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.
Hi all,
Here's wishing you all a Happy and Prosperous New Year. May all your dreams come true !
Hope you'll all Enjoy and have a Great Year ahead :) May you live in peace and harmony.
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!
With the Federal Reserve planning to buy $600 billion of debt owned by Freddie Mac and Fannie Mae, mortgage rates have plunged to the lowest in the past 7 years. Average rates on 30 year fixed mortgages with no fees and closing costs have gone down to around 5.25%.
Earlier when rates have been going high, home resales have hung up. However, the Fed's move to purchase Freddie Mac and Fannie Mae loans is expected to bring some positive changes in the housing market.
