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Coeur d'Alene Real Estate and Community Events: Homeowners in Hardship w/Sub-Prime Loans - $100 Million in HELP for Idahoans!

Idaho State FlagGood news Coeur d'Alene, Idaho! Homeowners with adjustable-rate-mortgages who are in hardship should be able to benefit from Idaho's $100 Million share of Mortgage Revenue Bonds.  The Idaho Housing and Finance Association will administer much of the funding in Idaho. This is all part of the Federal Housing and Economic Recovery Act that was signed into law on July 31st, 2008. 

The bill gives the Federal Housing Administration authority to ensure refinancing for borrowers in trouble.  It is a foreclosure rescue plan in which lenders would refinance homeowners with sub-prime loans into fixed-rate, 30-year mortgages backed by the FHA. This should be a boon for first-time home-buyers and homeowners struggling with sub-prime loans, as well as the mortgage industry.

This money will also be available to finance loans for 750 more households on top of the 5,000 financed within the past 12 months.  It should also allow 150-200 more people to access counseling. 

This bill also provides for the tax credit of up to $7500 for first time home buyers or those that have not owned a home in at least 3-years. 

For the past several years, the National Association of Realtors including the Idaho Association of Realtors, have aggressively lobbied for Congress to pass numerous provisions found in this historic bill.   It is my sincere hope that this bill will help boost the economy by providing more housing opportunities for Idahoans.

Here are a few links to summaries of the Recovery Act 2008: http://banking.senate.gov/public/_files/HousingandEconomicRecoveryActSummary.pdf

http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions

 

Please contact me with any of your  Real Estate and/or Relocation needs:

Coeur d'Alene, Idaho - City by the LakePam Jank, Realtor, GRI, CRS, ABR, RRS, PPS
Your North Idaho Real Estate Pro
FREE MLS Listings Search at:
Web:  Coeur d'Alene Idaho Homes for Sale
email to:pamjank@hotmail.com
Phone:  208-661-2282
Fax:  208-772-628 Toll Free:  800-829-2555 EXT.1275
COLDWELL BANKER SCHNEIDMILLER REALTY
435 W. Hanley Avenue
Coeur d'Alene, ID  838315

 


CONTACT INFO:

Pam Jank, CRS, GRI, ABR, CNE, RRS, Realtor(c)Pam Jank, CRS, GRI, ABR, CNE, RRS, Realtor(c)
Your North Idaho Real Estate Pro
www.SellingNorthIdaho.com - Your Free Local MLS Property Search Link
208-661-2282 or Toll Free 800-829-2555 ext. 1275
Coldwell Banker Schneidmiller Realty
1924 Northwest Blvd, Coeur d'Alene ID 83814
 

 

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 Lake Coeur d'Alene

Comment balloon 2 commentsPam Jank • August 26 2008 03:25PM

Comments

Great news for homebuyers.  I hope those that need it find out about it.

Posted by Tim Jank (Jank & Associates) about 10 years ago

Tim, I know it seems like good news but read my more recent blog post Coeur d'Alene Real Estate - Community Events: Here a Crock, there a Crock, everywhere a Crock, Crock!!!  and you will see that right now it amounts to CROCK!  however, I sincerely hope it isn't so....

Posted by Pam Jank, Your Coeur d'Alene & North Idaho Real Estate Pro (Coldwell Banker Schneidmiller Realty) about 10 years ago

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