Can the Housing Stimulus Bill Help the Newly Married Buy a Home?
Part of the excitement facing newly married couples is the choice of where to live. Most newlyweds scour the newspaper, Internet, and real estate map references for 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.
- 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.
- 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.
More Real Estate Tips.
