What is Happening in the Mortgage Market

First Time Buyer Tax Credit 

Here are some of the details regarding the tax credit that has been released so far - The tax credit has been scaled down to $8000 from $15000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November.  It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.  More details are to come, and I will be sharing with you the impact of the stimulus plan once we go through the final version that is signed into law.  That will come Tuesday in Denver.

My team and I keep a close eye on mortgage interest rates at all times in an effort to alert our clientele of opportunities to obtain lower financing. Call us for a free evaluation of your current loan program.