Housing Stimulus Bill Signed Into Law

The new Housing Stimulus Bill (H.R. 3221) was signed into law by President Bush.

Here are a few of the things you will find in the bill:

• FHA and VA Loan limits have been changed
• Seller funded assistance programs have been made eliminated starting October 2008.
• Bailout of Fannie Mae and Freddie Mac
• $7500 tax credit for buyers
• FHA foreclosure rescue
• There are a couple of refinancing programs
• New loan originator requirements
• Neighborhood revitalization funds

Attached is a link to the National Association of REALTORS® summary of the new law: http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument