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Refinance - Home Equity - 2nd Mortgage - Debt Consolidation - Home Improvement - FHA VA
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Popular Terms 30 yr Fixed
Purchase Loans Advantages Buying a new home is one of the smartest purchases you can ever make. One of the reasons is that homeownership has many positive tax implications. Because of changes to the tax code passed in 1997, these tax implications are much more favorable for most homeowners today than in the past. According to the law, married homeowners do not have to pay taxes on up to $500,000 in capital gains realized on the sale of their homes. The $500,000 provision applies to married homeowners filing joint returns and is restricted to homes sold on or after May 7, 1997. To qualify, the home would have to have been used as a principal residence for at least two of the previous five years. Taxpayers who file individual returns may claim up to $250,000. According to the previous rules, the tax on any profit would be deferred if the sellers of the home bought and occupied another home of equal or greater purchase price within 24 months before or 24 months after the sale of the old residence. The previous law also allowed for a one-time capital gains exclusion. Home sellers who were at least 55 years old could realize a tax-free gain of up to $125,000 if the home had been used as a principal residence for at least three of the previous five years. Under the old law, home sellers could use their capital gains exclusion only once after turning 50. Under the new law, people over 55 who already have used their exclusion can take advantage of the new tax provisions, assuming that they have occupied their new residence for at least two of the previous five years. First time homebuyers also benefited from a special provision of the new tax law. One of the largest obstacles to homeownership usually is the inability of potential first-time homebuyers to save enough money for the down payment. In 1997, Congress passed a new provision allowing first-time homebuyers to withdraw up to $10,000 from their IRA accounts if the money is used for a down payment on a home. The penalty-free provision can be applied to IRAs owned by the homebuyers, their parents, or their grandparents. Under current law, early withdrawals from an IRA incur a 10 percent penalty. |
Purchase Loans Purchasing a new home can be an exciting experience, whether it is your first or your tenth! However, without the right information and guidance, it can be a daunting and overwhelming endeavor. It's imperative to find the right New Home Purchase loan at the right rate to make the experience as enjoyable and cost-effective as possible.There's no better time than now to make that New Home Purchase. With interest rates still at historic lows, you could lock in a great rate today, and we can help you make that dream a reality! At Smart Home Mortgage Loans, our number one priority is to help our clients find the ideal loan program for their lending needs. We are dedicated to making sure that your New Home Purchase experience is as easy and enjoyable as you deserve for it to be. Let us help you realize your financial dreams today!
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