Wednesday, March 25 2009
We are seeing increased discussions on new legislation to help first time buyers and home owners wanting to refinance their mortgage. Under the proposal, borrowers refinancing their mortgage would be eligible for $5,000 to help cover closing costs or to reduce their principal balance. The plan also revives a $15,000 home buyer tax credit proposal that Republicans pushed last year. This time, the proposal would require the borrower to have at least a 5 percent down payment. Both programs would expire in July 2010.
This would certainly benefit a large section of the population and would be a factor to help the economy get off the ground again.