The new bill addressing foreclosures and real estate is a complicated bill, no doubt, but here are a few important provisions that stand out and will help the housing market, tremendously.
- Lower interest rates for mortgages
- Greater ability to get financing through FHA, Fannie Mae and Freddie Mac in high cost areas.
- A true Tax credit incentive to buy a home NOW
- Foreclosure negotiation and short-sale standards
All this will help our market and will make getting loans easier. As you know, getting financing at this moment until these new features go into effect, has been almost impossible for condos, in particular.
As they say, Help is on the Way!!
Call me with any questions.