I’m slowly getting more details about the housing stimulus package that may be of use to my clients and readers. A couple of nuggets I’ve found are here:
1- Even if you’ve already filed taxes for 2008, if you buy a house by the end of the year, you can file an amended return to get the up to $8,000 tax credit. If that results in a refund, you’ll be able to go ahead and get that.
2- There had been a limit imposed by Fannie Mae to limit mortgages to investors to just 4 properties. At one time the limit was 10 properties. Now, they’ve brought the limit back to 10. The great thing about this is that sales to investors is one of the best ways to quickly reduce the amount of houses in inventory and cut down on foreclosures. It also enables investors to spread their cash flow risk over up to 10 properties rather than just 4. That’s important in terms of the effect of losing a renter at any particular time. Todd Long is our Broker-in-Charge and an investor himself. Here’s his more involved writeup on this subject.
More to come as I discover it.
