Question:

What’s the news about recent home loan rebate and tax cuts?

Answer:

Home loan rebate is available on a different scale for home loans. Homeownership has always benefitted real estate owners with large tax deductions and rebates. Primary home, owner occupant residences enjoy the greatest mortgage tax rebates.

Recently, the US administration announced they planned to provide about $150 billion in tax rebates and tax reductions to around 120 million taxpayers and businesses, in an attempt to avoid recession.

Other than home loan rebates, to boost the economy the senate increases fannie and freddie’s loan limits.

Mortgage loan rebates and tax benefits may be substantial. However, though, the Administration and Senate have decided to increase the so-called conventional loan limits used by Freddie Mac and Fannie Mae - two huge semi-government entities buying home loans on the secondary market.

The new mortgage loan limits go over $700,000. The purpose is to make homeownership affordable for buyers living in high cost areas, where the median house price is beyond the $417,000 Fannie and Freddie loan limits. The high costs of houses in that area have forced even some upper-income borrowers into foreclosure, due to the jumbo loans and terms they had to take to become homeowners.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: