Each year the Department of Housing and Urban Development, HUD releases the income limits for tax subsidy. These income limits are what drive the income limits for individual down payment assistance programs around the nation. Based on these updated numbers released by HUD, the individual programs offering any type of tax subsidy through [...]
Special Programs
Mortgage Credit Certificate Extended
Many of you have heard us tout the awesomeness of the CHFA Mortgage Credit Certificate (MCC). This program gives first time home buyers a dollar for dollar credit on their federal income tax return of 20% of all the mortgage interest they pay each year that they live in the home.
This program was offered on [...]
Is it Double Dipping?
On February 17, 2009, in Denver, President Obama signed the American Recovery and Reinvestment Act (ARRA). This bill had substantial changes to the federal First-Time Home Buyer Tax Credit, including eliminating the 15-year repayment obligation of the Borrower which was part of the 2008 Housing and Economic Recovery Act (HERA).
However, and most pertinent, Section 1006 (e) [...]
Why Buy Now?
We generally write about specific programs, changes and situations, but I want to recap some of the thingsI feel are important to consider in today’s market. Let’s look at the reasons to buy now.
Long term mortgage rates are at 20-30 year lows
According to Freddie Mac, in a press release yesterday, the average rate on a 30-year fixed mortgage was [...]
Fannie Mae Announces 3.5% Seller Assistance
Fannie Mae released the news on January 28, 2010 that they are offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on the HomePath website that are closed within this period may receive up to 3.5% of the [...]
