As you’ve probably heard by now, President Bush on Wednesday signed into law a new housing bill designed to boost the struggling housing market.  The Senate voted in favor of the bill last Saturday, after the House passed it three days earlier.

Here’s what’s in it for you:

1. For many homeowners stuck paying bigger and bigger adjustable mortgage payments, help is on the way.  My next blog post will have all of the details you need to know to get out of trouble.

2. Limits on “conforming” loans - those mortgages that are easily traded on the securities market - are permanently raised to $625,500.  (This will be especially helpful to the Myrtle Beach real estate market, and especially to higher-end properties.)

3. First-time home buyers would be eligible for a $7,500.00 tax credit. But, there’s a catch. I’ll explain in my next post.

4. For the next 18 months, the government entities that guarantee the purchase and trade of mortgages (called Fannie Mae and Freddie Mac) have been given an unlimited line of credit backed by the United States treasury. This is BIG!