Archive for July, 2008
The good and bad of the new Housing bill..plus free gas!
July 30th, 2008 Categories: Maryland Real Estate News
President Bush today signed into law a bill that’s purpose is to help stabilize the real estate market and offer aid to struggling home owners and the financial institutions that are holding the bad debt. Originally President Bush indicated he would veto the bill because it was socialistic but later decided it was “better than nothing.” Tell me folks, what do you think?
The bill is applauded by The National Association of Realtors, builders, and the banks. It has been reported that over 400,000 homeowners will be able to take advantage of better financing terms and options.
Some of the positive results of the new housing economic stimulus bill include:
- A $7500 tax credit for first time home buyers. If that’s you…call me!
- A permanent increase conforming loan limits from $417K to $625 depending on your market. More news to follow.
- A program for home borrowers to re-finance their existing mortgage with better terms with the FHA. I have read over these terms and see many pitfalls as well. Not everyone will qualify, and if you do there is a price to pay. If you feel you need to consider such relief please let me refer you to a knowledgeable loan officer who understands this program.
Some of the negative aspects of the new housing economic stimulus bill include:
- The end of “down payment assistance” programs such as Nehemia and Genesis. They helped a lot of folks obtain financing for loans but they also had higher foreclosure rates.
- Will cost the government $300Billion so where is that money going to come from? Taxpaying folks who aren’t in foreclosure. So even though you were smart and didn’t get in over your head..you are paying for the debacle.
- The terms of the new FHA loans do have some serious caveats such mortgage insurance, strict guidelines, and re-payment of lost value via fees when you sell your home.
- No real indication if this will be be enough or will be accepted by the current lenders who may participate voluntarily.
I thought I would end this post with a little nugget for those paying attention. First one to post a comment with the artists name who wrote the following wins a $10 gas card:
“Rise so high, yet so far to fall
A plan of dignity and balance for all
Political breakthrough, euphoria’s high
More borrowed money, more borrowed time”
Click below for another hint if you need one!
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Columbia Town Home Value Alert!
July 21st, 2008 Categories: Homes in Howard County
By the way did you hear that Columbia has recently been recognized nationally by Forbes Magazine as the 17th best place to raise a family. And don’t forget that Money Magazine named Columbia and Ellicott City as the 8th best places to live for 2008.
Friends, if you know of someone looking for a town home in Columbia and can afford $269,900 please contact me to learn more about this value priced home in Howard County.
This home is located in the Owen Brown Community and close to employment, commuting routes, shopping, recreation, and public transportation. Walking distance to Lake Elkhorn and the Cradlerock Schools.
With 4 full bedrooms, 3.5 bathrooms, a remodeled and upgraded kitchen, and new flooring throughout the home this home stands out among it’s competition.
As they say, a picture is worth a thousand words so if you are interested view away!
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