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8000 tax credit: The $6500 Tax Credit of Louisville Home Owners - 01/10/10 10:18 PM
By now, most people are aware of the existence of the $8000 Tax Creditfor first-time home buyers. But with the holidays, the start of UL and UK basketball and the media the way that it is, I suspect you are more likely to know Tiger Woods' mistress count than you are the details of the expanded Tax Credit Program. In particular, when Congress extended the credit until April 30th, 2010, they also added a $6500 tax credit for existing homeowners.
For those of you who were otherwise occupied, here's the answers to the questions now running through your head....
Am I eligible for the $6500 … (3 comments)
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8000 tax credit: So you think you outsmarted the crowd because you skipped the $8,000 first time homebuyers tax credit - 09/08/09 10:38 PM
There has been a lot of speculation recently regarding the proposed continuation of or even extension of the $8000 tax credit. In a recent post, one author even hypothesized that by foregoing the tax credit, homebuyers could actually save more money. The rationale being that demand would sharply drop off and prices would follow. This may be true in her area, but it is not true in Louisville.
Jeff Belonger, one of the nation's top FHA experts and former Louisville resident, also disagrees. In his detailed response below, he captures the problems with this reasoning. In short, you are … (11 comments)
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8000 tax credit: Open Letter to First Time Home Buyers - 08/05/09 11:04 PM
Dear Procrastinating First Time Home Buyers:
I know you. I've seen you in the mall on December 23rd. I've watched you race through town en route to the airport; screeching up to the terminal just in time to prevent your mom from giving up and getting in the cab. I even saw you run over the neighbor's cat on your way to the post office on April 15th. (Actually, disregard that last one. I'm sure it was just a large stick). You excel when the stakes are high. You thrive on knowing you'll succeed where mere mortals would stumble. Your … (91 comments)
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8000 tax credit: $8000 First Time Home Buyer Tax Credit - How the Modified Version Affects Louisville Home Buyers - 05/29/09 11:23 PM
$8000 Tax Credit History The current $8000 tax credit has been motivating first time home buyers to start looking for homes. However, there is one perceived problem with the program. The money is not available until after closing. This means buyers still have to come up with a minimum down payment of 3.5 %. This requirement prevents many from taking advantage of the current market.
Kentucky recently addressed this issue by creating a $4500 Down Payment Assistance program through KHC. Again, this excludes many Louisville area buyers because of income limitations.
What the industry has been clamoring for is a change to … (9 comments)
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8000 tax credit: How the $8000 Tax Credit applies to First Time Home buyers in Louisville - 02/26/09 12:20 AM
Background As a result of the 2009 Economic Stimulus Package, Louisville first time home buyers have an opportunity to purchase a home and get FREE money. In order to stimulate the housing market, the House and Senate improved the $7500 refundable tax credit by increasing the dollar amount to $8,000 and eliminating the repayment requirement.
Definitions - US Government Dictionary First Time Home buyer
Anyone who has not owned a primary residence home in the last 3 years. If you had 47 Louisville homes earlier in you life, but sold them all prior to 2006 and rented since then, you are a First … (6 comments)
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8000 tax credit: $15000 Tax Credit - What does it mean to me? - 02/06/09 12:12 PM
Final Update -- The 2009 Economic Recovery Act passed without the $15000 tax credit. However, the new law includes an $8000 tax credit for first-time homebuyers that does not have to be repaid. 2/11 Update - 10:30p EST - The Lieberman-Isakson $15000 tax credit has been removed from the 'final' bill during negotiations between the House and Senate. There is discussion that the $7500 tax credit will not have to be repaid. I am looking for confirmation of this. Regardless, first-time home buyers need to act before July 1st to take advantage of the credit. 2/11 UPDATE- 8:00am: The Senate passed … (10 comments)
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Erik Hitzelberger, --Louisville-Middletown Real Estate
Louisville,
KY
More about me…
RE/MAX Alliance - Louisville REALTOR-Luxury Homes
Address: 10302 Brookridge Village Blvd #103, Louisville, KY, 40291
Office Phone: (502) 921-3989
Cell Phone: (502) 921-3989
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