Current Home Lending Info Blog for Southern Nevada

Well, while the Stimulus Bill is long, and will take quite some time for the entire bill to be rolled out and put into effect, here are three items from the bill that you can focus on now, and look for immediate benefit:

1)  A LOWER MORTGAGE RATE - Many responsible, conservative home owners have been quite upset over the past couple of years with the attention, the homeowner's that are unable to fit the bill, are getting.  It seemed for quite some time that only those who failed to make their mortgage payments were allowed to save face and find a way out of their prediciment.  While it is not the best case scenario at this point, the bill has allowed those who are upside down in their home at a value of 105% of what the home is currently worth to be eligible to refinance their home into more favorable rates.  This obviously is a great deal better than the previous requirement of having 20% equity in the home, and is a start in the right direction.

2)  A GOVERNMENT ASSISTANCE INSURANCE PROGRAM - As the unemployment rate has been at some of its highest levels in history, the new administration has taken note of this, and has allowed somewhat of a crutch in the event that you do lose your job and are left having to foot the bill for your insurance.  In most cases, if you have lost your job since September 1, 2008 you will be eligible to receive government funds to cover up to 65% of the monthly premium for you to hold onto the insurance for you and your familiy during the rough patches.

3.)  TIME TO BUY A NEW CAR - Also included in the stimulus package is a very interesting incentive towards buying a new vehicle (car, SUV, or motorcycle) for the year 2009.  The Bill allows you to be eligible to deduct any state taxes, if applicable, as well as local sales tax on your new ride.  So, if your sales tax is 7.5% on a $35,000 car, you stand to write off an additional $2,625.  Not a bad incentive to go out and get the car you want this  year, although make sure you settle your home buying/refinancing issues first to make sure you do not mess with your ability to qualify for home financing!  :)  Also, with many of the car manufacturers willing to make almost any deal to get cars off the lot, many are offering incentive programs to buy this year, such as paying your first 6-9 months of your car payments, even if you lose your job or have to give the car back.  That last part is not in the Stimulus Package, just a good ol' gift from your local car manufacturer.

If you would like to discuss any of these topics, please do so here.  Respond to my blogs with your thoughts or contact me to speak more about how I can help in any way possible...

Stay positive, we will work our way through this mess, and come out blossoming once again!

Best Regards,

David J. Schwartz