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Mortgage Forecast
Smart Moves to Make in 2009

2008 was not a good year in the housing market. The word "foreclosure" dominated the news, and even many homeowners who were making their payments found themselves underwater on their loans due to falling home values. This year, unfortunately, is not expected to be much better. However, there are a few sunny spots in the 2009 mortgage forecast.

Mortgage Modifications and Refinancing
In 2009, more homeowners are expected to refinance or modify their mortgages. In February, President Obama proposed a $75 billion relief plan to help lower borrowers' monthly payments to affordable levels, keep them from foreclosure and restructure mortgages.

If the plan works, more people will be able to keep their homes. This could cause prices to stabilize because fewer homes would be sold at steep foreclosure discounts.

Because mortgage rates are at historic lows, many homeowners are expected to refinance in 2009. Some may be looking to get away from an adjustable-rate mortgage and into a fixed rate, while others might just want to take advantage of lower rates. If you are interested in refinancing your mortgage, visit the experienced mortgage professionals at Chaco Credit Union. We can help you decide if refinancing is right for you.

New Homebuyers Jumping Into the Market
With rates as low as they are, and home prices at affordable levels, the mantra is "now is a great time to buy a house." In 2009, many may heed this advice. New homebuyers are expected to enter the market in 2009, but lenders are enforcing stricter qualification guidelines. A qualified buyer will likely need a high credit score and a down payment in order to get a mortgage. At Chaco Credit Union we can help you run the numbers and see if buying a home is in your future.

Make Your Move
While 2009 will still be rough, as the government works to stabilize the housing market, there are smart moves you can make. Visit www.chacocu.org or call 518-785-3500 to find out how our mortgage professionals can help.

$8,000 First-Time Homebuyer Tax Credit
If you're house hunting for the first time, you may get an extra boost this year. The government's new stimulus plan includes a tax credit up to $8,000 for first-time homebuyers. You may qualify if you meet the following criteria:

  • Be a first-time homebuyer, or a "buyer who has not owned a principal residence during the three-year period prior to the purchase."
  • Purchase the home between Jan. 1 and Dec. 1, 2009.
  • Have a modified adjusted gross income (MAGI) below $95,000 for an individual or $170,000 for a married couple filing jointly.
  • Use the home as your "main" home.
  • Live in the home for at least three years after the purchase date.
  • Pay $80,000 or more for the home. (If the house costs less than that, you can claim a credit for 10% of the purchase price.)
     
 
This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Images may be from one or more of these sources: ©Jupiterimages, ©Getty Images, ©iStock, ©SnapVillage. © 2009 Priority Publications, Inc.
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