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One of the main features of the American Recovery and Reinvestment Act is the refundable first time homebuyer's tax credit of up to $8,000. It is planned in such a way that it gives a boost to the slumped housing market.
So, who are the first time homebuyers?
A first time homebuyer is a person who hasn't owned a property in the past 3 years.
Who all are eligible for first time homebuyers tax credit?
In a major announcement, Experian, one of the three major credit reporting bureaus, have declared that consumers will not have access to their FICO credit score. This rule will be effective from this month. Experian has also informed Fair Isaac Corp. that it is terminating its relationship with myFICO.com which sells FICO credit scores directly to consumers.
Mortgage Modification, also known as loan modification, has become quite popular in the recent times. Borrowers who are unable to refinance or go for any alternative repayment plan in order to avoid foreclosure may choose loan modification.
In a mortgage modification, the lender may extend the loan period or reduce the interest rate with the aim to minimize your monthly payments. However, he will add any mortgage dues to the outstanding loan balance. Thus, at times a loan modification can raise your payments as well.
It's Christmas time once again! With the coming of the winters, the festive season is back with lot of gifts and goodies for everyone.
Christmas, for me, is all about the fun and frolic that it brings - the yummy roasted turkey, the gifts and greeting cards, the cakes and pastries, the Christmas tree and last but not the least Santa Claus!
We are happy to announce that the Community has rewarded 8 valuable members with the ranks "Community Mentor" and "Community Experts".
Sam (Site Admin of MortgageFit) along with Team has reviewed the members' participation and come up with the short-listed members. While short-listing, the Team tried to filter members on the basis of defined criteria, the members' quality and his intention of sharing information.
Once again a Bill has been passed on Thursday 8th May 2008 to relieve millions of homeowners who are facing problem with their mortgage payments. To stabilize the housing market, Massachusetts Representative Barney Frank, who is the chairman of the House Financial Services Committee, has authored the bill.
