Question by  MicheleJ (50)

What is the universal mortgage credit?


Answer by  LeheckaG (1826)

During their-presidential election-campaign, Obama & Biden spoke of either: a "$500" or "10%" "universal mortage credit". Currently, the Internal-Revenue-Service (IRS.Gov) does not have or recognize any such thing as a "universal mortgage credit". The IRS does allow for deducting real-estate property-taxes, and under certain circumstances, a portion of mortgage interest.


Answer by  Liz59 (10966)

Basically, it was introduced by president Obama. It means that there will be a low universal mortgage all over which will constitute about 500 American dollars or roughly amount to about 10% of all credit. This is the universal mortgage credit that was introduced by the IRS not too long ago.


Answer by  abccraft (85)

I'm not a specialist in Real Estate or Banking but,I'm not aware that there's an universal mortgage credit. If there's one I would think it's very low due to all the third world countries compared to rich countries. You must average them all.

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