It's time to stimulate MY wallet!!

by joswald 19. May 2009 09:51


I've had a lot of people ask me questions about the federal economic stimulus package and how it could affect their current home loan.  Everyone wants to take advantage of the 30 year lows on interest rates right now, but not everyone knows if there's a program out there to get them the rate...I'm sure you've had some of those same thoughts, am I right?

The stimulus package has spurred three main ways that could affect you.

1.  If you've been thinking about buying a house.  If you're a first time home buyer or have not owned a home for the last three years then you could qualify for the $8,000 tax credit.

    Here are some of the highlights:
        -  Available only to first-time home buyers
        -  The tax credit is not a loan and does not require repayment*
            *If the home is sold within 3-years, the $8,000 tax credit must be re-paid
        -  The tax credit reduces the home buyer's tax liability; if the buyer's liability is less than $8,000, the remaining credit will be issued as  a check
        -  Home purchase must be for a primary residence
        -  The credit is available on home purchases between January 1, 2009 and December 1, 2009
        -  If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
        -  The credit is not eligible if the seller is a relative of the buyer

Click HERE to see additional information on the New Homebuyer's Federal Tax Credit.


2.  If you've been current on your mortgage and wanted to refinance but couldn't because of lower house values.  There are two programs that could help you almost regardless of your current home value.  The first is the DU Refinance Plus offered by Fannie Mae for some loans owned by Fannie Mae.  The other program is similar but is offered by Freddie Mac for loans owned by them.  To see if your loan is owned by either Fannie or Freddie go to my blog and follow the links.

This is a huge deal right now.  Especially since there is a big group of people suggesting that the rates will raise significantly by the end of the year.  You don't want to miss the boat on this one.

To see if you're loan is owned by FANNIE MAE CLICK HERE.

To see if you're loan is owned by FREDDIE MAC CLICK HERE.


3.  Lender specific incentives.  Many of the bigger lenders have taken their bail-out money and actually did something with it (other than buy new corporate planes or sent people to Vegas).
There are a handful of banks that have offered their own form of streamline refinance.  If you currently make your payment to Wells Fargo, MetLife (formally First Horizon), US Bank, or Flagstar Bank you need to call me immediately.  There is a huge opportunity for you to save money today
!!!

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General | rates

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