The National Association of Realtors? (NAR) does more than just represent the interests of real estate agents nationwide. They are also a consumer rights advocate, as evidenced by the events surrounding a new bill introduced in the U.S. House of Representatives - a bill created to help more Americans achieve the dream of home ownership.

Interest-rate buy downs have long been a top priority of the NAR, and they are at the heart of

H.R. 384 - The TARP Reform and Accountability Act. Introduced by Representative Barney Frank (D-Mass.), the bill is intended to mandate a new program from the Treasury Department. Using interest rate buy-downs, this program would increase demand for home purchases and lower property inventories by creating affordable mortgages for qualified buyers. If enacted, it will make life a lot easier for home buyers.

The NAR has been at the forefront of rebuilding the real estate market. They have been tirelessly urging the Obama administration to address critical housing needs by taking measures to encourage low interest rates, making permanent the 2008 conforming loan limits, and applying the $8,000 tax credit to all home buyers and make it non-repayable.

H.R. 384 is a big step in the right direction. If passed, it will also amend portions of the Emergency Economic Stabilization Act of 2008 by demanding more accountability, creating stronger measures to reduce foreclosures, and closing loopholes in the previous act.

NAR President Charles McMillan recently stated that, ?by directing the Treasury Department to increase the availability of affordable mortgage rates for qualified home buyers and to offer reduced rate loans designed to stimulate demand for home purchases and clear inventory of properties, Chairman Frank has responded to the most critical issues facing potential homeowners.?

If you?ve been thinking about buying a home, but have been reluctant due to concerns about an uncertain, take heart. More importantly, take action! If this bill passes, a new chapter is about to begin.

Low interest rates, combined with sellers? willingness to negotiate amazing deals, should make 2009 one of the best years ever to buy real estate.

For more information on what all this means to you, just give me a call at 425-417-6194 or send an email to: cklavano@windermere.com and ?ll be happy to explain it all to you in detail - and how you can apply current conditions to your own situation.

copyright © Agent Image 2001

<<Back To Buyers