Sannhet Realty

We all know how the economy has been since the start of this year and sooner. We have been told we are not in a recession and then we are told we are in a recession. I guess it really comes down to how you look at things, but it is definitely a fact our economy is struggling in the states. Our hope is the government will do something about our economic woes and re-establish our economy. This is why we elected them into office.

Well as far as the housing market, we may be in some luck with a new bill passed by the Senate. George Ramos, a Sannhet Realtor, passed an article on to me last week explaining the new bill.

The bill will help in foreclosures, allow more access to mortgages, and put more rules in place for banks in hopes to prevent what has recently happened to Fannie May and Freddie Mac. A major effect is on FHA loans, which will be increasing from 3% to 3.5% for the down payment requirement. This is being increased because according to FHA Commissioner Brian Montgomery, as stated in the article, the program had a large effect on the agency's reserve by decreasing it $4.6 billion. Even though there is an increase, first-time buyers will benefit from an $8,000 tax refund. This refund is just one of many tax credits being added to the $14 billion available funds.

FHA loans are great for first-time home buyers, but they can also help anyone, so I would recommend looking into them if you are looking to buy. If you are renting right now, you may just want to consider buying your own home because of all the added benefits available to you right now. Unlike a couple of years ago, it has become a buyers market.

The bill also hopes to help states buy foreclosed properties. This will allow them to fix up the homes providing a more presentable neighborhood. In turn keeping the value up of surrounding homes, which is extremely beneficial to neighbors of foreclosed homes.

These are just a few of the things mentioned in the article on CNNmoney.com. This bill is just the first step to many things in the future to help the economy. Keep in mind this bill will not have an immediate effect and may take several months before it is even implemented.