Open House

  What the One Big Beautiful Bill Means for Real Estate and You ·          Overall, OBBB was a big win for real estate: it extended and/or permanently enshrined many tax breaks for homeowners, property investors, and Realtors. The NAR (National Association of Realtors), NAHB (National Association of Home builders), and MBA (Mortgage Bankers Association) all loved it. Let’s a take a closer look at the relevant provisions: Permanent extension of the 2017 (Tax Cuts and Jobs Act) personal income tax rates , which were scheduled to sunset after 2025. The highest marginal tax rate will remain at 37%, with inflation adjustments (protecting more income from taxes) for the 10%, 12% and 22% brackets. The standard deduction was also permanently increased (nearly doubled!) to $15,750 for single filers and $31,500 for joint filers. There is an additional $6000 deduction for seniors through 2028. Permane...

   Judaysia Walsh Real Estate Agent dre02180921 Americans will be able to leverage their rent payments to qualify for a mortgage under a new order from Federal Housing Finance Agency Director Bill Pulte. Pulte, who heads the primary U.S. housing regulator that oversees Fannie Mae and Freddie Mac, posted on X on Tuesday that "credit history will no longer just include credit cards and loans."  In recent weeks, the housing regulator has been slowly expanding ways that Americans will be able to qualify for a mortgage, even directing Fannie Mae and Freddie Mac last month to consider cryptocurrency as an asset for single-family mortgage loan risk assessments. Pulte ordered the government-sponsored enterprises, which play a critical role in the home financing industry, to "prepare their businesses to count cryptocurrency as an asset for a mortgage."  Previously, home buyers' credit was based solely on FICO scores, which did not consider rent payments. Now, Re...