As of this morning, President Bush has signed HR 3221. Also this morning, I got an email from the Nehemiah Corporation urging people to save Non-Profit Downpayment Assistance Programs by contacting your local representatives and asking them to create and pass new legislation that allows this sort of assistance. Visit Nehemiah's Action Alert page to send an email or letter to your local representatives.
NAR's Summary of HR 3221 explains some of the highlights / lowlights of the legislation. There are MANY provisions in this bill, and this is a very brief overview. One element of HR 3221 that has not received much press is that the new FHA downpayment has been increased to 3.5%. Another element is a "tax credit" of $7,500 for buyers who purchase between April 8, 2008 and June 30, 2009. Talk to your CPA though, because this credit must be re-paid over 15 years (seems pointless!).
Also, unrelated to HR 3221, in some local news - Sacramento-based Financial Title Company has closed its doors. Luckily I do not have any current escrows being handled there, however their files and trust account have apparently been transferred to First American Title. I do have an active escrow over there, so hopefully they are not overwhelmed by new files!
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A Realtor with Lyon Real Estate, she works with buyers & sellers in Arden, Carmichael, Land Park, East Sac, & the Greater Sac areas. Co-host of the Nick & Erin Radio Show on the Voice of Sacramento.
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Great post Erin, did you notice that Mr Bush signed the bill in private? Too bad about Financial Title, weren't they the other half of Alliance Title who closed a few months ago? Sign of the times I guess!
Dave
Hi Erin!
I was really surprised to hear about Financial...I keep hoping we are hearing the last of the real estate related closures. Are 1st American and Financial connected? They do operate similarly. By the way, which radio station are you on?
I don't think they are connected, but I did read today that First American underwrote (is that a word?) Financial Title's title insurance...unsure if that is true or not...
88.7 & 89.9 - weak signals though so the best way is to listen is online at http://www.live365.com/stations/accesssacramento?site=pro
Hi Erin!
I heard this morning on GMA that Financial was a sister company of Alliance...let's hope that this is the last of the closings of familiar companies.
Erin - That is sad news about Financial Title. I would have liked to have seen them hang on awhile longer. The number of sales going into escrow and closing for the months of May and June compared to a year ago are significantly improved. That ought to help drive title company business as well.
Dave - I hadn't heard that Prez Bush signed the housing bill in private. Perhaps he wished to do his "flip-flop" on the legislation in private:-)