IRS Blames Budget Cuts for Lengthy Turn Times on Tax Trascripts – Will Your Closing be Delayed??

Let’s play a little IRS Tax Transcripts Jeopardy Answer: Because the IRS is ‘underfunded’ thanks in part to massive federal budget cuts Question: Why in the HECK are Tax Transcripts taking forEVER to process???? Update from one of the larger Third Party Validation Services explains why these transcripts, which lenders require to process a home loan, […]

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Mortgage Insurance = Tax Deduction

On December 19, 2014, legislation was passed once again allowing for the tax deductibility of mortgage insurance (MI) premiums for qualified borrowers. The deductibility is effective for purchase and refinance transactions closed after December 31, 2013. MI premiums paid or accrued after December 31, 2013 and through December 31, 2014 may qualify for tax deductibility […]

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USDA Fees to Increase…..tomorrow!

Fiscal Year End Conversion Process Due to Increase in Annual Fee On October 1, 2014 the annual fee for both purchase and refinance loans will increase from .4% to .5%.  This change is required to maintain a neutral cost of the program. The USDA annual fee is paid monthly as part of your USDA mortgage payment. […]

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