On July 30, 2008 President Bush signed into law H.R. 3221 which is the “Housing and Economic Recovery Act of 2008,”. The Housing and Economic Recovery Act of 2008 is a $300 Billion program to help homeowners that may be in trouble, avoid foreclosure, and to boost confidence in the currently slow housing market in California.

This landmark legislation is in the process of being analyzed to see how it affects you, and what opportunities it presents to your financial wants and needs.

The bill alone is hundreds of pages and contains many detailed and complex conditions that can be interpreted in many ways. As your trusted California Home Loan agent, I’ve already seen and read a lot of conflicting analysis of this important bill in the media.

In the near future, I will discuss more accurate and trust worthy details in regards to this bill, not to mention how you might benefit from it!

Here are a few of the stand-out items that are quite exciting…

• New tax incentives for California homeowners and buyers.
• An extension of higher loan limits at preferred interest rates.
• Reliable help for homeowners that may be heading towards foreclosure.

These are just a few incentives which will also help improve property values in your neighborhoods.

In addition, the new tax credit and changes, still in limbo, for particular mortgage programs could make this one of the most beneficial opportunities in a LONG time for first-time home buyers.