A note from the Arkansas Realtors Association

Ethan Nobles with the Arkansas Realtors Association has posted new information on the association’s web site about tax exemptions, financing availability and insight into how the National Association of Realtors views national economic conditions.

Points from Nobles post include:

• The National Association of Realtors is asking Congress to remove a repayment requirement on a tax credit allowed for first time homebuyers. According to Nobles: “One of the key points of the plan involves the $7,500 tax credit for new homebuyers, put in place by the Housing Assistance Tax Act of 2008. Under that act, first time homebuyers may claim a tax credit for home purchases between April 9, 2008 and July 1, 2009 equal to 10 percent of the purchase price of a principal residence. The tax credit cannot exceed $7,500 and is refundable. The credit is to be repaid, interest free, over a period of 15 years. The NAR is asking Congress to remove the repayment requirement and expand the tax credit to apply to not just first time homeowners, but anyone who purchases a primary residence.”

• Home lenders remain active. Nobles notes: “There is still plenty of money for people wanting to take out a conventional, 30-year mortgage with a fixed interest rate. Homebuyers wanting to take out those loans will typically be asked to put up around 5 percent of the purchase price as a down payment, according to mortgage lenders in Arkansas.”

• On the federal response to the housing slump/credit crunch, Nobles explains that the NAR has a few opinions. “The NAR has also weighed in on how some of the money from the $700 million bailout approved in October should be spent to help both people wanting to purchase homes and homeowners who are struggling to pay their mortgages. Also, the NAR has reiterated its position that allowing banks in the real estate brokerage and management businesses is detrimental to consumers.”