Wednesday, July 30, 2008

It's Official - President Bush Signs HR 3221

As of this morning, President Bush has signed HR 3221. Also this morning, I got an email from the Nehemiah Corporation urging people to save Non-Profit Downpayment Assistance Programs by contacting your local representatives and asking them to create and pass new legislation that allows this sort of assistance. Visit Nehemiah's Action Alert page to send an email or letter to your local representatives.

NAR's Summary of HR 3221 explains some of the highlights / lowlights of the legislation. There are MANY provisions in this bill, and this is a very brief overview. One element of HR 3221 that has not received much press is that the new FHA downpayment has been increased to 3.5%. Another element is a "tax credit" of $7,500 for buyers who purchase between April 8, 2008 and June 30, 2009. Talk to your CPA though, because this credit must be re-paid over 15 years (seems pointless!).

Also, unrelated to HR 3221, in some local news - Sacramento-based Financial Title Company has closed its doors. Luckily I do not have any current escrows being handled there, however their files and trust account have apparently been transferred to First American Title. I do have an active escrow over there, so hopefully they are not overwhelmed by new files!

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