What about Freddie Mac and FannieMae rescue? What about first time buyers and $7500 loans?

Question

My son wants to buy a house what help can he expect?

Answer 1

He can expect to put money down on a home.

He can expect to get a lot more house for the money.

Answer 2

He cannot expect any assistance.  He can expect to need a substantial down payment, and very good credit, and still have trouble finding a mortgage and getting it funded.  

The "rescue" applies to existing mortgage debt that Fannie & Freddie hold, and it "rescues" Fannie and Freddie from defaulting on the guarantees they have already made to banks which issued mortgages and then sold the paper.

That "$7500" you are talking about is a tax credit for first time buyers.  It is not a "loan" or down payment assistance, etc.  After he buys a house, he can claim certain expenses he paid against his income taxes owed.

Answer 3

Your son will be able to buy a house.  The rescues seem overdue. /

Answer 4

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