Federal Homebuyer Tax Credit

What’s Going on in the Market?

June 27th, 2010

• Federal Homebuyer Tax Credit extension is not final. he Senate’s amendment to extend the closing deadline from June 30 to Sept 30 has not been approved by the House. No discussion in the House has taken place and no vote is currently scheduled.

• CA State FTHB Tax Credit will be fully allocated by next week. As of June 22 applications totaled $91,404,000. The state will stop accepting applications at $100,000,000.

• CA Housing Finance Agency allocated $699.6 million from federal TARP “Hardest Hit Fund” to implement a plan that includes earned principal forgiveness, funds to address loan arrearages, mortgage payment subsidies to unemployed families and funds to help families find housing after short-sales. CalHFA expects programs to be fully implemented by fall.

This information was provided by Brownie Stanisch, of Prospect Mortgage (bronwyn.stanisch@prospectmtg.com.)