2 years ago
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The Senate passed the bill over the weekend and the White House says as soon as the President gets it, he'll sign it.
Brandie and Greg Henderson are almost homeowners. Saturday, the U.S. Senate approved the American Housing Rescue and Foreclosure Prevention Act. It's supposed to help the housing market by getting more people to decide what the Hendersons have. "We were tired of putting our money into something we didn't own," explains Henderson.
The measure will give first-time home buyers who make $75,000 a year or less, a tax credit of $7,500. "As a first-time home buyer, we really don't have that much money to spend right up front, so that's going to be a big help," says Henderson. Her broker Karen Crowson with Crye-Leike Realtors says the bill is needed. "You saw so many foreclosures coming on the market that it was scary to a lot of first-time home buyers especially," says Crowson.
Homeowners who qualify can refinance into government-backed mortgages. Some critics say the measure will cost too much and not offer enough. It could keep up to 400,000 people from losing their homes, but some estimates put the number of potential foreclosures in the next few years in the millions. "But it's certainly a move in the right direction. We've seen a lot of people hurting, losing their homes and I'm glad to see that we're stepping in and doing some measures that's going to help them a little bit," says Crowson. "Congratulations! Y'all just bought a home," she says to the smiling Hendersons. As for the newlyweds, they say investing in their future is incentive enough.
