FHA working on allowing $8k credit to be used for downpayment….

May 12, 2009 by Scott Smolen · Leave a Comment
Filed under: Scott 

See link to HUD Secretary’s speech…

http://www.hud.gov/news/speeches/2009-05-12.cfm

And we are taking action to further help the housing market recover. I’m excited to announce here at NAR that FHA’s policy on the “monetization” of the first-time homebuyer tax credit will soon be published. I know that you’ve been waiting anxiously to hear FHA’s position on the matter. We, like you, believe that this new tax credit is not only a tremendous opportunity for first-time homebuyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing. According to estimates by the National Association of Home Builders, this new tax credit will stimulate 160,000 home sales across the nation – 101,000 of which will be first time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first time buyer purchased their home.

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  • Scott Says...

    Where FHA backed less than 3 percent of all new mortgages in 2006, its share of the business has ballooned to nearly one-quarter of the mortgage market. In August, mortgages from the FHA and the Veterans Administration (for qualified veterans) backed 40 percent of loans for all home sales.

    • Ed Says...

      In only two years, the iPhone has dramatically transformed the mobile web. There's a tendency toward touchscreen devices for mobile web browsing; the iPhone has already claimed 50% of mobile web traffic. Google's Android OS was the only other platform gaining with 5%.Sadly, Palm continues its downward spiral. Scott needs something more modern and respectable - a BlackBerry, perhaps. Someone please pick him up off the floor![AdMob via mocoNews.net]