Washington Update .......... New Tax Credit
By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Earlier today I received an update from the President of McCue Mortgage, Bill McCue, on the Stimulus package that the House and Senate have come to agreement on, and expected to be signed by President Oboma some time today. This update was mainly on the Tax Credit which has been in place for almost a year and has now been altered by new legislation. The legislation that was finally agreed upon has be significantly altered from what I posted ten days ago. As in my previous blog I am going to just concentrate on the Tax Credit portion of the legislation at this time, and will give further updates on other parts of it at a later date. The tax credit is only for first time buyers just as defined in the past. The credit is increased from $7,500 to $8,000. The credit is no longer an interest ...
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