NAR Directors Approve Four-Point Housing Stimulus Plan

Update from the DULLES AREA ASSOCIATION OF REALTORS:

Today the NAR Directors approved a Four Point Housing Stimulus Plan which will be delivered to Congress  as soon as possible.  The following are highlights of the plan:
    1. Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirements severely limit the credit's use and effectiveness.
    2. Make the 2008 FHA, Fannie Mae an Freddie Mac loan limits permanent.  New rules for 2009 will reduce them.  Now is not the time to limit mortgage affordability.
    3. Get the Treasury relief program back on track and target more funds to mortgage relief.  Create a federal mortgage interest buy-down program to lower rates to 4.5% or lower and stabilize home prices.  The proposal calls for a short-term government buy-down ofr mortgage rates to at least 4.5%, or lower for a 30-year fixed rate mortgage (down from current rates of approximately 6.04%).  This homebuyer incentive would apply to the purchase of all new and/or existing homes sold up to to $1 million in price.  There are a number of ways in which the government ultimately could decide to structure and fund this program, which could be addressed as part of the stimulus packages currently being discussed in Washington.
    4. Permanently bar banks from engaging in real estate brokerage and management.  The banks have proven they have enough to do to simply manage the loan process.