Congress is debating how to pay for a 10 month extension of the payroll tax cut, an extension of unemployment benefits, and increased Medicare payments to doctors.
The Temporary Payroll Tax Cut Continuation Act of 2011, which extended the payroll tax for two months, established an initial 10-basis point increase to the guarantee fees (g-fees) on Fannie Mae, Freddie Mac, and FHA mortgages to cover the legislation's costs. That 2-month extension is costing new home buyers approximately $4000 - $5400 over 30 years on a $200,000 loan, or $11 to $15 monthly.
By tapping housing again to "pay-for" non-housing related issues, Congress will impose another de-facto tax increase on homebuyers and raise costs on the very same Americans the underlying bill seeks to help.
We as REALTORS® are reminding Congress that paying for these programs by raising the cost of housing is not acceptable to many home owners.We oppose ANY increase in the fees borrowers pay to Fannie and Freddie and increasing FHA mortgage premiums to pay for non-housing programs.
Even though the initiative is created for REALTORS®, we would love for any you to tell Congress to protect the housing market. Increasing the cost of a mortgage is not the way to end the housing downturn.
Please take action today by clicking here.
Interested in working with a Realtor who is up to date on all of the issues and the market? Contact me, Mynor Herrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, and Whitehall Condominium.
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