homes Inventory and Activity
  • Preparing and Marketing Homes Effectively
  • Partnering with Excellent Vendors and Service Providers
  • Knowing the Area (Schools, Places of Worship, Where to Shop, Transportation, etc.)
  • Proper Pricing
  • Contract Preparation and Presentation

When you’re ready to buy or sell property, I am ready to help.  Please contact me or any of the Jim Soda Group to discuss a marketing or home buying plan for you! Give Us a call.

 

U.S. House leaders Wednesday approved a colossal housing package that allows the federal government to back up to $300 billion in refinanced loans for at-risk borrowers, a measure that could save thousands of Southwest Florida homeowners from foreclosure.

President Bush backed down from his veto threat of the broad-based legislation, fast-tracking passage of a bill aimed at stimulating recovery and boosting confidence in housing markets. The House vote was 272-152, and the Senate is expected to agree by week’s end, bringing relief to about 400,000 homeowners nationwide. This bill also included tax credits of up to $7,500 for first-time home buyers.

The package also entails a plan to bolster the ailing government-sponsored mortgage giants, Freddie Mac and Fannie Mae, with emergency funding and enhanced oversight.

The two companies, which provide funding for or back roughly half the home loans written in the United States, have taken a beating from investors in recent weeks amid growing solvency concerns brought on by bad-loan losses. The proposal would allow the federal government to extend credit to the companies as they weather one of the worst housing meltdowns in recent history.

The bill sets up a permanent affordable-housing fund financed by Fannie Mae and Freddie Mac and allocates $3.9 billion in local government grants to preserve property values and provide affordable housing through the purchase of foreclosures.
Additionally, the legislation would provide $180 million for foreclosure prevention efforts, another area of need for South Florida agencies overwhelmed by borrowers seeking assistance.

Those looking to take advantage of lower home prices and interest rates to purchase their first home can get ahead of the game by participating in the home ownership training classes and prepurchase credit counseling. The free course, which is required for those seeking down-payment assistance, is being offered several times in May by the Center for Financial Independence (formerly known as the Manatee Coalition for Affordable Housing). The approximately five-hour course is 5:45 p.m.-8:30 p.m. May 8 and 15 or May 22 and 29. For those who need weekend courses, they are available May 17 or 31. Registration is required. Call #941-746-2115 for more information.