It's not just homeowners in trouble that are affected. And it's not just new home buyers. It's a little bit of everyone, which is why I thought it is important to post this blog. Not an attorney, or a mortgage specialist, I thought it best to tell you the categories of change and let you read from those experts who can tell you more succinctly than I can.
Here are the areas that are affected:
First Time Homeowner Tax credit
Refinancing into FHA even when behind on Payments
Changes to Home Equity Loans and LOCs
Property Tax Deductions, even if you do not itemize
FHA Loan Limits Extended Permanently
Regulations on Reverse Mortgages
So with that said, here are reputable sites that specialize in this type of reporting so you can read from the experts:
BankRate.com - What the new housing law means for you
US News and World Report - How the new housing law affects you
Rocky Mountain News - Colorado gets $250 Million Housing Boost