Rep. Coble seeks to amend $8k tax credit
The legislation propsed by NC Republican Congressman Howard Coble would extend the $8000 tax credit that was originally passed as part of the “2009 Stimulus Package” to all home buyers – not just first-time home buyers. In addition, there would be no income limit on who would be eligible for the tax credit. Click here to read the current qualifications.
The main features of the bill include:
- Extending the credit through Jan. 1, 2011 (currently, the credit only applies to purchases made between April 8, 2008 and Dec. 1, 2009).
- Repealing of the limitation based on modified gross income (currently, the credit would “phase out” for singles making more than $75,000 and couples making more than $150,000); income limitations aren’t necessary if the credit is capped at $8,000.
- Extending waiver of the recapture provision. Under current law, the tax credit for purchases made in 2009 does not have to be paid back unless the homeowner sells or ceases to use the property as a principal residence within 36 months of purchase. Extending this waiver ensures that the credit isn’t treated as an interest-free loan, but still requires responsible homeownership.
Rep. Coble’s news release also stated, “As we have seen in the past, when the real estate market is thriving, so is the rest of our economy,” Coble stated. “Now we are experiencing the dire consequences of a slumping housing market. I believe our HOME Act of 2009 would convince many who are sitting on the fence right now to climb down and purchase a new home. Our entire economy would be the beneficiary of these new sales. Extending the tax credit to all home purchases could be just the boost our housing market needs.”
BONDS TANKED – RATES INCREASED
I have not seen this happen in my 20 years of mortgage lending. I have seen knee jerk reations in the bond market like this and rates have gone back within 3 or 4 days. It’s hard to guess how this scenario will turn out, I’m hearing it may take 2 or 3 weeks – if they creep back down.
| Andy Pilcher Certified Mortgage Planning Specialist WR Starkey Mortgage
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White House launched mortgage help website
The Obama administration just launched a new website designed to help American families struggling to pay their mortgages: makinghomeaffordable.gov The site aims to clarify and promote the loan modification and refinancing program that the Obama Administration launched in February.
Making Home Affordable is part of President Obama’s comprehensive strategy to get the housing market back on track. Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future.
The resources available include borrower FAQs, self assessment tools so borrowers can determine their eligibility for the program, a calculator to estimate possible reduction/refinancing options, HUD-approved counseling services and partnered servicers to address additional questions, checklists for necessary documentation homeowners need to have before contacting services and a checklist cautioning borrowers away from the recent surge of illegitimate housing counseling services.
This Month in Real Estate: Sales Up, Rates Down
This Month in Real Estate: Move Up
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