www.lasvegasmtg.com Report: Great News for Las Vegas Home Owners

By
Mortgage and Lending with All Western Mortgage Broker # 14210

By John Le Francois

www.lasvegasmtg.com Report: Great News for Las Vegas Home Owners. Tucked away in the fiscal cliff deal were some extensions that will give Las Vegas homeowners some relief for at least one more year. When the fiscal cliff was ratified by Congress on January 1 and signed into law on January 2 by Pres. Obama was the reinstatement of the Mortgage Debt Relief Act and the Deductibility of Mortgage Insurance.

Mortgage Debt Relief Act

The mortgage debt relief act was originally instated in 2007 to assist homeowners avoid paying income tax on the difference of the house that was sold versus what was owed. When an owner occupied house is short sold it is negotiated that there would be a principal reduction upon the short sale agreement between the existing lender and the owner. The IRS considered the principal amount forgiven as income causing the seller more financial harm in the process of the short sale. The law was set to expire on December 31, 2012. The mortgage debt relief act will now extend to January 1, 2014 and only applies to first homes.

Mortgage insurance deductibility extension

Congress also passed the extension to continue the tax deductibility for mortgage insurance premiums through the year 2013 that was established in the American taxpayer relief act of 2012.
Mortgage insurance premium will be deductible for those owners that have an adjusted gross income of hundred thousand dollars. There is a provision to decrease by 10% for each additional $1000 in the adjusted gross income calculation. Once income reaches $110,000 and the deduction will be phased out completely. Current loan program types that have a monthly mortgage insurance premium are conventional loans greater than 80% loan to value and FHA home loans. VA home loans have an upfront funding fee but no monthly recurring mortgage insurance.

Both of these new extensions will greatly ease the concerns of homeowners and will assist in stabilizing the home market in Las Vegas Nevada.

If you are looking for help or answers regarding a purchase or for refinance of an existing home please feel free to contact me.

Posted by

         Kenny Salame                                                                                                  Equal Housing

Kenny Salame
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 380
Las Vegas, NV, 89113
US                            
Mobile: 702--506-3301
Direct: 702-947-0609
Office: 702-369-0905
Fax: 702-952-0887
ksalame@allwesterm.com
 
 
 
 
 
 
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Nevada Clark County
Groups:
Mortgage Bankers
Mortgages
LAS VEGAS - NEVADA
Tags:
las vegas
short sales in las vegas
las vegas home refinance
las vegas home buyers
las vegas realtors
fha mortgage insurance

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
78,604

Kenny Salame

NMLS ID 313873
Ask me a question
*
*
*
*