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tax credit 2009: U.S. House passes Bill with Homebuyer tax credit Extended and expanded - 11/05/09 05:09 PM
This afternoon the bill extending the first time homebuyer credit passes the House with a 403-12 v0te. The President is expected to quickly sign it into effect.
The $24 billion package also contains extension of the unemployment benefits. The IRS says some 1.4 million people applied for the homebuyers credit through August, according the the Business Report. The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of Apr.il. It also offers a $6,500 tax credit to those who have lived in their current residence at least 5 years.
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tax credit 2009: $8000 Tax Credit News: The State of Louisiana is now offering a mechanism for Homebuyers to use the credit at closing - 09/03/09 01:39 PM
While FHA policy was revised to allow the new tax credit (up to $8000) to be taken at the closing instead of waiting after closing and rrequiring a tax revision filing to collect the $8000, there was not a lender offering the second mortgage to do this. With the new bond issue at the end of August, Louisiana has now set up a mechanism. The following is the detail from their website:
Low Rate - Homebuyer Tax Credit Program Loans:Low Rate - Homebuyer Tax Credit Program will bear an interest rate at 5.60%. This program will advance up to $5,000 per loan for … (1 comments)
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tax credit 2009: FHA Will Allow $8000 Homebuyer Tax Credit to be Taken at Closing as Down Payment - 05/14/09 11:24 AM
Tuesday evening Realtors across the country received some exciting news. Shaun Donovan, secretary of the U.S. Department of Housing and Urban development said FHA is going to permit its lenders to allow homeownrs to use the $8000 1st Time Homebuyer Tax Credit at closing for down payment and other costs rather than waiting to receive the credit later after closing. It will take some time for this to be worked into actual practice. Locally here in Baton Rouge as of Thurs. morning, I have not found a lender where this has filtered down, but it should be just a matter of time. Banks … (3 comments)
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tax credit 2009: Questions about 1st Time Homebuyer $8000 Credit Explained - 05/13/09 02:58 PM
Now that the dust has settled, many are seeking homes to take advantage of the new $8000 tax credit. If you are wondering are there salary limits, is it refundable if I don't own that much tax, what type of home can it be used on, etc. watch this video released by the New American Home Buyers Association: … (0 comments)
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tax credit 2009: 1st Time Home Buyer Tax Credit Question 3: Can I Get the Credit if I get assistance from state bond program? - 03/29/09 04:12 PM
If you are buying a home in East Baton Rouge or West Baton Roug, the Louisiana LHFA bond can provide from 4% to 9% of the mortgage loan amount to be paid at closing to cover part of the down payment, closing costs, and prepaid items. There are income limits and home cost limits. And the program interest rates vary depending on which type of loan for which you quality. The HOME program gives a minimum of 4.5% and a lower interest rate. The assisted program gives 4% and a slightly higher interest rate. Both give assistance toward other monthly costs. … (1 comments)
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tax credit 2009: 1st Homebuyer $8000 Tax Credit Question 3: Can I use federal or state money and still Get the Credit - 03/29/09 03:10 PM
For Ascension Parish there are gift programs that provide cash for down payment and closing or eliminate mortgage interest compbined with low interest rates to help a first time homebuyer get into their home. Two of these are rural development financing (a federal program) and Louisiana state bond funding assistance which can provide up to 4.5% of the purchase price, depending on your salary. There are two programs, the Home program and the regular assistance. The home program has a lower interest rate and 4.5% assistance. The regular program has a higher interest rate and 4% assistance. In either of these programs, the … (1 comments)
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tax credit 2009: 1st Time Home Buyer Tax Credit - Question 2: Do I Have to Wait Until next year to Get It? - 03/20/09 12:48 PM
One of the great things about the new 1st Time Homebuyer tax credit is that it can be claimed as soon as you close on your home.
If you have already filed can file an amended 2008 tax return with a 1040X form. This can be done even if a home was purchased early in 2009 and the original tax return claimed the $7,500 credit from last year.
Specifically home buyers use IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. You will want to be … (5 comments)
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tax credit 2009: 1st Time Home Buyer Tax Credit - Question 2: Do I Have to Wait Until Next Year to Get It? - 03/20/09 12:44 PM
One of the great things about the new 1st Time Homebuyer tax credit is that it can be claimed as soon as you close on your home.
If you have already filed can file an amended 2008 tax return with a 1040X form. This can be done even if a home was purchased early in 2009 and the original tax return claimed the $7,500 credit from last year.
Specifically home buyers use IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. You will want to be … (0 comments)
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tax credit 2009: 1st Time Home Buyer Tax Credit - Question 2: Do I Have to Wail Until next year to Get It? - 03/20/09 12:41 PM
One of the great things about the new 1st Time Homebuyer tax credit is that it can be claimed as soon as you close on your home.
If you have already filed can file an amended 2008 tax return with a 1040X form. This can be done even if a home was purchased early in 2009 and the original tax return claimed the $7,500 credit from last year.
Specifically home buyers use IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. You will want to be … (0 comments)
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tax credit 2009: 1st Time Home Buyer Tax Credit Question 1: What Is a 1st Time Home Buyer? - 03/15/09 08:41 AM
Now that the news is out about the American Recovery and Reinvestment act of 2009 , many questions have surfaced about the $8000 first time homebuyer credit. I will discuss these this week. One of the first I get is "What Is a 1st Time Homebuyer and who is eligible to claim this tax credit?". A first time homebuyer is a person who has not owned a home in the last 3-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned … (0 comments)
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tax credit 2009: 1st Time Home Buyer Tax Credit Question 1: What Is a 1st Time Home Buyer? - 03/15/09 08:36 AM
Now that the news is out about the American Recovery and Reinvestment act for 2009 , many questions have surfaced about the $8000 first time homebuyer credit. I will discuss these this week. One of the first I get is "What Is a 1st Time Homebuyer and who is eligible to claim this tax credit?". A first time homebuyer is a person who has not owned a home in the last 3-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned … (0 comments)
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tax credit 2009: 1st Time Home Buyer Tax Credit - Question 1 What is a 1st Time Homebuyer? - 03/15/09 08:33 AM
Now that the news is out about the American Recovery and Reinvestment act of 2009 , many questions have surfaced about the $8000 first time homebuyer credit. I will discuss these this week. One of the first I get is "What Is a 1st Time Homebuyer and who is eligible to claim this tax credit?". A first time homebuyer is a person who has not owned a home in the last 3-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a … (6 comments)
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tax credit 2009: Get Up to $8000 When You Buy a First Home This Year! - 02/18/09 02:09 PM
Yesterday President Obama signed into effect the Economic Stimulus Act. A portion of that is targeted to help the failing housing market and stabilize values in neighborhoods, by giving first time homebuyers a tax credit. Some Things to Know: (1) First Time Homebuyers for Principal Residence (2) Calendar year 2009 only (3)There are Income Limits. (4) It's Refundable even if you don't have that much tax liability (5) Buyers have to own the home for at least 3 years or return the credit if they sell early. While more details of this opportunity will be forthcoming, here's a summary to … (1 comments)
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tax credit 2009: Get Up to $8000 When You Buy a First Home This Year! - 02/18/09 02:04 PM
Yesterday President Obama signed into effect the Economic Stimulus Act. A portion of that is targeted to help the failing housing market and stabilize values in neighborhoods, by giving first time homebuyers a tax credit. Some Things to Know: (1) First Time Homebuyers for Principal Residence (2) Calendar year 2009 only (3)There are Income Limits. (4) It's Refundable even if you don't have that much tax liability (5) Buyers have to own the home for at least 3 years or return the credit if they sell early. While more details of this opportunity will be forthcoming, here's a summary to … (0 comments)
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Ann Dail, Broker/Realtor,ePRO, SRS, B.A.Chem
Baton Rouge,
LA
More about me…
Baton Rouge Area Homes, Louisiana, 225-761-0551
Address: Baton Rouge, LA, 70809
Office Phone: (225) 761-0551
Cell Phone: (225) 202-1554
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