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tax credit: Be Glad You Missed the $8,000 Home Buyer Tax Credit - 10/05/10 02:25 PM
Inland Empire California Home buyers who were frantically making offers on homes this spring, but missed the $8,000 federal home buyer tax credit deadline on April 30, may be happy they did miss it.
Why? Because if they are still in the market to purchase a home, they could end up saving much more than $8,000 they received from the government.
How is that possible? Two reasons.
1. Interest rates have dropped about .5% since the first quarter of 2010. Assuming home prices are the same, on a $200,000 loan with a .5% lower rate, a homeowner would save about $21,544. … (2 comments)
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tax credit: Military Home Buyer Tax Credit Extension + VA Home Loans is a Great Combination - 09/25/10 12:58 AM
Few people in California realize that members of the Military's Armed Forces, Foreign Service, and Intelligence community are granted an extension through April 30, 2011 to qualify for the $8,000 first time home buyer tax credit as well as the $6,500 tax credit for repeat or ‘move up' buyers tax credit. Qualified service members must fully execute a binding purchase contract in California's Inland Empire of Riverside and San Bernardino counties, San Diego, Orange County, or Los Angeles County, by April 30, 2011, and have until June 30, 2010 to close their transaction.
I'll admit it, I don't always agree … (2 comments)
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tax credit: FHA 100% Financing Now Possible Using Your $8,000 Tax Credit for the Down Payment - 05/14/09 08:55 AM
June 1st Tax Credit Down Payment Update:
HUD/FHA just announced a major revision to using the $8,000 tax credit for use as a down paynt on an FHA loan. To summariaze it for you, HUD said a home buyer can still use the $8,000 tax credit to apply towards a down payment, buy down the interest rate, or pay for closing costs pior to closing the loan, but the home buyer still needs to come up with 3.5% of their own money.
If you choose this option, to monetize the tax credit you will need to receive a 2nd lien loan from … (0 comments)
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tax credit: $8,000 Tax Credit for my First Time Home Buyers in California! - 02/17/09 02:18 PM
Well, it's done.....the govt. sweetend the incentive to purchase a home in 2009 for first time homebuyers........bummer for those who bought in 2008 and have to repay their $7,500 tax credit.....which really made it an interest free loan, right?
Let me clarify what a tax credit actualy is....most people seem to think it is a deduction where your taxable income will be reduced by $8,000......it isn't. It is a dollar for dollar rebate.
For example: If you usually end up paying $500/year in taxes at end of the year and you bought a home in 2009, you would get a … (0 comments)
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Brad Yzermans - Murrieta, Temecula, & Menifee FHA-USDA Mortgage Loan Officer
Murrieta,
CA
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