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DEADLINE - JANUARY 1, 2009

The new Housing Bill H.R. 3221 took effect, October 1, 2008. However, it is worth taking a look at several important items that do not take affect until later dates. First, the temporary Fannie Mae, Freddie Mac and FHA maximum loan limits for Monroe Co. are currently $729,750. This limit decreases January 1, 2009 to $625,500 (based on current HUD median home prices). Let’s look at what this means for home buyers and sellers in Monroe Co.

Qualifying home buyers can currently obtain financing with as little as a 10% down payment up to a sales price of $810,833. On January 1, 2009 this will go down from $810,833 to $695,000 maximum sales price. While loan programs will still be available for 10% down payment for loan amounts on sales prices greater than $695,000, the terms and conditions are usually much more favorable with a Fannie Mae or FHA loan. The benefits consist of availability of a fixed rate mortgage and interest rates that are usually much lower than rates available from non-GSE/FHA loans.

NEW BILL OFFERS INTEREST FREE LOAN

TO

FIRST TIME HOME-BUYERS

Frequently Asked Questions

First time home-buyers who purchase a primary residence between April 9, 2008 and June 30, 2009 will qualify for a tax credit up to $7500. A first time home-buyer is someone who has not owned a home in the past three years.

This tax credit works like an interest-free loan and must be repaid over 15 years.

Repayment will begin the second year after the credit is received. The home-buyer’s tax bill will increase by $500 each year for the 15 year period. Income limitations are $75,000 for a singles and $150,000 for married taxpayers.

BENEFITS TO HOME-BUYERS:

• Interest savings
• Payment savings
• W-4 withholding adjustment allows for immediate savings benefit
• Contact Blue Water Mortgage Co. for a specific scenario analysis

Assist your first time home-buyers and promote a healthy real estate market. Take advantage of our offer to provide your customers/clients with an overview and action plan. We will send a mail out in your name to those whom you request, providing explanation and direction.

Remember. I am not a tax advisor or attorney. Consult with your personal advisors for tax and legal questions.

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