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Newly Married Buyers

The Housing Stimulus Bill and the Down Market Can Help Newly Married Buyers Purchase Homes

Part of the excitement facing newly married couples is the choice of where to live. Most newlyweds scour the newspaper, Internet, and real estate maps to find that ideal first home. Because of cash considerations, most of these people consider apartments for rent first. However, there are two incentives that allow newly married couples to consider buying instead of renting a home.

  1. The down market for housing. Most of the rapid increases in FMV (fair market value) of real estate in the early years of the 21st century have reverted back to pre-2000 levels. While this is a sad issue for homeowners, it could be a huge help to newly married buyers. The overall decrease in real estate prices serves as a homebuyers assistance program by itself.
  2. The Federal Housing Stimulus Bill. H.R. 3221 contains a number of incentives for people to purchase homes now. This homebuyers program contains both direct and indirect assistance for the depressed housing market that could accelerate the natural market rebound that always occurs after an economic problem.

Of particular homebuyers assistance are the following provisions in the housing stimulus legislation.

  • First time homebuyer tax credit. Newly married couples should qualify for this major homebuyers assistance as the federal government offers an $8,000 direct tax credit. If you have never owned a home before - or if you have not owned real estate for at least three years - you should qualify for this excellent homebuyers program provision. You can use this feature for downpayment assistance, closing cost help, or as affordable help toward the purchase price of a principle residence.
  • FHA, Fannie Mae, and Freddie Mac increased mortgage loan limits. Even with general real estate prices down, houses are still expensive. The disappearance of most non-conforming mortgage loans make these three conforming loan sources more important than ever. They may help you afford more home, at low interest rates and excellent terms, than you thought you could.
  • Low income housing grants. If you're newly married - and haven't made your first million yet - you might benefit from these new grants. Targeted to help buyers purchase and rehab low income properties, you might benefit from this feature and still get the tax credit noted above.

Combining the reduced prices in the down market with the homebuyers assistance features of the housing stimulus bill, newly married people may have the power to purchase a home long before they thought they would. Get to know the real estate map for your area and see if the market and housing stimulus homebuyer program can help you become a happy homeowner.

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