
Chattanooga Area Housing Market Stands to Benefit from Housing Stimulus Bill
Submitted by Nordia Epps on July 31, 2008 - 9:15pm.
News | Consumer News | Hamilton County News
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Comments Below: 0
Lawmakers call it the most significant housing legislation in a generation. A new housing law aims to stimulate the economy by throwing a lifeline to struggling homeowners. It also provides some incentives that should stimulate the local housing market.
In its six months on the market, the Belva's three bedroom 2 and a half bathroom house in Ooltewah drew around a dozen prospects...but no sale. But that could soon change thanks to the new housing law. The president of the Chattanooga Association of Realtors Pam Duffy says tax credits of up to 75 hundred dollars for first time buyers in the law should convince renters in our area with good credit to buy. She says that will create a domino effect. Local mortgage companies are also excited about the relief. Express Mortgage Company's Greg Petree urges people hoping to get 100 percent financing to buy in the next 60 days...because of one provision in the new law. It all means instead of another six months on the market, the Belva's now expect to sell in the next couple of months.
The law provides mortgage relief for 400 thousand struggling homeowners. Your payment must be at least 31 percent of your income. Homeowners who think they may qualify should talk with a mortgage professional.
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