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Details Of The Recovery and Reinvestment Act of 2009
News
Friday, 13 March 2009

Talk about tax shelters. Your home likely provides more tax relief than any other acquisition, thanks, in part, to new federal laws designed to ease financial suffering in the recessionary economy.

The "American Recovery and Reinvestment Act of 2009," passed the House on February 13, 2009, by a vote of 246 - 184. Later that day, the Senate also passed the bill by a vote of 60 - 38. The President signed the bill on February 17, 2009. The bill is a 0 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.

The bill includes the following provisions:

Homebuyer Tax Credit - The bill provides for a ,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability.
If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans.
These limits were equal to the greater of 125% of the 2008 local area median home price or 1,050 for FHA and 7,000 for Fannie and Freddie, with an overall maximum cap of 9,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e.an area smaller than a county. The Secretary's discretion is again limited by the 9,750 cap. These 2009 limits will expire December 31, 2009.

The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not. The National Association of Realtors® Call for Action to both the House and the Senate prior to the final vote advocated strongly for the provisions which were then included in the final bill approved by both Chambers.

Read more...
 
Borrowers Can Get Help Online
News
Tuesday, 10 March 2009

 

Inman News reported today that a new online service is available for borrowers trying to start the process to reduce their mortgage payment under the new guidelines set forth by the Obama Administration.

Troubled borrowers can now visit HOPE NOW to fill out an

application to get things started.

To find out more information, you can find the Inman article here.

 
Grosse Pointe Park Announces Good Neighbor Program
News
Friday, 06 March 2009

The City of Grosse Pointe Park is offering a grant program to assist home buyers with the purchase of new and restored homes within the NWTIFA District which represents residences located between Jefferson Avenue & Mack Avenue, and between Beaconsfield and Wayburn.

Program Details:

1.) Amount. This program will provide 10% of the purchase price, up to a maximum of ,000 for non-City owned properties and up to 15% to a maximum of ,000 for City-owned properties. This amount will be disbursed at the time of closing.

2.) The Grant. The grant is provided only for owner occupied proerty and to be used by the participant for a down payment or any other mortgage related expense. Such grant funds are retained by the homeowner and repayment is not required as long as the owner occupies a City-owned residence for a period of 10 years. Otherwise such funds will be reimbursed ath teh time of sale at an amount discounted by 10% for each year the unit is occupied by the homeowner. For non-owned City-owned property the grant required repayment at the time of sale without any interest charges.

3.) Eligibility. Employees, full or part time, and retirees of: the Grosse Pointe School System, Grosse Pointe Park City Employees, and Grosse Pointe Public Safety Officers. 4.) Property Covered. New condominiums, new single family homes, and retored homes in the area bounced by Mack & Jefferson on Wayburn, Maryland, Lakepointe, and Beaconsfield streets. To review further details and see a brochure of City-owned homes, please contact: Chuck McInnery (248-840-9054) or Kathy Willmer (313-822-4379)

Download the official statement HERE .

 

 
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