HR 3221 - Good For Tallahassee
Good Deal ... Bad Deal ... We'll See
Fannie 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)
I'm blogging on this important topic because one of our avid readers, "Steve R" asked me "Are you going to write an entry on the housing bill that passed today? I am curious to see how you think the bill will affect the local market. The $7,500 tax credit should nudge a few fence-sitters at least." Steve, this is the type of issue that is important to our industry but I typically "consume" the information rather than report it in the Tallahassee Real Estate Blog. I agree with you that it is of significant importance to our industry (especially in the Tallahassee real estate market where government loans are prolific) and therefore I offer this brief summary, as well as some key links to sites that review it to a greater extent than I am capable of doing today.
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.
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Thanks for pointing out the extra information regarding HR 3221. As a first time home buyer (or want to be) this may push us over the edge to REALLY pursue a home.
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