Housing Assistance Tax Act of 2008 Tax Benefits for Borrowers. | Best Tax Tips

Housing Assistance Tax Act of 2008 Tax Benefits for Borrowers.

November 15, 2008 by: The Tax Man

: Image by TheTruthAbout… via Flickr

Many homeowners are trying to refinance mortgages that offered low teaser rates but whose rates have now skyrocketed. The new law authorizes states to issue $11 billion more in mortgage revenue bonds for 2008 and allows qualifying subprime borrowers to use their state’s mortgage revenue bond program to refinance into a loan with a more favorable rate. The housing bill also creates a new program called “HOPE for Homeowners” to help homeowners refinance their mortgages. Both provisions are temporary

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Filed under: Deductions, Individual
Tags: Housing and Economic Recovery Act of 2008, Mortgage, Subprime lending

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