tax credit: ATTENTION FIRST TIME BUYERS: Federal Tax Credit Being Extended - AGAIN! - 06/16/10 09:02 PM
This afternoon, the Senate approved a plan give the first home buyer's federal tax credit ANOTHER extension. If approved, the additional three months would be allowed so that buyers who qualified for the tax credit by signing contracts before the April 30th deadline can complete their escrows.
It is projected that more than 180,000 home buyers were already in escrow by the April 30th date but have yet to close. The proposal would only allow buyers who met the April 30th date to finish their escrows.
Basically, this allows all those buyers who put in offers on short sales the time … (10 comments)
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tax credit: California First Time Buyers May Actually Qualify for Up to $18,000 in Tax Credits - 03/30/10 12:41 AM
Last week, Governor Schwarzenegger signed the CA Homebuyer Tax Credit legislation, into law. The CA Homebuyer Tax Credit will provide $200 million in tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes.
The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be … (13 comments)
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tax credit: CPA Shares Little Known Facts about the Nov 6 Tax Credit Extension - 12/06/09 12:18 PM
I just came across this post from a fellow Mortgage Girlfriends, Karen Deis about some of the new rules for the new extended tax credit. This is very important info that buyers need to know about applying for the tax credit.
For info on your specific situation, please always consult with a tax specialist. If you don't have one, contact me for a list of some local referrals. Be sure you understand these rules before filing your taxes.
Via Karen Deis (ApartmentToolKit.com):
Like most government legislation, the Nov 6, 2009 homebuyer tax credit extension created more questions than answers. However, according to … (9 comments)
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tax credit: ATTENTION HOME BUYERS IN SOUTHERN CALIFORNIA: Real Answers to the New, Extended & Expanded Tax Credit - 11/11/09 12:40 PM
Ok, you've heard the hoopla about the extended and expanded tax credit but what does it all mean for you and how is it going to help you buy a home now. Well, first and foremost, here are just a few of the benefits of what it means for the first time buyers:
First time buyers only - you must not have owned a primary residence in the last three years. Credit effective for 2009 only - must purchase a primary residence between January 1, 2009 through April 30, 2010. In order to receive the tax credit, you … (6 comments)
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tax credit: ANOTHER EXAMPLE OF BLATANT MISINFORMATION: Shame on You Zillow.com - 09/29/09 10:32 AM
I subscribe to the daily webcasts of Think Big, Work Small (TBWS), which is hosted by these two guys, Brian Stevens & Frank Garay. TBWS was founded a couple of years ago by a bunch of real estate and mortgage people who wanted to teach others in the business how to work smarter to grow their business.
Today's video was especially interesting because there was a segment on a survey that Zillow.com did where they chose to manipulate the numbers to report that the an extension to the tax credit would be a failure. There is also another segment on how … (14 comments)
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tax credit: ATTENTION LOS ANGELES & VENTURA COUNTY BUYERS: Don't Be Afraid of the Looming Tax Credit Deadline - 09/22/09 04:24 PM
I came across a post today by Jessica Horton titled, I may be a real 'twit', but I won't ever try to scare you into buying. Jessica writes about how she won't scare her clients into buying now simply because of the $8,000 tax credit. It was a good post and I enjoyed it, so much so, it inspired me to write my own post.
While Jessica's post was written from her perspective of a Realtor in Georgia, the perspective of an LO here in SoCA (specifically Los Angeles & Ventura counties) is quite different. One of the things about Jessica's … (2 comments)
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tax credit: ATTENTION CALIFORNIA FIRST TIME BUYERS: You May Be Able To Use Your Tax Credit Towards Your Down Payment - 05/16/09 12:32 AM
Earlier this week, there was an announcement by Housing Secretary Shaun Donovan regarding FHA allowing first time buyers being able to use the $8,000 tax credit as a down payment for a home (HUD Secretary Announces Monetization of $8,000 Tax Credit).
The announcement made quite a stir because although HUD issued the statement in Mortgagee Letter 2009-15, the fact that they didn't explain how this would be implemented left the public as well as many in the morgage industry wondering just how this all was going to happen.
The very next day, Mortgagee Letter 2009-15 was rescinded. After some checking around, I found out one way … (2 comments)
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tax credit: ATTENTION VENTURA & LOS ANGELES FIRST TIME BUYERS: HUD Secretary Announces Monetization of $8,000 Tax Credit - 05/13/09 10:45 PM
U.S. housing officials are working on a plan that would essentially allow some first-time buyers to purchase homes. They would be able to put the $8,000 income tax credit for first time buyers towards their down payment on loans backed by the Federal Housing Administration.
The FHA is finalizing a program that would allow approved lenders, non-profits, and state and local governments to fund short-term loans that could be used as down payments to be repaid once the borrower received their tax credit. Once they received their tax credit, they would pay off the short-term loan and put equity into their … (5 comments)
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tax credit: It's Not a Buyer's Market! DUH! - 05/12/09 12:31 PM
The Los Angeles Times reported recently that here in Los Angeles County it is no longer a buyer's market. DUH! It doesn't take a mental giant to figure that one out.
For those of us in the real estate and mortgage industry here in L.A. County we already knew that and we've been telling our clients and buyers so for months regardless of what the media has been telling them or what they're reading on the internet.
While all of us (Realtors & mortgage professionals) know that real estate is hyper local and no two markets are the same, it can … (16 comments)
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tax credit: ATTENTION FIRST TIME BUYERS IN VENTURA & LOS ANGELES COUNTIES: Real Answers to the $8,000 Tax Credit - 02/18/09 11:25 AM
Ok, you've heard the hoopla about the new $8,000 tax credit but what does it all mean for you and how is it going to help you buy a home now. Well, first and foremost, here are just a few of the benefits of what it means for you as a first time buyer:
First time buyers only - you must not have owned a primary residence in the last three years. Credit effective for 2009 only - must purchase a primary residence between January 1, 2009 through November 30, 2009. The credit is for 10% of the purchase … (4 comments)
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tax credit: The Good and the Bad of the New "tax credit" - 08/27/08 02:51 PM
Having researched and poured over the nitty gritty specifics of the recently passed housing recovery bill as well as read numerous articles and blogs on how this bill is going to be either the shot of adrenalin that this housing market needs to get going again or the virtual final blow that drags this market to depths we've never seen in our lifetime, there are two subjects that have definitely struck a nerve within the lending and real estate industry. The first being the elimination of the seller funded down-payment assistance (DPA) programs and the second being the first time buyer … (0 comments)
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