The Real Deal Miami

Congress close to approving bill to help homeowners

June 25, 2008 08:27AM

Congress is moving closer towards passing a big bill to help homeowners, as the country reaches about 8,000 foreclosures a day. The bill will allow owners to refinance into more affordable, 30-year fixed-rate loans with federal guarantees. First-time buyers purchasing unoccupied homes would receive benefits, including a refundable tax credit of up to $8,000 or 10 percent of a home’s value.