I like it!!! Great way to reduce debt for current homeowners and KEEP them in their current homes! Let's REWARD those who ACTUALLY PAY THEIR BILLS * Yeah! There's no reason for real estate agents to be active in politics!
House Republicans have offered a seemingly workable solution to the Housing Situation that appears to have some very comprehensive ideas. This plan can be reviewed here:
Here is a brief Overview of one aspect proposed:
Keeping Families in their Home, Lowering Costs for all Homeowners credit to help families cover the costs of a mortgage refinancing, buy down points, or reducetheir principal balance (covers refinancings through July 1, 2010).
$5,000 Refinancing Credit:House Republicans propose to provide a $5,000 refinancing tax
The temporary first-time home-buyers credit recently enacted by Congress is of little value to those who have already purchased home. In order to assist the millions of Americans who maywish to take advantage of historically low rates on home mortgages, House Republican areproposing a temporary $5,000 refinancing tax credit. The credit can be used to:
• Cover the closing costs associated with a refinancing,
• Buy down points on the newly refinanced mortgage, or
• For homeowners that may be slightly underwater, the credit may be used to increase their
equity and thus qualify for a refinancing.
I LIKE this; pertains to ME and would be something I could implement this year!
Theres more, and I recommend reading the ENTIRE 5 pages of recomendations. 5 Pages. Way too Simple.
As much as I dislike any Government involvement in anything I do, it seems we have fallen into the Abyss long before I came along. Many ideas I believe would spur investment, but obviously there won't be any movement until the folks get some money rolling in. The only movement I am seeing in my sector is for some type of Government job. Very disturbing.
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans
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Too Little. FNMA needs to do signifigant principle reductions by % per zip code in order to have any real impact. In other words lower the mortgage balance to the actual current value. For people that are current and want to stay in their homes.
Good point; however, I doubt that will happen; however, if current homeowners who are struggling can reduce their monthly payments, the amount of their home value v loan may not be an issue if they can stay in their home and keep making payments...
As a lender I will be sure to follow this. A refinancing tax credit could help folks who are burdened with higher interest rates and simply cannot afford to refi.