Complicated Terms. Simple Definitions: City and State Recording Tax and Federal Recapture Tax
Definitions of recording tax and federal recapture tax.
Tag: vhda
VHDA Information about Household Income for First-Time Hombuyers
VHDA has changed the calculation of “Household Income” to determine eligibility for VHDA mortgage loans and Mortgage Credit Certificates. From the VHDA: “Maximum Household Income will be based upon the income of all borrowers and all non-borrowers taking title to the property. The income of other household members who will not be on the loan Read more about VHDA Information about Household Income for First-Time Hombuyers[…]
VHDA’s Mortgage Credit Certificate
This past week I took a short course from the Virginia Housing Development Authority (VHDA) about a mortgage credit certificate (MCC). The MCC is a tax credit subtracted from the amount of federal income tax you owe. With the MCC, your clients could save thousands of dollars every year on their taxes. VHDA loans are designed for Read more about VHDA’s Mortgage Credit Certificate[…]
First-Time Homebuyers: VHDA’s Down Payment Assistance Grant
This week, the VHDA announced great news: a down payment assistance grant. There are limited funds available, and they are distributed on a first come, first serve basis. There is even an end date to the program of June 30, 2015. This is a great program if you’re a first-time homebuyer and need a loan/mortgage in Virginia Read more about First-Time Homebuyers: VHDA’s Down Payment Assistance Grant[…]
First-Time Homebuyers and Holiday Parties
Attention real estate agents in Virginia Beach, Norfolk and Chesapeake: The holiday season is here and that means it’s time to party! As the real estate expert in your circle, people will come up to you at a gathering and pick your brain about the market. So keep this mortgage information handy. 3 Ways to Look Read more about First-Time Homebuyers and Holiday Parties[…]