Good 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
Please contact me with any of your Real Estate and/or Relocation needs:
Pam Jank, Realtor, GRI, CRS, ABR, RRS, PPS
Your North Idaho Real Estate Pro
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COLDWELL BANKER SCHNEIDMILLER REALTY
435 W. Hanley Avenue
Coeur d'Alene, ID 838315