A piece of NAR-backed tax legislation signed last week by President Barack Obama extends several expired tax provisions designed to support homeowners by providing tax relief from mortgage debt forgiveness and tax credits for real estate investors.
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When the real estate industry was preparing for TRID — the new set of disclosure rules outlined by the Consumer Financial Protection Bureau (CFPB) — closing delays were the biggest industry concern. And although the delays have been widely reported, there’s something else real estate agents and brokers have discovered: They aren’t getting access to the Closing Disclosures sent to buyers.
The National Low Income Housing Coalition (NLIHC) is on a mission to give low-income people better access to affordable and decent homes, and you might say that the housing advocacy group is taking a Robin Hood approach toward achieving that goal.
Mortgage Credit Certificates (MCCs) are an attractive option for homebuyers hoping to qualify for a loan in states that run the program. As the program’s tax credits can be used as qualifying income, lenders will underwrite to a higher purchase price than they would otherwise.