Thanks to the deal that was reached by Congress on January 1st the housing market can continue to improve and help boost the U.S. economy. The fiscal cliff deal has resulted in no change to the Mortgage Interest Deduction and has extended the Mortgage Debt Forgiveness Act for another year. The deal is also allowing homeowners to deduct the amount paid for private mortgage insurance which is required for loans without a 20% down payment.
This will help out people who are struggling and help more Americans stay in their homes. It will also increase the value of homes by reducing the number of foreclosures.
Senior Loan Officer
NMLS #191784 - 1st Advantage Mortgage NMLS #2551
1st Advantage Mortgage, a Draper and Kramer company