Lauro's Blog

August 8th, 2008 12:06 AM
Housing law buzz for buyers
It's no secret that President Bush signed a $300 billion housing bill into law last week. In addition to helping cash-strapped homeowners avoid foreclosure, the law aims to help first-time home buyers to jump start their search in a tough economy.
So if you're house hunting on Trulia.com, the law can mean a BIG benefit. To boil it down to the basics: first-time home buyers get up to $7,500 tax credit. This basically means you get a 0% loan for 15 years if you buy a home between April 9, 2008 and July 1, 2009.
Capitol Hill
Of course Uncle Sam has some restrictions based on your income, so we rounded up some key advice and opinions from Trulia Voices to answer your questions.
Tip: Want more on the new housing law? Use the keyword search box on the lower left.
What's the catch with these tax credits?
Q: What does the new housing bill mean for new buyers...?
Asked by Peter, Home Buyer in California
A: For consumers, it does a couple of things: The FHA will be allowed to insure up to $300 billion in new... see more
Do you qualify for the perks?
Q: Does anyone know the income requirements or phase out for the new Housing Bill for first time buyers?
Asked by Jeremy, Buyer in San Francisco, CA
A: For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for... see more
Should you move or hang tight?
Q: I am feeling very overwhelmed with this Fannie Mae crisis, do you think we are headed for a serious recession? Should I sell my NY condo and try to find a place in NJ...
Asked by Bradley Stock, Home Buyer & Seller, in Richardson, TX
A: There are many reasons to be worried, but the Fannie and Freddie "crisis" isn't one of them. The situation happened because... see more
Posted by Lauro Arantes on August 8th, 2008 12:06 AMPost a Comment (0)
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