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Queen Creek
About Me: Brad Hekekia - Real Estate Agent - Brewer-Caldwell Property Management
 

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2009 Economic Stimulus Bill Benefits

for

"First Time Homebuyers"

(Signed into law today, 2/17/2009)

Hot off the press -

Here's another GREAT incentive for those thinking about purchasing their "first" home to do so in 2009. And, remember, a first time homebuyer is defined as a buyer who has not owned a home for 3 years. They don't have to be someone who has never purchased a home!!  

For eligible first-time home buyers who purchase a home after Jan. 1, 2009 and before Dec. 1, 2009, the stimulus bill provides for a refundable credit equal to 10% of the purchase price of the home, up to $8,000.

And, yes, unlike the credit provided last year, this first-time home buyer credit does NOT have to be repaid, unless you sell the home or it no longer is your principal residence within 36 months of purchase.

For Immediate Release Contact: Joe Pyritz

and the lien is awarded to the lowest bid which in some cases could mean zero interest.”

at http://pinalcountyaz.gov/Departments/Treasurer. There will also be a public notice of

Last edited on Fri Feb 6th, 2009 03:09 pm by 2 cents

Last edited on Fri Feb 6th, 2009 01:55 pm by

You Must See and Hear This Video of Bankers discussing what they intend on doing with the TARP MONEY 

You will find it in the Webaddress below

Read More: http://www.nytimes.com/2009/01/18/business/18bank.html?th&emc=th


BUSINESS
Banker's Plans For TARP Funds
At the Sandler O'Neill East Coast Financial Services Conference in November, bank executives discussed their plans for some of the billions of dollars given out under TARP.

 
http://www.hud.gov/offices/hsg.....alrule.pdf

Effective with contracts written 16th January and after; builders can no longer tie in incentives and seller help with the use of an affiliated lender and title company.

Barton Shapiro, deputy director for HUD’s office of RESPA and interstate land sales, says that HUD “does not interpret RESPA from prohibiting anyone from offering incentives. It limits tying an incentive to using an affiliated lender. HUD believes customers will use (affiliated lenders) if there’s real value.”

In its broadest sense, the statute is designed for consumer protection and to encourage shopping at the earliest stage of the transaction, Shapiro says. Among the comments that HUD received when it was reviewing the law was that the discounts offered to borrowers using affiliated lenders were made up in higher costs elsewhere in the process, and that borrowers were put into more expensive or riskier loans.

“What goes on currently with these incentives is that they are tying the sale of the house to the use of affiliates so people will be dazzled and won't look elsewhere,” Shapiro says. “There’s no real way to see if there is a benefit. … We needed a de-linking of the marketing of the house from the use of affiliates if we were ever going to encourage shopping for mortgages.”

 


 

Last edited on Thu Jan 15th, 2009 04:49 pm by azcats_01