While the Congress tries to find a solution to the debt ceiling mess, even though it has nothing to do with the debt ceiling what-so-ever, higher ups in Washington are trying to bring the mortgage interest deduction into the conversation. Opinions differ from those that want to get rid of it entirely, to [...]
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There is more important news for first time homebuyers in California expecting to get the 2010 tax credit after buying their homes. In the link below the Franchise Tax Board spells out the updated process, how much is left, and what to do to ensure (or give yourself the best chance anyways) you get the [...] The mortgage industry can feel a little more patriotic this 4th of July holiday now that President Obama has signed two bills to re-start the flood insurance program and extend the closing deadline for homebuyers seeking a tax credit. The National Flood Insurance Program has been shut down for the past month (as it had [...]
1. I applied for the 2009 New Home Credit, but didn’t get it since the money ran out. Can I apply now since there is more money available? No. The 2010 New Home / First-Time Buyer Credits are only available for purchases which close escrow on or after [...] Today’s payroll flop — only 20,000 real jobs created in May — will take some time to settle all the way in. Immediately: 10-year T-notes are 3.22% (from 3.36% yesterday and 3.99% six weeks ago), and the best mortgages below 5.00%. The payroll report has confirmation: new unemployment has held high for five months; May [...] The Federal $8,000 homebuyer tax credit is gone for those that did not get into contract to buy a home by April 30th, 2010. However to help stimulate home sales, the state government is offering tax credits for Californians purchasing their piece of the American dream. The federal law offered up to $8,000 for first-time homebuyers and [...] Many members of the military, foreign service, & intelligence communities have one more year to purchase a home and claim the $8,000/$6,500 home buyer tax credit. Any service member who is or has been on extended duty for 90 days or more between January 1st 2009 to April 30th 2010, has until April 30th of next year, [...] The state of California has rewritten and re-established last year’s $10,000 home buyer tax credit, allocating $200 million to the credit for homes purchased between May 1, 2010 and August 1, 2011. The credit is worth up to 5% of the purchase price, up to a maximum of $10,000, and is spread out over three years ($3,333 per [...] |
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