Monday, March 09, 2009

Stimulus Package Details 2009

Economic Stimulus Package 2009

The following information below details briefly some great incentives that are being offered to buy this year of 2009. For official news and getting it from the source you can visit FinancialStability.gov regarding Obama Administration’s strategy to strengthen our economy.

$8,000 Tax Credit for Home Buyers
The following was reported by a very reputable Lender (call him for more info):

EXCITING NEWS!
It is true! There is an $8,000.00 refundable tax credit for anyone who has not owned a home in the previous three years, who buys a home between January 1, 2009 and November 30,2009. This means that when you file your taxes you will get an additional $8,000.00 with your refund. If you owed taxes your taxes will be reduced by $8,000.00 and if there is any left over you will receive it in the form of a tax refund. MORE GOOD NEWS! The $8,000.00 does not have to be paid back provided that you keep the home for at least three years! There are some income limits and the amount will be reduced if you file jointly and make more than $150,000.00 per year or file singly and make more than $75,000.00. Please call me with any questions. Locally you may call at 674-1090 or toll free at 877-674-1090. You can email me at stevestout@sgimortgage.net
PLEASE REMEMBER! Interest rates have been inching up since the 8th day of January. They are still historically low but notwithstanding all of the government's efforts, the rates are going up slowly but consistently.
Happy House Hunting!

Home Owner Affordability and Stability Plan

Another item that can be important toward forestalling the predicament that some home owners find themselves is part of the stimulus package. It is aimed at making payments affordable for those that would normally be having trouble with their interest rates jumping to troublesome variable rates that leave them incapable of making their payments and being forced to move and give the home back to the bank in a loss.

Current rules have made it difficult for families who own less than 20% equity in their homes- they have had a difficult time taking advantage of historically low interest rates. People who have conforming loans that are guaranteed by Fannie Mae and Freddie Mac are those whom this initiative pertains to. This new plan enables them to move to a new loan for up to 105% of their homes value. This could help lessen the number of foreclosures here in the St George Utah Real Estate market.

Higher Non-Jumbo Loan Amounts Extended

Below are some key points about this higher loan limit extension, announced by the Fair Housing Finance Agency:


  • The non-jumbo, middle tier of home loans begins at loan amounts greater than $417,000 for single-unit homes.
  • The top end for this tier is $729,750 for single-unit homes.
  • The rates for these loans will again be slightly higher than conforming loan rates, but less expensive than the standard "jumbo" loan rates.
  • This higher limit on the non-jumbo tier is available in 250 counties across the United States. (I don't think it applies to Washington County- call Steve Stout at (435) 467-1090 to check and find out for sure.)

Stimulus Funds for Utah - Utah Housing Corporation $6000 Credit for Buyer’s

Preferred Lender, Steve Stout has sent this update regarding Utah Real Estate on March 18, 2009:

Hello – I just wanted to give you some information regarding the new Utah Housing Corporation $6000 credit for buyer’s. This is part of the stimulus funds and the state of Utah was given 10 million dollars for this purpose. This $6000 credit is for NEW homes that are unoccupied and never lived in. There are income limitations at $75000 yearly for single people and $150000 yearly for joint. It is not limited to first time home buyers. It is in addition to the $8000 tax credit that is now available for first time home buyers. It is not official yet but this is what we know so far.
More info to come……..

Thanks,
Steve Stout

To update Steve has since told me that it is on the desk of the governor to sign, so as soon as he signs it (SO IT IS NOT IN EFFECT YET). It will be available to buyers as if buying for their primary residence only, to occupy within 30 days after purchase. For official news you can visit the official Utah Housing Corp. page governing requirements. Locally, for the St George Utah area, Steve Stout with SGI mortgage is equiped to make sure you take advantage of these incentives at the time of your purchase.