The economic stimulus bill we’ve all heard so much about in the last few weeks was signed into law February 17.  Officially known as the “American Recovery and Reinvestment Act of 2009,” the bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010. 

Learn more by viewing NAR President McMillan’s video podcast or read more about the housing provisions in the bill.  Additionally, the NAR Chief Economist, Lawrence Yun, has posted a commentary summarizing more information on this important legislation. 

The tax credit for first-time home buyers, up to $8,000, is an important aspect of the bill.
Click here for a chart with the major modifications for the first-time home buyer tax credit.

Features of the Fannie Mae Multiple Property Program include:

• 30-Year Fixed.
• 5/1 LIBOR ARM available (5/2/5 caps).
• Second home and investment properties are eligible.
• Up to 75% LTV purchase transactions.
• Up to 70% LTV rate/term refinance transactions.
• Minimum credit score of 720.
• Borrowers must own between 5-10 financed properties. (This applies to the total number of properties financed, not just the number of mortgages sold to Fannie Mae.)
• No history of bankruptcy or foreclosure within past 7 years.
• No delinquencies (30-day or greater) within past 12 months on any mortgage loan.