Stimulus – Is Relief In Sight?
For the past few weeks, we’ve focused on the new administration’s economic stimulus plan and how we see it affecting the homeowning or future homebuying public. With $75B (yes, BILLION) earmarked for relief from the foreclosure crisis, millions of Americans stand to benefit from the single largest government bailout in U.S. history.
March 4th is the “take-effect” date for the plan. The anticipated $15,000 new homebuyer tax credit was reduced to $8,000 as a compromise – something every homebuyer can still benefit from. The biggest kicker, it seems, is that in order to benefit from the majority of the housing plan’s bailout, homeowners must have a mortgage held by either Fannie or Freddie Mac. As well, the mortgage in question must be on your primary residence unless it’s on a 2,3, or 4-unit residence and you occupy one of the units as your primary residence.
The market is still highly favorable for the investor buyer or those with a cash position to make a down payment. Inventory is still plentiful and lending opportunities are out there to be had. If you’re an A-paper borrower with cash – perhaps now is the time to get shopping. As banks are concerned with working through all of the mortgages that will be applying for assistance through the stimulus plan, they just might be delighted to see borrowers with all their ducks in a row!
As always, the entire staff of San Juan Realty, Inc. is here to answer any questions you might have, whether stimulus plan-related or simply about the local Ridgway, Montrose, Ouray or Telluride communities. Thanks for stopping by and we’ll see you next week!
Read MSNBC’s Consumer’s Guide to Obama’s Housing Plan
Tags: colorado, homes, Montrose CO, ouray CO, Ridgway CO, Telluride CO
