Recent housing news from the Obama administration

www.homestimuluspackage.net — Tue, 13 Jul 2010 18:43:08 +0000

On June 23, a new round in the fight against foreclosure began for five states, including Arizona, California, Florida, Michigan, and Nevada. That was the day on which a 1.5 billion “Hardest Hit Fund” was approved for State Housing Finance Agencies in those areas.The Home Stimulus Credit has already moved thousands of families into new homes, but this new plan will do even more to stabilize the market and offer relief to families unable to escape the housing downturn. Arizona, California, Florida, Michigan, and Nevada were the five states most vulnerable to foreclosures and other housing nightmares. In addition, the Housing Finance Agencies each submitted Hardest Hit Fund proposals to the Treasury on April 16, using data from the homeowners themselves. Each proposal was examined for compliance with the Emergency Economic Stabilization Act, and the Treasury also worked to provide performance and reporting metrics for each state. The actual date on which the plans will be put into effect varies based on a number of factors, including the types of programs and individual state procurement procedures.Also in June, the U.S. Department of Housing and Urban Development, in cooperation with the Department of the Treasury, developed a “scorecard” to serve as a monthly record of the national housing market. The scorecard uses key indicators to show the impact of federal recovery efforts, such as the Home Affordable Modification program. The first edition showed that after 30 months of decline, home prices have leveled off, and expectations suggest they will continue to rise. More people are also taking advantage of mortgage restructuring, with the amount reaching 2.8 million Americans. Half of the homeowners who don’t qualify for HAMP modification were involved in an alternative restructuring.The data suggests that responsible homeowners will continue to take advantage of these generous benefits, and the housing market will continue to rise from its recent depths.

Buying deadline extended to September 30 for first-time buyers

www.homestimuluspackage.net — Tue, 13 Jul 2010 18:35:46 +0000

There has never been a better time to look into purchasing your first home. After May showed a large decline in the sales of new and existing homes, legislators pushed forward a new bill that would extend the deadline for the tax credit from June 30 to September 30a full three months extra. The bill continues to provide an 8,000 tax credit for first-time buyers, and 6,500 for existing home buyers. The bill was passed into law unanimously with no changes.The bill does not extend the date by which buyers had to sign a purchase agreement for the home, which was April 30. Instead, it provides relief to those who were unable to close the deal before the deadline of June 30. According to the National Association of Realtors, this will affect from 180,000 to 200,000 homebuyersa worthwhile number by any means.In order to qualify for the credit, home buyers must fill out tax form 5405: “First-Time Homebuyer Credit and Repayment of the Credit“. Buyers must also include either: a copy of the settlement statement with all appropriate signatures; a copy of the retail sales contract for mobile home purchasers, again with all appropriate signatures; a copy of a certificate of occupancy for a new home; or, for buyers qualifying for the existing home credit, proof that they lived in the house for 5 consecutive years in the last 8 years. While this paperwork may seem overwhelming, the rewards are well worth it. Hopefully this will encourage Congress to continue working on improving the housing situation in America, so that the hundreds of thousands of people who find themselves homeless each night will no longer have to suffer without hope. Write to your local senators and representatives to let them know you support these initiatives.

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Recent housing news from the Obama administration

Buying deadline extended to September 30 for first-time buyers