Utah Home Mortgage Specialist

I just had an article posted on www.ezinearticles.com.  It is about the pros and cons of getting an adjustable rate mortgage vs a fixed rate. Which is right for your next utah home mortgage? 

Make it a great day!

Collette McKee

I received a question from one of my borrowers today regarding the repeat-buyer tax credit.  The borrower currently lives utah and owns a town-home that is free and clear.  He would like to buy a new utah home with a mortgage while keeping his town-home as a rental.  He asked me if he still qualifies for the $6500 tax credit.  I had to do a little searching but I found the answer to his question.  I wanted to share this with you in case you have a similar question.

Per the IRS website (IRS.gov):  If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit of up to $6,500 when you buy a replacement home to use as your principal residence. The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased. For example, if you bought a home on Nov. 30, 2009, the eight-year period would run from Dec. 1, 2001, through Nov. 30, 2009. (posted 11/17/09)

Make it a great day!

Collette McKee

Welcome to my website.   I am a home mortgage specialist.  I am really excited to bring you more information and tips.  Whether it be a purchase mortgage or a refinance I can help you get the mortgage that right for you.  Please check back often.