Mortgage and Real Estate Blog

There is a lot of talk about the economic stimulus package that was officially signed into law earlier today. Whether you were for it or against it, now that it’s in effect, it’s time to start taking a closer look at how it’s going to impact things that are important to you. If you’re looking into buying a home or have another interest in real estate, one of the things that will be interesting to you is going to be how the real estate industry is going to be affected by the changes to the economy.

The economic stimulus has four points that address the real estate market:

1. The home improvement tax credit will be extended for those who are looking at what they can do to make their homes more energy efficient - which, of course, will also help to lower your overall energy costs.
2. The first time home buyer tax credit will be increased for those who buy their first homes during the 2009 calendar year.
3. Those who are eligible to take out a reverse mortgage to supplement their incomes will be able to borrow more against the value of their homes.
4. In high cost real estate areas, the FHA and conforming loan limit amounts will be raised - allowing buyers to borrow more to get into a home.

In other words, if you are looking into buying a home or you are looking into making improvements to the home that you have, you’re going to find that there are some benefits included in the economic stimulus package.

This entry was posted on Tuesday, February 17th, 2009 at 8:49 pm and is filed under economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.