1st and 2nd mortgage

1st and 2nd mortgage interest

would be limited by a formula reflecting the average regional price of housing. If 1st and 2nd mortgage place today, that range would spread from $227,000 to $412,000. Mortgages for second homes and interest paid on home equity loans would not be eligible for the credit. Taxpayers who currently own homes would have five years before 1st and 2nd mortgage had to use the new credit. During that period of transition, a taxpayer could still take a deduction but the size of the mortgage eligible for a tax break would gradually fall. At the end