Take Action for Fix Housing First

The housing market is a key component in fixing the state of the economy. As long as the real estate industry is suffering, the economy in general will continue to suffer. It is for this reason that you must get on the phone to contact your local congressman in support of Fix Housing First. Fix Housing First is a plan to stimulate the housing industry and, by default, the economy. The proposed plan incorporates three different steps:

1.  Enhance the initial Home Buyer Tax Credit:

• Eligible purchases: Primary residences between April 9, 2008, and December 31, 2009.
• Credit amount: 10% of home price capped at 3.5% of FHA loan limits (geographically dependent) — ranging between approximately $10,000 and $22,000.
• Eliminate the recapture — a true tax credit.
• Monetization: credit available at time of closing.
• Available to all home buyers and not just first-time home buyers.

2. Couple the enhanced tax credit with a below market 30-year fixed-rate mortgage for home purchases

• 2.99% rate available for contracts closed between now and June 30, 2009.
• 3.99% rate for contracts closed between June 30, 2009 and December 31, 2009.

3. Continue foreclosure prevention measures to keep people in their homes, help stabilize home prices and bolster the economy.

This proposed plan of action will encourage people to buy and boost the market. Congress is currently debating a stimulus bill, so there is no time to wait. Get on the phone, send an email or send a letter, but do what you can to persuade your congressman to get behind Fix Housing First, so that we can see it on the bill.