For those of you considering a home purchase over the new few months, you might be interested in this proposed stimulus package. It differs greatly from the first time buyer tax credit.
The National Association of Homebuilders has representatives in Washington DC pressing for passage of a proposed bill, “Fix Housing First”. Here are two summary points to their proposal:
(1) The federal government would offer a tax credit of between $10,000 and $22,000 (depending on locale) to anyone closing on the purchase of a home, new or resale, by December 31, 2009. The credit would not have to be repaid, which is a major upgrade from a tax credit passed last summer; and
(2) The government would provide a federally-subsidized 30 year fixed rate mortgage of 2.99 for all home purchases, new and resale, closing by June 30, 2009. After that, the rate would be 3.99 for purchases closing by December 31, 2009.
Watch the featured video from the National Association of Homebuilders via our VodPod on the right side of the blog or visit Fix Housing First. If you want to support this effort, then take action and tell Congress by emailing your Senators today.