Good Deal ... Bad Deal ... We'll SeeFannie Mae and Freddie Mac had a good day yesterday, did you? Overall, I think Tallahassee had a good day with this bill being signed by President Bush yesterday. Tallahassee is a town that historically is very active in loans guaranteed by Fannie Mae and Freddie Mac (government loans) so the fact the financial reinforcement has been provided means that Tallahassee home buyers will have their "normal" sources of mortgage funds. Now, back to Fannie and Freddie, it seems they got much of what they asked for, and a few things they did not:
- $300B (B as in Billion) to expand the Federal Housing Administration (FHA) loan guarantee programs (yeah)
- A 1-year moratorium on "risk based" pricing (boo)
- A $7,500 tax credit for first-time home buyers (requiring a repayment schedule of 15 years) (yeah and boo)
Key Links To HR 3221
- HR 3221 Details
- National Association of REALTORS® Summary of Key Provisions of H.R. 3221
- First Time Home Buyer Tax Credit
- National Association of Home Builders (NAHB) Press Release concerning HR 3221
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Joe Manausa is a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.
Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.