The Federal government just announced a program to help State Housing Finance agencies (HFA’s) finance mortgages for first time homebuyers. The fact is that because of the credit crunch, many State HFA’s were unable to sell the tax exempt bonds that raise the capital required to enable the agencies to fund mortgages. If you have had any problems with your clients not able to get funding for their mortgage with the HFA, I would have them check back again. Detailed information on the State HFA programs can be found in my book as well as on my website, www.homesbuyersandmortgages.com.
Congress is also considering the extension of the Federal Tax Credit program set to expire November 30, 2009. Under the legislation being considered, the tax credit program would be extended through June 30, 2010. The $8000 tax credit would be available to “all buyers,” not just first time homebuyers, with income limitation of $150,000 for individuals and $300,000 for married couples.
I will keep you apprised of these issues in future blogs.
Jason Kotar, Author
Homes Buyers and Mortgages
