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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 application government grant loan they 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 of five years, everyone would be using the proposed credit. Connie Mack (search), a former Florida application government grant loan and chairman of the tax panel, said less than 5 percent of mortgages in the nation exceed the proposed cap. application government grant loan is a fair plan. It shares the benefits," he said. For homeowners with a small mortgage who don't itemize their deductions, the credit means a new tax benefit defraying the cost of housing. Taxpayers who bought $1 million homes expecting a generous tax break could be in for a shock, said Michael Fratanponi, application government grant loan director of single family research and economics at the Mortgage Bankers Association. “Refinancing activity was strong in the third quarter, even with higher interest rates with 44 percent of new mortgage applications being submitted for refis,” said Amy Crews Cutts, Freddie In the
application government grant loan
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