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Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac to Remain Unchanged in 2013
Washington, DC – The Federal Housing Finance Agency (FHFA) today announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2013 will remain at existing levels. In most of the country, the loan limit will be $417,000 for one-unit properties. The loan limits are established under the terms of the Housing and Economic Recovery Act of 2008 (HERA), and are...
REALTOR® Call for Action: Keep the Housing Recovery on Track!
As Congress returns to Washington, there is unfinished business to complete. One of those items is a housing issue that could affect almost a quarter of all real estate transactions – the expiration of Mortgage Forgiveness Tax Relief.
Without action before the end of the year, millions of families who hold distressed properties could face a hefty tax bill for trying to modify their mortgage...
Healthcare Legislation Upheld – 3.8% Investment Income Tax Effective in 2013
Now that the U.S. Supreme Court has upheld the health care legislation, all of its major provisions remain in effect, including the new 3.8% tax that was designed to affect upper income taxpayers. Not long after the tax was enacted in 2010, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian...
REALTORS® Oppose Funding Payroll Tax Cut On the Backs Of Homeowners
On Saturday, December 17, the U.S. Senate approved a two-month extension of a payroll tax cut that is due to expire at the end of December. But did you know that as part of the Senate’s proposed plan, the cost will fall on people who buy a house or refinance their mortgage starting in 2012?
The proposal is found in H.R. 3630, the “Middle Class Tax Relief Act of 2011.” Under Title...
The 3.8% Investment Income Tax Is Not a Real Estate Transfer Tax
Shortly after the federal government enacted sweeping healthcare reform in 2010, there was considerable concern over a last-minute addition to the legislation: a 3.8 percent tax on investment income of upper-income households to help shore up Medicare. The tax takes effect in 2013.
Among the concerns expressed by consumers and real estate professionals, both then and today, is that the tax amounts...
Preserve, Protect and Defend the Mortgage Interest Deduction
As REALTORS®, you know there are many advantages to owning a home. One of the biggest benefits comes every April 15, when millions of homeowners deduct the interest on their mortgages. According to tax research firm CCH, the average homeowner deducts more than $10,000 in mortgage interest. For a taxpayer in the 25% tax bracket, that results in a tax savings of $2,500 on the homeowner’s annual...
