‘Fiscal cliff’ bill addresses some key housing issues
Battle over mortgage interest deduction still to come
When the monthlong congressional game of chicken known as the “fiscal cliff” ended late last night in the House of Representatives, housing and real estate emerged as winners on most key issues.
The Federal Housing Administration has committed to several changes to FHA mortgage programs that, while less drastic than measures proposed by Senate Republicans, will limit the ability of some borrowers with low credit scores to qualify for loans, and raise minimum down payment requirements and premiums for borrowers taking out mortgages larger than $625,000.
Make Sure You Reapply! Maryland Homestead Credit
Expires December 31, 2012
If you own a property in Maryland that is your primary residence (you have lived in it for at least 6 months) then make sure you read this!
What is the Homestead Credit?
The homestead credit limits the amount of assessment increase on which a homeowner will pay property taxes in that tax year on the one property actually used as the owner’s principal residence. Legislation enacted by the 2007 session of the General Assembly requires homeowners to submit a one-time application in order to continue their eligibility for the homestead tax credit. See Section 9-105 Tax-Property Article of the Maryland Annotated Code.
