Economic Stimulus Energy Incentives
admin | April 28, 2009
Part of the Economic Stimulus Plan presented in March included some provisions designed to help promote energy-efficient investments in homes.
FHA 203(k) Program: Additional funds for property rehabilitation
admin | April 28, 2009
The Section 203(k) FHA Program can be used to not only purchase a home, but also improve/repair it. Its FHAs primary program for the rehabilitation and repair of single family properties. It has been a great tool for community and neighborhood revitalization. Many lenders have successfully used the program to help borrowers purchase and rehabilitate properties.
Garage Transformation
admin | April 28, 2009
The garage is said to be the largest yet most underutilized place in our homes. To often is it a place where things are thrown into it like a storage shed, and we rarely even park our cars there anymore. But, it doesn’t have to stay that way. Here are some things you can do to turn that wasted space, into usable space.
The Mortgage Debt Relief Act of 2007 Q&A
admin | April 20, 2009
If you have a debt canceled or forgiven, that amount may be taxable as income.
The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude this amount as income if the discharge of debt was on their principal residence. This included debt reduced through mortgage restructuring, short sale, or mortgage debt forgiven in connection with a foreclosure.
The provision applies to debt forgiven between 2007 and 2012, on amounts up to $2 Million ($1 Million if married filing separately.
First-Time Home Buyer Tax Credit
admin | April 13, 2009
One of the provisions of the Housing and Economic Recovery Act of 2008 was the First-Time Homebuyer Tax Credit. The Credit is designed to encourage first time buyers to go ahead and purchase their first home. The Credit amounts to 10% of the purchase price, and may be as much as $8,000.