16103 Wed, 02/04/2009 - 12:57pm
ALEXANDRIA, Va.–The International Sleep Products Association has called upon the U.S. Senate to include proposals benefiting housing and home furnishings into the economic stimulus package.
Specific proposals from ISPA include a 10 percent tax credit for all qualified home buyers, capped at 3.5 percent of all Federal Housing Administration, Freddie Mac or Fannie Mae loan limits, eligible for all primary home purchases through Dec. 31. Also, ISPA is proposing a below-market, 30-year fixed-rate mortgage for home purchases, providing qualified home buyers with 30-year fixed-rated mortgages at 2.99 percent interest on contracts closed until June 30, and 3.99 percent interest on closing between June 30 and Dec. 31.
ISPA is part of the Fix Housing First Coalition, comprising homeowner and community groups, homebuilders and manufacturers. The coalition is advocating short-term incentives for qualified home buyers to stop the fall in home values, boost consumer confidence, create jobs and thus lift the U.S. economy as a whole.