PRESIDENT'S ECONOMIC RECOVERY PACKAGE TO MAKE MORE FAMILIES ELIGIBLE FOR FHA-INSURED MORTGAGES read more

As we hear much discussion over what should be done to aid in the housing recovery, there has been a few steps provided to extend the 2008 Housing Assistance Act

Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser's income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)

Frequently Asked Questions> (PDF: 483K)

NAR's Presentation: The 2009 First-Time Homebuyer Tax Credit  (PDF: 319K)

Mortgage Interest Deduction of 2009

National Association of Realtors opposes as currently drafted the Mortgage Interest Deduction included in the President's budget proposal in regards to families making over $250,000. per year. The NAR has already meet with the President and further release of updates are to come.  

NAR opposes a mortgage interest deduction provision in the budget proposal President Obama released Feb. 26, as it could impede real estate markets' recovery. Read more, including action NAR is taking >
Read the NAR news release >

Refinance-Unwind the Trapped Equity

The reigning credit crunch has disturbed the financial equilibrium of many people around the globe. Aftermath of subprime mortgage crisis was felt the world over and the housing market is yet to recuperate fully. With such a situation prevailing, there are many who successfully manage to tap the equity in their homes. It has been made possible due to reduction in the mortgage rates.  read more.....