Market still too fragile for rate increase
November 17th, 2009
November 17th, 2009
We all see evidence every day that the economy is still quite fragile. Therefore, mortgage rate hikes are a long way off. According to MBSQuoteline, "President Obama signed into law an expanded Homebuyer Tax Credit bill, which extended the deadlines and added a new $6,500 credit." Many provisions are effective immediately:
Homebuyers who owned their primary residence for five out of the last eight years can claim the $6,500 tax credit for purchases made after November 6th.
The extended income limits are now for both first-time homebuyers and repeat homebuyers.
The extended income limit for couples filing jointly is now $225,000, with the credit phased out over the next $20,000 in income.
These new limits cannot be applied retroactively to deals completed before November 7th.
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