"One Big Beautiful Bill" helps Homeowners 🏡

With the new bill passed to Washington, D.C. just on the 4th of July, I thought it was important to at least break it down. And again, this is not to get political at all. It's just to keep it to the facts and how this could impact home buyers and homeowners in today's housing market. So the first big thing I noticed is, you know, kind of a win for home buyers. They can now once again deduct mortgage insurance off of their taxable income. This is how it was up until 2022. It went away for a couple years, and now it's back and here to stay. So this goes for monthly mortgage insurance, upfront mortgage, mortgage insurance premium on fha. This goes for the VA funding fee, for the USDA guarantee fee. All different versions of kind of the same thing. At least now. Yep, the mortgage world requires those to be paid, but at least the clients, you know, the homeowners can deduct that off the taxable income and get help when it comes to personal income tax. And the second big piece is the state and local income taxes used to be capped that you can only deduct $10,000. That has been increased to $40,000. So this certainly helps people that are deducting, you know, their mortgage insurance. There's actually room to do it. And two, I think it does help, you know, investors as well. So people that might have multiple properties, they have a lot of tax bills, a lot of, you know, mortgage interest or insurance bills to deduct. Well, now there's room to do that. So I think it opens the gates, too, for more investors to, you know, personal investors to want to buy up investment properties instead of the big corporations. This helps the everyday person, you know, kind of get ahead and use real estate as leverage. So I think it's a lot of wins there. But it's important that we educate our home buyers so they know what exactly this is and how it helps them.