$8,000 Tax Credit ends April 30, 2010
H.R. 4701, introduced by Representative Eliot Engel (D-NY17), would provide relief to certain married couples who would otherwise be ineligible for the first-time homebuyer credit. The bill provides that married individuals filing a joint return would qualify for the appropriate credit even where one spouse is ineligible. For example, if one spouse is a first-time homebuyer and the other is ineligible, the couple would be treated as first-time homebuyers. However, such a couple could qualify for up to $4,000.00, as opposed to the full $8,000.00 tax credit had both spouses been first time homebuyers. The bill has recently been introduced in the House.
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Florida Mortgage News
Know: How much your house is worth compared to your current mortgage balance. What is your loan to Value ratio?
Know: Whether you have a second lien or mortgage. Is the loan to value more than 100 percent -- in other words, do you owe more on the first mortgage than the house is worth?
Know: Whom to call
Home Affordable Refinance Program, HARP or FHA may help.
Don't: Buy a big-ticket item or get another loan before closing on the refi or mortgage.
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