Archive for February, 2008
Will (state your MSA) have a higher conforming loan limit?
Want to know which MSA’s will be “in the money” on the new limits? I went to the NAR site – they have a listing of median sales prices for single family homes at http://www.realtor.org/Research.nsf/Pages/MetroPrice. I pulled the excel spreadsheet and took the values for 4th quarter 2007. I took that value [...]
Read More..>>Increasing the conforming loan limit – Will it save you money?
We have kept a close watch on the Economic Reform Act (HR 5140) to be signed by President Bush today.
In addition to the tax rebate it provides to some Americans, the Bill contains a provision to temporarily increase the maximum loan amount the Government Sponsored Entities (GSE’s) FNMA (Fannie Mae) and FHLMC (Freddie Mac) may [...]
Form 1098
If you originated your loan in 2007 and your loan was sold (as all brokers and more correspondent lender do) you could get several form 1098’s from multiple companies. In other words, if you had multiple servicers in the year, you may get multiple forms.
A financial institution is not required to mail you a FORM [...]
Are origination fees, discount points and mortgage interest deductible?
Yes, but the way the Internal Revenue Service allow you to treat them depends on two factors. This treatment differs depending upon whether your transaction was purchase or refinance on your primary residence.
Pages four through six of IRS Publication 936 explains under which situations, and specifically what items, may be deducted.
Often, borrowers ask us [...]
