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homebuyer tax credits: Good News For Some Homebuyers That US Income Tax Credit Deadline for Closing Will be Extended - 07/02/10 01:54 PM
As many as 18,000 California homebuyers ... of the about 180,000 or so U.S. homebuyers ... got good news about deadline to close escrow extended beyond June 30.
Otherwise, they would have lost out on a federal tax credit of up to $8,000.
Many of the California homebuyers also now have a chance to piggyback the US income tax credit with up to $10,000 off the CA state income tax credit.
The National Association of Realtors® confirmed that US Congress passed two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both bills, strongly supported … (4 comments)
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homebuyer tax credits: US House Today Approved Homebuyer Tax Credit Extension and Expansion - 11/05/09 04:32 PM
U.S. House of Representatives today voted by overwhelming positive vote of 403-12 to approve the Unemployment Compensation Extension Act (H.R. 3548) that included, as an amendment, the extension and expansion of the Homebuyer Tax Credit.
This bill with bipartisan support already passed in the U.S. Senate so now will advance from Congress to the White House for President Obama's signature.
The Administration already has signaled its support of the Homebuyer Tax Credit amendment and the President's intention to sign the bill into law.
So extension and expansion of the US Homebuyer Tax Credit will soon be a reality.
Voices by REALTORS and National Association of Realtors … (2 comments)
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homebuyer tax credits: Expect Monday After Thanksgiving Weekend To Be a Busy Real Estate Day ~ November 30, 2009 - 10/10/09 11:39 AM
Monday after this year's Thanksgiving Weekend, November 30, 2009, will be a very busy day in real estate, with home purchases to satisfy First Time Homebuyer Tax Credit - Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit.
New FED "TRUTH IN LENDING" requirements for lenders went into effect on October 1. FED Adopted New Rules for Lenders and Home Mortgage Loan Brokers ~ Effective on October 1, 2009.
Will lenders be able to close transactions on a timely basis, or could this TRUTH IN LENDING regulations gum up the works with anticipated and planned closings for November 30, 2009, … (2 comments)
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homebuyer tax credits: Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit - 09/15/09 06:30 PM
Act Now and Take Advantage of your first time homebuyer tax credit ~ Get Going before it's too late, and deadline for purchase and closing of escrow is November 30, 2009.
Existing US home sales have jumped recently, and first-time homebuyers are buying about one third of all homes sold. This is because of tax incentives, interest rates at historic lows and housing affordability at best level in many years.
Guidelines for eligibility for this tax credit:
First-time homebuyers can claim 10% of the purchase price up to $8,000, or $4,000 for married individuals filing separately. Tax Credit for purchases completed on or after January … (3 comments)
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homebuyer tax credits: Take Advantage of the $8,000 U.S. Income Tax Credit ~ Buying Your First Home - 07/14/09 05:56 PM
Buying your first home? Take Advantage of the $8,000 U.S. Income Tax Credit that's offered. Speak with your REALTOR® about opportunities presented by this law allowing for U.S. income tax credit now available to first-time homebuyers.
The amount of tax credit will be the lesser of either 10% of the home's cost or $8,000.
This tax credit will sunset on November 30, 2009. So you must get your home purchase started and concluded with escrow & closing by that date.
This tax credit is available to qualified first-time homebuyers for the purchase of a principal residence between January 1, 2009 and no later than November 30, 2009.
Qualified first-time … (0 comments)
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homebuyer tax credits: More US Tax Incentives Are Needed For Home & Property Buyers ~ Less Focus on Spending Taxpayer Money on Loan Mods - 07/02/09 06:12 PM
We need more US government tax incentives for home and property buyers in the United States, and less focus of time and money on loan modifications.
BloombergNews.com reported that "U.S. mortgage applications fell last week by the most since February, defying efforts by President Obama's administration to revive the housing market." See article ~ Mortgage Applications Are Down ~ Bloomberg News, July 1, 2009. The government's focus on loan mods is not working to stimulate the economy, and it's not tax encouragement for home and property buyers.
Obama's new Home Affordability Refinance Program (HARP) raises its maximum Loan-To-Value (LTV) limit from 105% to … (4 comments)
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homebuyer tax credits: 7 Questions About the First Time Homeowner Income Tax Credit ~ Why It's So Important Now - 06/11/09 04:01 PM
Questions about the US Homeowner Income Tax Credit and importance now are answered at the National Association of Realtors featured article ~ The Basics: 2009 First-Time Home Buyer Tax Credit.
Who Qualifies For This Tax Credit?
Which Properties are Eligible?
How Much Money Will The Tax Credit Be?
If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?
Will the Income Tax Credit Need to Be Repaid?
Can This Income Tax Credit Be Used As Closing Costs?
~ see article HUD Will Now Allow First Time Homebuyers to Apply $8K Income Tax Credit Toward Purchase … (0 comments)
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homebuyer tax credits: Business Experts Make Real Estate Recommendations to the White House & US Congress - 06/10/09 07:05 PM
Press Release, June 10, 2009, by The Business Roundtable, an association of chief executive officers of leading U.S. corporations.
The Business Roundtable's Housing Working Group, chaired by Realogy CEO Richard A. Smith, issued a set of recommendations for the White House and US Congress that are aimed at jumpstarting the housing market in order to stimulate a broader economic recovery.
The Business Roundtable's recommendations are:
•· Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
•· Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home … (2 comments)
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homebuyer tax credits: HUD Will Now Allow First Time Homebuyers to Apply $8K Income Tax Credit Toward Purchase Costs - 06/03/09 10:21 AM
Our US Housing and Urban Development Secretary Donovan Announced on May 29, 2009 ~
that the Federal Housing Administration (FHA) will allow homebuyers to apply the $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.
Their stated idea for this change is to help stabilize the nation's housing market by stimulating home sales across the country.
Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for … (4 comments)
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homebuyer tax credits: Southern California Homebuyers Fair - April 18 & 19 - Los Angeles Convention Center - 04/18/09 10:38 AM
Southern California Homebuyers Fair this weekend, Saturday, April 18, and Sunday, April 19 .. at the Los Angeles Convention Center.
The event is sponsored by the California Asociation of Realtors and the Los Angeles Times.
WHAT TO FIND THERE?
Realtors and other professionals will be there to help with process of home buying, finding and buying foreclosures, monitoring and fixing credit, mortgage protection program, finding and qualifying for home loans and other topics in many seminars and exhibits. Admission is free.
The second annual conference is sponsored by the California Assn. of Realtors and the Los Angeles Times and will be held at the Los … (0 comments)
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homebuyer tax credits: Your Local and State Association of REALTORS® Provides Excellent Information For Buyers & Sellers - 04/17/09 10:55 AM
Reliable real estate and CUSTOMER SERVICE information is available at your local and state association of REALTORS®.
Our California Association of Realtors does a superb job of providing information for consumers and homebuyers, and so it also helps us as REALTORS® and agents.
Possible Income Tax Credits For First Time Homebuyers ~
California first time homebuyers might qualify for up to $18,000 in income tax credits for buying his or her home during 2009.
The first-time homebuyer credit up to $8,000 is under US law, and a new home income tax credit up to $10,000 is under California law.
See The Homebuyer Tax Credit Chart published by California Association of Realtors … (1 comments)
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
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