It’s time for updates in the real estate market:
- President Trump signed the new tax bill in late December of 2017, which will cap at $10,000 deductions of property, income and sales tax. Taxpayers can deduct what they pay in state and local property, income, and sales taxes from their federal returns
in 2017, prior to the start of the new 2018 tax rules. [.If you have questions on how the new law will affect you should contact a financial advisor.
- Effective January 1, 2018 Alaskans will have new maximum mortgage amounts for single family, duplex, triplex and four-plex owner occupied loans. This is positive news for buyers who have struggled with the rising costs of homes. The FHA increase is
particularly beneficial for first time home buyers living in Anchorage because of the high average sales price of single family homes ($360,000).
- Lastly, this update happens in the last half of 2017 but we have yet to discuss it. In July 2017, Fannie Mae announced it would start purchasing loans with borrowers who have debt-to-income ratios up to 50%. This was an increase from their previous
limit of 45%. This is something first-time home buyers should know in 2018, because it could make mortgage loans easier to obtain — particularly for those borrowers with higher levels of debt.
Curious about updates in the real estate market? Continue reading our blog to stay informed!