Money « Home Loan Information

13Oct/090

First Time Home Buyer's Tax Credit to be Extended?

Probably so, the House of Representatives voted on the 8th to give service members who served a minimum of 90 days overseas an extension on their ability to claim the $8000 federal tax credit for first time home buyers. TBWS reported the extension of 6 months based on Housing Wire reports while US News reported a 12 month extension.

Here’s the official story from Congressman Mark Schauer:

WASHINGTON, Oct 8 - Today, Congressman Mark Schauer voted to pass two key measures for our American veterans. The Service Members Home Ownership Tax Act (H.R. 3590), which passed with bipartisan support today, will extend the deadline for taking advantage of the first-time homebuyer tax credit under the American Recovery and Reinvestment Act for qualified service members by one year. Today’s House passage of an amendment to the Veterans Health Care Budget Reform and Transparency Act (H.R. 1016) will help advance the legislation towards a Presidential signature. The bill authorizes Congress to approve investments in Department of Veterans Affairs (VA) medical care one year in advance to provide more predictable health care funding for veterans.

If you have questions or comments about the First Time Home Buyer’s Tax Credit, FHA, VA or any other real estate finance questions I will be happy to answer. Telephone me at 678-439-8683

11Dec/060

What the New PMI Tax Deduction Can Do For Real Estate

It can mean more sales. It will most certainly mean more refinances at higher LTV’s. If you are a real estate agent you can use this as a tool for people who were hesitant to get into that dream home (because of PMI) to do so and enjoy this deduction and they can choose ONE LOAN and not a PIGGY BACK – although your mortgage professional should be the one to demonstrate the numbers for the CLIENT to make the choice. Generally speaking piggy backs have a higher blended interest rate than a single higher LTV loan but people choose them to avoid PMI. But if PMI is tax deductible that cures the need for a piggy back.

Here is something to keep in mind: The current version HR5970 only allows for the deduction on NEW LOANS and evidently terminates on 12/31/2007. In other words the deduction apparently is good for only ONE YEAR.

Tagged as: interest, mortgage, tax deduction Continue reading

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