| |
tax credits: Short Sale contracts and the deadline for the Homebuyer Tax Credit- what MUST you know? - 04/16/10 10:33 AM
Back in January I wrote a post that rattled a few people regarding the Homebuyer Tax Credit and short sales. Specifically it related to the upcoming deadline for being in a binding contract- April 30th- and still qualify for the Tax Credit (of course you still have to close by the end of June as well). A number of calls to the info line for the IRS made it pretty clear to us that the IRS is not considering a short sale contract to be binding if third party approval has not been obtained. Check out the original post and … (4 comments)
|
tax credits: USDA Rural Development loans expecting to run out of funds by late next month - 03/11/10 09:57 AM
Updated information- Check it out below
I normally hate titles that are meant to scare people into reading but unfortunately this time there is no exaggeration to the severity of the issue. USDA Guaranteed Rural Development loans, one of the best low/no down payment financing programs left, has recently announced they expect to be out of the funds they use to guarantee loans by late April. If no action is taken by Congress to re-appropriate more funds then it will be the next budget year, after October, before we have this financing option again.
But the Tax Credit deadline is looming
… (46 comments)
|
tax credits: Know before you lose-Short Sale contracts and the Homebuyer Tax Credit - 01/30/10 10:16 AM
We all know by now that as long as you are in a binding contract by April 30th and closed by June 30th you will meet the dates specified to qualify for the Homebuyer Tax Credit. Here in Central Florida that tax credit easily represents 5-10% of the average purchase prices we are seeing, for first time as well as repeat buyers. It's a great incentive to buy, and one you need to plan for.
You better plan well because yesterday the IRS verbally clarified their definition of a binding contract (we are awaiting written confirmation) and if you are buying … (58 comments)
|
tax credits: Homebuyer Tax Credit forms finally available - 01/15/10 11:54 AM
Since the extension of the Homebuyer Tax Credit on November 6, 2009 the IRS has been developing the new form needed to collect it. Because the Tax Credit was expanded to include "long time residents" the form required substantial revision.
Well the new 5405 form is available at this link, and the IRS obviously learned from some of the improper and fraudulent filings for the old credit when creating this new form. The new form is 2 pages long and will also be used to "recapture" or collect the tax credit in cases when the home ceases to become a primary … (1 comments)
|
tax credits: Happy New Year and the Homebuyer Tax Credit - 12/31/09 09:21 AM
As we wind down 2009 we can look back at what was a rough year in Real Estate. That is unless you were one of the buyers the got a great deal on a new home and collected on the Tax Credit too. Many first time buyers capitalized on it and now it has been expanded to include some previous homeowners as well. For details and more info regarding the Homebuyer Tax Credit see the links in this article.
Do know, as we celebrate New Year's Eve, that we have only 121 calendar days left to sign a contract on a … (6 comments)
|
tax credits: First Time Homebuyer Tax Credit may not be just for First Time Buyers anymore! - 11/04/09 07:25 PM
UPDATE- Today, November 5th the House voted for the Act with no changes to the Senate Amendments. Once the President signs it, this is what we will have as law.
_____________________________________________________________________________
This afternoon at 5:28pm the Senate overwhelmingly approved the Unemployment Compensation Act of 2009 (H.R. 3548 as amended)which includes provisions extending AND expanding the Homebuyer Tax Credit. Now do understand the bill must be reconciled with the House of Representatives and then signed into law by the President, so there are provisions that can change. What it says right now is basically
•· First Time Buyers have what they had … (8 comments)
|
tax credits: Well is the First Time Buyer Tax Credit getting extended? - 10/02/09 10:24 AM
Where are we going with this Tax Credit?
There is a lot of talk about whether THE Tax Credit will be extended or even expanded these days. I wrote a post that explained the state of affairs a few days ago but since then I've heard everything imaginable on the topic, so it's time for an update.
Again, let's start with the facts. We still have a bunch bills although a new one was introduced in the Senate (see text here) and is beginning its quest to become law. Essentially little else has happened on the forefront of the Tax … (2 comments)
|
tax credits: USDA Rural Development loans are NOT out of money, and other important facts… - 09/29/09 05:37 PM
Last Friday the USDA formally announced it was entering its annual "roll over" of funding as of its new fiscal year October 1st. This mainly administrative action results in USDA's funding being delayed until it's made available through the General Accounting Office (GAO). This by no means indicates the USDA is out of funds! What it does do is delay funding for loans and guarantees. While there are still a number of lenders that can and do close and fund loans during this period, the vast majority of lenders do not. This doesn't mean your loan won't close, it just … (39 comments)
|
tax credits: So what’s the skinny on extending the First Time Buyer Tax Credit? - 09/24/09 06:57 PM
You hear plenty of talk from NAR (National Association of Realtors) and the NAHB (National Association of Home Builders) regarding the push to extend the First Time Buyer Tax Credit, but what is really going on with it? There is little argument the program has been successful in spurring sales and I can say from experience it's doing great things for many a first time buyer. Will it be continued? Will it be expanded or increased? Will it be forgotten?
Those of you who follow my blogs know I prefer to stay in the realm of fact as opposed to opinion. … (7 comments)
|
tax credits: Don’t miss the Lake County Parade of Homes, Great deals in Mount Dora, FL! - 02/18/09 09:22 AM
The Lake and Sumter Counties Home Builder's Association Parade of Homes kicks off this weekend, Saturday February 21 with great deals on new, never lived in homes for sale. The great incentives being offered by builders, coupled with the new $8000 tax credit for first time buyers makes it an excellent time to buy.
Also remember if you want to have a home built to order, and want to be able to collect on your $8000 credit, you need to start construction within a few months so you can be closed by the November 30, 2009 deadline.
Yu can get more information … (0 comments)
|
tax credits: Don’t miss the Lake County Parade of Homes, Great deals in Eustis, FL! - 02/18/09 09:14 AM
The Lake and Sumter Counties Home Builder's Association Parade of Homes kicks off this weekend, Saturday February 21 with great deals on new, never lived in homes for sale. The great incentives being offered by builders, coupled with the new $8000 tax credit for first time buyers makes it an excellent time to buy.
Also remember if you want to have a home built to order, and want to be able to collect on your $8000 credit, you need to start construction within a few months so you can be closed by the November 30, 2009 deadline.
You can get more information … (0 comments)
|
tax credits: The $8000 First Time Buyer’s Tax Credit- what are you going to do about it? - 02/18/09 08:49 AM
OK, Obama signed it yesterday making it law. All of us in the industry wanted more and feel the economic stimulus package passed us by, for the most part. Yea, we got more money for RD loans and don't think the higher FHA loan limits is insignificant; but we needed more. At the top of it all we got the tax credit that doesn't need to be paid back. So what can we do with that?
We can sit back and complain about it. We can emphasize the negative, that you have to pay it back if you rent or sell … (5 comments)
|
tax credits: Part 2- Economic Stimulus Package can be law by as early as next week. What does it mean for us? - 02/13/09 12:13 PM
It's Friday the 13th and Jason is walking the hallowed halls of Congress making laws I personally hope we don't come to regret. We have all heard many conflicting reports on this legislation but sketchy details have been confirmed. What does it all mean to us and our industry?
As of this time the bill and much of the supporting documentation is available at the following link:
http://www.conferencereport.gpoaccess.gov/DefaultN.aspx?AspxAutoDetectCookieSupport=1
It proposes keeping the existing first time buyers tax credit program intact with the following changes:
10% to $8k credit max waives the repayment provision on homes purchased after 12/31/08 (it is retroactive!) … (9 comments)
|
tax credits: Economic Stimulus Package can be law by as early as next week. What does it mean for us? - 02/11/09 08:16 PM
IF YOU ARE FOLLOWING THIS POST PLEASE LINK OVER TO PART 2 HERE FOR AN UPDATE
NEW UPDATE-as of 10a EST, 02/13/09- It is Friday the 13th and some very scary things may be happening today. The summary is available and basically confirms what we have been hearing in the press. The bill should have these points:
10% to $8k credit max waives the repayment provision on homes purchased after 12/31/08 (it is retroactive!) extends the date to homes purchased on or before 11/30/09 allows for recapture of the credit within 36 months if the home is sold or ceases … (39 comments)
|
tax credits: TARP, TALF...how about some TALC for the rash on our bruised behinds? - 02/10/09 12:36 PM
Today our new Treasury Secretary Tim Geithner finally took the stage to unveil the administration's new bailout plan. One thing is clear, our buddy Tim needs to work harder on his public speaking skills! I, for one, am a bit taken back at the lack of a question/answer session after the speech. Can Secretary Geithner take the heat he will undoubtedly face in the course of fixing this mess? It seems to me that some people doubt it and want to keep him off stage for now. You can read the speech here.
So what of the … (9 comments)
|
tax credits: First Time Home Buyers- don’t miss this great opportunity! - 01/07/09 08:29 PM
This real estate market has become a unique opportunity for first time buyers, who aren't saddled with trying to sell a home, to take advantage of the long list of reasons to buy.
As a first time buyer in Lake County, FL now you can:
•· Take advantage of some of the best interest rates in history!
•· Buy homes in our market at prices that haven't been seen since 2002 or longer!
•· Move in with less money than you can rent, often with zero cash!
•· Get $7,500 back on this year's taxes to do with as you please!
•· … (0 comments)
|
tax credits: It’s a good time to buy a home in Lake County, Florida! - 12/08/08 08:17 PM
The most recent sales statistics for Lake County, Florida confirm what we all know, that buying a home is getting much more affordable. With home prices declining better deals are being had by those willing to go after them. October sales increased 5.5% over September and of the single family homes sold a whopping 69.8% were under $200,000! When you include homes up to $250,000 number jumps to 83.5% of all sales!
It goes to show there are great deals happening out there when for the first time in many years cash sales outnumbered any other type of financing! … (0 comments)
|
tax credits: The beauty of buying a new home in north central Florida! - 12/01/08 07:39 PM
I was reminded how good it is to be a mortgage lender yesterday when I had the fortune of helping a young couple, married only two and half years, achieve their dream.
They came to me looking to buy and not knowing if they could. "Our credit is good" they said, "but we don't have much of it". "That's a good thing these days" I said, and we proceeded with qualifying them.
Turns out their scores are in the 630's and good enough for the USDA Rural Development no down payment loan I was hoping to place them in. When … (0 comments)
|
tax credits: The beauty of buying a new home in central Florida! - 12/01/08 07:35 PM
I was reminded how good it is to be a mortgage lender yesterday when I had the fortune of helping a young couple, married only two and half years, achieve their dream.
They came to me looking to buy and not knowing if they could. "Our credit is good" they said, "but we don't have much of it". "That's a good thing these days" I said, and we proceeded with qualifying them.
Turns out their scores are in the 630's and good enough for the USDA Rural Development no down payment loan I was hoping to place them in. When … (0 comments)
|
|
|
|
|
|
Gerry Suarez Jr- Your FHA Loan Pro!
Mount Dora,
FL
More about me…
Mortgage Financial Group, Inc.
Address: 725 E. Alfred St, Tavares, FL, 32778
Office Phone: (352) 742-7900
Cell Phone: (352) 516-9884
Email Me
Local information regarding Mortgage lending in Central Florida including Orange, Seminole, Osceola, Lake, Volusia and Marion Counties. Also providing up to date information on HUD and government loan programs, and first time buyer programs. I'm required to tell you I'm not acting on behalf of HUD/FHA or the US Government!
 Listings
Links
Archives
|
;)
;)
;)
