housing and economic recovery act of 2008: House Hopper May Suffer Under New Tax Rules!!!! - 09/07/08 04:11 PM
Life is getting tougher for some people who own more than one home.
Part of the housing-stimulus package signed into law last week by President George W. Bush could reduce -- though not eliminate -- the appeal of a tax-saving strategy used by wealthy home-hoppers.
While the new law won't affect the vast majority of the nation's homeowners, it will likely affect some people planning to sell their primary residence, claim the full home-sale exclusion to pay little or no capital-gains taxes -- and then move to a second or third home they've owned for some time, convert it into their … (7 comments)

housing and economic recovery act of 2008: Housing & Economic Recovery Act of 2008 Tax Credit. - 08/14/08 09:59 AM
Just a little more info on this Economic Recovery Act....
•Applies to owner occupied purchases from April 9, 2008 through June 30, 2009
•Tax credit of up to $7,500 for first time homebuyers - no ownership in the last three years (credit = 10% of cost of home up to $7,500)
•Income restrictions for Individual Filer = $75,000 (AGI); phase out for incomes between $75,000-$95,000
•Income restrictions for Joint Filer = $150,000 (AGI); phase out for incomes between $150,000 and $170,000
•Catch:  tax credit paid back over 15 years with no interest •No application process; claimed with tax filing
(3 comments)

housing and economic recovery act of 2008: The Trend is our Friend??? Does 1 month make a trend? - 08/07/08 08:38 AM
Pending home sales rebounded by 5.3% in June, according to the National Association of Realtors (NAR), against expectations that the index would fall by 1.0%. The bounce is better than the most optimistic forecasts and follows a downwardly revised 4.9% drop in the prior month.
This is the second unexpected bounce in the past three months. April's index rebounded 7.1% after the seven-year index hit an all-time low in March.
What does this mean?  Not really much unless the trend continues.  However, during the times of real estate lull and incapication, its definitely a welcome stat that hopefully, yes....hopefully will segue … (7 comments)

housing and economic recovery act of 2008: The Housing and Economic Recovery Act of 2008 - 08/06/08 03:38 PM
Recently the House and Senate passed broad-based housing legislation that was signed into law by President Bush last week. The key changes are summarized below.  Fannie Mae®, Freddie Mac®, and HUD have not yet communicated the program requirements to mortgage lenders and investors. Once additional information is available, Countrywide will communicate the program details and implementation plan to Sellers. Until then, there is no change to our current product offerings as a result of this legislation.  
The following are the key changes addressed in the Housing and Economic Recovery Act:
Effective January 1, 2009, conforming and FHA loan limits will … (6 comments)

 
Larry Bettag, Vice-President of National Production (Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759  Cherry Creek Mortgage NMLS #: 3001) Ambassador large

Larry Bettag

Vice-President of National Production

Saint Charles, IL

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Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001

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