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(Click on CREDIT REPORT) Bush's Stimulus package, which will send most Americans tax rebate checks by May, should prevent a recession or make one relatively brief.
The package includes tax breaks for equipment purchases by businesses, as well as payments to disabled veterans and some senior citizens. The bipartisan measure moved through Congress at relative break-neck speed, going from initial discussions to enactment in less than four weeks.
"I really want to thank the Congress for getting this bill done," Bush said. "It's going to help deal with the uncertainties in this economy."
Extra Tax Rebates: What you need to know...
The package will pay most individual taxpayers $600 and $1,200 for married taxpayers filing joint returns as long as they are below income caps of $75,000 for individuals and $150,000 for couples. There is also a $300 per child tax credit.
JUMBO MORTGAGE LIMITS CHANGE
The current economic stimulus plan for Housing is set to adjust the conforming loan limits from $417,000 to an amount not to exceed $729,750 that will be based on the median home price for the state of the subject property. These limit increases will be in effect until December 31st, 2008. This will allow many Homeowners in non-conventional loans to refinance to much better terms. Also, for Homeowners located in markets where $600,000 doesn’t get you as much as it used to, this will provide an excellent opportunity to purchase and get a low fixed-rate for the long-haul.
GREAT TIME TO PURCHASE
Speaking of purchasing, has there ever been a better time then right now? Try to find a time in history when home prices were falling and interest rates were doing so as well. Generally, when rates go down, prices will increase. This rare situation provides and excellent opportunity for anyone who doesn’t own a home to borrow cheap and purchase cheap at the same time. With all the changes being made to help increase Homeownership across the country, this could literally be the best time in history to purchase (all things considered). Conclusion:What we have here is an incredibly exciting time in an industry that’s notoriously boring. The stock market is extremely volatile, the bond market is extremely volatile and therefore home loan rates are extremely volatile. Choosing the right Lender is the most important part of purchasing. If you find the right one, they will be able to time the lock properly and save you tons of money. Please call or email to discuss these topics further.
