Nashville Home Loan: Will the new stimulus help you?

February 23, 2009 · Print This Article

The U.S. Congress is currently fine tuning legislation in the Stimulus package that could have a very powerful effect on the currently sagging real estate industry. The two houses of Congress agreed on an $8,000 tax credit, which will be available to first time homebuyers in 2009. The bill’s effects will be most noticeable for entry level and mid level buyers. New local buyers and Nashville home loan borrowers stand to improve their situations substantially.

The new law, when signed, is intended to induce buyers who have been reluctant to buy a home to take the initiative. The tax credit will put money back in the pockets of homebuyers who make their purchases in 2009. Benefits to buyers will continue as long as they remain in their new homes for 2 years, according to recent analysis of the bill’s provisions.

Higher cost areas, where incomes and real estate prices are elevated may not see much benefit. Upscale housing may not be immediately affected. But the bill, if signed into law will boost home sales locally and will have ripple effects on the Nashville home loan market and the loan markets throughout Tennessee.

There has been broad-based support for the legislation, as it has such significant bearing on the industries most affected by the recession. In fact, most analysts consider the real estate market plunge, the decline in values, and mortgage loan defaults as the root cause of the recession. It is very likely the bill will be enacted

Check back to this website to keep up with the latest information on the stimulus law, the Nashville real estate market and the Nashville home loan market. This is the place to find homes for sale and to find Nashville home loans at the best rates available. For further information, or to begin the application process, please call Senior Mortgage Banker, Terrence Askew at 615-942-2210. Nashville home loans are available with varying features and repayment durations. Call now or fill out a pre-qualification link on the right of this page. You can also view homes available in the area at the top of this page.

I look forward to working with you.

Written by Terrence Askew