The Senate yesterday voted to provide homebuyers with an additional three months to complete their home purchase. The credit, which would have expired June 30, provides an $8,000 credit against federal taxes for qualifying first-time homebuyers. The extension will affect only those sales already pending (or new backdated contracts; wait, that's not legal), but gives them until September 30th to settle. The bill has not yet been approved by the House, but is expected to pass and be signed by the President. Homebuyers in Washington DC will still enjoy the $5,000 tax credit, which extends through the end of the year.
Showing posts with label Financing. Show all posts
Showing posts with label Financing. Show all posts
Thursday, June 17, 2010
Senate Approves $8k Tax Credit Extension
The Senate yesterday voted to provide homebuyers with an additional three months to complete their home purchase. The credit, which would have expired June 30, provides an $8,000 credit against federal taxes for qualifying first-time homebuyers. The extension will affect only those sales already pending (or new backdated contracts; wait, that's not legal), but gives them until September 30th to settle. The bill has not yet been approved by the House, but is expected to pass and be signed by the President. Homebuyers in Washington DC will still enjoy the $5,000 tax credit, which extends through the end of the year.
Wednesday, March 17, 2010
FHA Mortgage Insurance Going Up
FinancingApril 3rd is the last day to get the cheaper financing rates for FHA loans. As of April 4th, MIP, or mortgage insurance, rises from 1.75% to 2.25%, for any application submitted for loan approval. Buyers have 75 days after application to go to settlement to have the lower rate apply. For the math challenged, that translates to $1,500 on a $300,000 note - almost reason enough to stop negotiating and make that offer.
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