Advantages To Purchasing in 2009

AMERICAN RECOVERY AND INVESTMENT ACT

Here are the high points that you must be aware of:
1) $15,000 tax credit…no loan cap, no income cap. For anyone who buys a primary home.
2) $15,000 credit only repayable if the home is resold within 3 years. (no flipping)
3) Credit only for primary homes.
4) Closing on or before December 31st 2009.
5) Claimable at closing and it CAN BE APPLIED TO THE DOWNPAYMENT.
6) Create a temporary 30 year, fixed rate mortgage with these amazing terms:
2.99% through 06/30/09.
3.99% through 12/31/09
7) The FNMA/ FHLMC to purchase these low rate, FHA insured loans from lenders at full price and then resell them at lower market prices…bascially…the governement will subsidize the difference.
8.) As proposed, lenders who do Loan Mods and Short Sales will have their losses subsidized by the government. In other words, the government is NOW GIVING LENDERS HUGE indentives to do Short Sales.

reference: www.timandjulieharris.com