Wednesday, April 29, 2009

HomePath Mortgage vs. FHA Mortgage

A HomePath Mortgage may be a better option than an FHA mortgage. A HomePath Mortgage only requires 3% down whereas an FHA mortgage can require 3.5% down. There is no PMI insurance on a HomePath Mortgage. An FHA mortgage has mortgage insurance as well as a 1.5% funding fee up front ouch. There is no appraisal required for a HomePath loan.

Home Path mortgage information

The American Recovery and Reinvestment Act of 2009

You must get and install the energy efficient appliances between January 1, 2009 until December 31, 2010.

The energy efficient improvements must be done on your property, principle residence.

If you make the energy efficient improvements to your second home or rental/investment properties by installing solar water heaters, solar panels, small wind energy systems you may be eligible for tax credits under Obama's American Recovery and Reinvestment Act of 2009.

The maximum tax credit that is allowd is $1,500 for all of the energy efficient improvements you make, except for the instances where you installed : geothermal heat pumps, solar water heaters, solar panel arrays, fuel cells, and small wind energy systems. These items are not subject to the $1,500 cap and eligible for a larger 30% tax credit. Special provisions apply to fuel cells and building a new principle residence. (please contact your tax preparer for more information on this).

Monday, April 27, 2009

the 8000 tax credit for first time home buyers explained

The tax credit that George Bush passed is very different from the one than the 8000 tax credit that President Obama passed.

8000 tax credit explained