Tuesday, February 24, 2009

Help for first-time home buyers

The American Recovery and Reinvestment Act of 2009 signed by President Obama last week included language that extends the $8,000 first-time buyers credit to homes purchased to Dec. 1 of this year.

First-time buyers are considered anyone who has not owned a home for the past three years.

The home purchased must be owner-occupied.

Another condition is that the buyer must have an adjusted gross income of $75,000 or less if the buyer is single and $150,000 or less for married buyers. Partial credits may be given for some buyers who exceed these limits.

Contact Kirk Kenney: 619.920.2195 or kirkkenney@coldwellbanker.com

Wednesday, February 18, 2009

Obama Unveils Housing Plan

President Obama's Homeowner Affordability and Stability Plan was revealed today.

According to the plan, $75 billion will be made available for up to nine million homeowners at risk of losing their homes and/or providing refinancing options to make their payments more affordable.

The White House put a Q&A about the plan on its blog right here.

It's way too early to know how this will all play out but the initial reaction was favorable.

Contact Kirk Kenney: 619.920.2195 or kirkkenney@coldwellbanker.com