first time home buyer: How Can I Build Credit In Order To Buy A Home? - 06/20/11 04:47 PM
Lots of future homeowners worry that their credit scores are too low to qualify them for a good mortgage. But what if you have no credit at all? A reader recently asked debt author David Bach what she can do to establish credit, as she has never owned a credit card but wants to buy a home in the next few years. Sadly, the potential home owner was denied three times for credit cards. Do she and her husband have any options for establishing credit? You can read David Bach's answer in his full blog post on building credit in order to buy … (0 comments)
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first time home buyer: What Every First-Time Home Buyer Needs to Know - 06/17/11 02:52 PM
In the current market, first-time homebuyers have their work cut out for them.In the past, when the market was going up, first-time homebuyers’ main concern was finding a home—any home. Their secondary concerns were how to get financing for the home and the condition of the property. They knew that if they could purchase a home, they would make money down the line, regardless of the type of property they purchased. How the market has changed. Today’s first-time homebuyers need to go back to the basics. First, you need to ask yourself several questions:
Is my credit good enough to buy … (4 comments)
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first time home buyer: Housing Market Predictions: Home Values Continue to Sink - 06/13/11 03:50 PM
By any measure, last week was a tough week for the housing market: According to the latest S&P Case/Shiller Index, home values have fallen back to where they were in 2002, although in some of the hardest-hit neighborhoods, housing values have fallen back to where they were in the 1990s, or earlier.
Pending home sales dropped 12 percent from the prior month, according to the National Association of Realtors. That is the lowest number since September, 2010, which is when the last installment of the home buyer tax credit ended.
Unemployment has remained stubbornly high. This week, more than 422,000 people filed … (2 comments)
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first time home buyer: Zero Down Home Loan Options - 10/08/10 10:51 AM
Veterans, rural home buyers, and first time home buyers are all eligible for zero down home loans if they know where to turn.
For many home buyers, the search stops when they have found their dream home, but for others-who are having trouble figuring out where they will get a home loan from-finding the perfect house is not so simple. If you don’t have cash for a down payment, there are several other ways you might still be able to purchase your own home:
VA Loans. VA loans are available only to those who have served at least 90 days … (1 comments)
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first time home buyer: What You Can Buy For $35,000 (Part 2)? - 04/28/10 10:33 AM
Wouldn’t it be great to be able to buy real estate with a credit card? Well if you’re a real estate investor and your line of credit is big enough, now it’s possible. Real estate investors are scooping up properties at the low end of the spectrum, fixing them up and then renting them or selling them to first-time buyers. Will the fix-and-flip or fix-and-rent models be right for you? Read more at cbsmoneywatch.com.
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first time home buyer: Buyer Too Early To Qualify For First Time Home Buyer Tax Credit - 04/26/10 02:08 PM
The first time home buyer tax credit was created to help stabilize the market after the housing bubble burst. A home buyer who purchased a house in 2007 was too early to qualify for the $8000 first-time home buyer tax credit.
The $8000 first-time home buyer tax credit is only available to buyers who purchased their first homes in 2008 or through June 30, 2010.
Time is running out to qualify for the tax credit. A binding contract must be signed on or before April 30.
Read more at ThinkGlink.com
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first time home buyer: 3 Reasons Why Now The Best Time To Buy A Home - 04/21/10 11:09 AM
While it is harder to get financing than it was several years ago (when all you needed was a pulse instead of all the paperwork that’s required today), there are at least 3 reasons why now is the best time to buy a home:
Home Buyer Tax Credits. As long as you have your paperwork done by April 30 and can close by June 30, and you qualify, you’ll could eventually pocket up to $8,000 for a first-time home buyer tax credit or $6,500 for a long-term homeowner tax credit. Mortgage Interest Rates Are At 40-Year Lows. Just because you could … (3 comments)
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first time home buyer: Land Contract Tax Consequences Don't Allow You To Qualify For $8000 First-Time Home Buyer Tax Credit - 04/21/10 10:21 AM
A land contract is known in some parts of the country as “purchases installment contracts for deed” or “contracts for deed.” Land contract tax consequences don't allow you to qualify for the first time home buyer tax credit.
Even if you received title on your home this year, if you entered into the land contract years ago, the IRS views you as the owner since you entered into the land contract.
Read the full story on land contracts at ThinkGlink.com
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first time home buyer: Home Buyer Checklist for 2010 - 04/05/10 10:18 AM
Looking for a home in 2010? With so many factors to consider, wouldn't it be handy to have a checklist with you while on the search?
My best-selling book 100 Questions Every First Time Homebuyer Should Ask outlines many of the things covered in this list. Here's a glimpse at your home-buying checklist:
1. Understand the difference between what you want in a house, and what you need. Just because you want a house with five bedrooms, five bathrooms and a pizza oven in the outdoor kitchen, doesn’t mean you need all that. The concept is to get everything you absolutely … (4 comments)
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first time home buyer: There's Still Time! Do you Qualify for the Home Buyer Tax Credits? - 03/17/10 02:01 PM
Q: I have rented an apartment for the last 5 years. I started renting after I got divorced. My ex wife and children live in the old home. The home and loan are completely in my name and my divorce paperwork indicates my wife is responsible for the payment. I have not lived there for 5 years.
I would like to buy a home and stop renting. The way I read all the rules I don't think I qualify as a first time homebuyer since the loan on the old house is in my name (although it has not been my … (2 comments)
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first time home buyer: Time Ticking on First Time Home Buyer Tax Credit - 02/10/10 04:39 PM
If you're looking to take advantage of the $8,000 first time home buyer tax credit, time is ticking. The new home must be closed by June 30, 2010. There are also income requirements, and the new house must be your new permanent residence.
To read more about time restrictions on the tax credit, visit: ThinkGlink.com
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first time home buyer: Poor Credit Score Can Derail Opportunity To Buy Home And Get $8000 First Time Home Buyer Credit - 02/09/10 04:19 PM
The $8,000 first time home buyer tax credit helps provide a bit of financial assistance to those struggling to buy a home. Anyone who has never owned a home, or hasn't within the past 36 months, is eligible for the credit. There are also income restrictions: if your single gross adjusted income exceeds $125,000 the credit is reduced.
The basic guidelines for purchasing a home also matter. A poor credit history limits your ability to qualify for a loan to even purchase the home to begin with. The Federal Housing Authority (FHA) will grant a loan to anyone with a credit … (1 comments)
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first time home buyer: Home Buyer Tax Credit Extended and Expanded: Questions and Answers - 11/10/09 11:23 AM
UPDATE: (11/9/09) The new $6,500 tax credit for trade up buyers is effective as of the day the bill was signed, November 6, 2009, according to Sen. Isakson's office.
Since Senate negotiators announced they had reached an agreement on extending and slightly expanding the $8,000 first-time home buyer tax credit, my inbox has been filling up with questions about the credit and who will qualify for it. I’m also getting lots of comments from people irritated that they purchased this past year and would have qualified but now get nothing.
Last week, the Senate voted 98 to 0 to extend and … (0 comments)
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first time home buyer: $8,000 First Time Home Buyer Tax Credit: Buying A Partially Inherited Home - 11/05/09 09:24 AM
The first time home buyer has restrictions on income. The first time home buyer tax credit requires you to live in the home for 3 years. Also, you can't have owned a home for the last 36 months. In addition, the first time home buyer tax credit has restrictions on who can sell you the home. If you are buying a home from a close relative, you won't qualify for the tax credit. But what if you inherit the home?
Q: My sisters and I recently inherited our mother's house. The sister that is executor of the will also wants to … (1 comments)
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first time home buyer: Here's What You Need To Know: $8,000 Tax Credit Extension and Expansion Details - 10/29/09 11:36 AM
Here's what you need to know about the extension and expansion of the $8,000 tax credit as of October 29, 2009:
The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010). Move-up buyers will be eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more. The tax credit would sunset on April 30, 2010. However, there would a binding contract rule that will permit those with contracts as of April 30th to qualify for the credit so … (0 comments)
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first time home buyer: Will The $8,000 First Time Home Buyer Tax Credit Be Extended? - 09/10/09 02:48 PM
Although there has been a fairly strong push from housing-friendly lobbying organizations, including the National Association of Realtors, Mortgage Bankers Association of America, and the National Association of Home Builders, Congress left for the August recess without extending the $8,000 first time home buyer tax credit.
If you’re planning to use the credit (you’re a first time home buyer or haven’t owned a property in the past 3 years), you’d better get moving. My sources tell me that if you haven’t found the property, you want to buy by the end of September, or you’ll run out of time to … (0 comments)
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first time home buyer: What Questions Do Buyers Need To Ask When Looking At A New Development? - 09/08/09 04:25 PM
Q: We’ve been looking at a new townhouse development and we keep going back, so I think my wife really likes it. The community we’re interested in is new community and not fully developed yet.
What do I need to know about this kind of property and what resources are there to help us be prepared home buyers if we decide to buy?
A: The questions you need to answer centers on what the new home property’s actual value is, whether the appraiser can prove their value to a lender and whether the new development that currently exists is sufficiently … (5 comments)
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first time home buyer: $15,000 Home Buyer Tax Credit Rejected For Cash For Clunkers Bill - 08/18/09 02:54 PM
It’s Cash for Clunkers - but for home buyers.
That’s how Sen. Johnny Isakson (R-Ga.) described his $15,000 home buyer tax credit proposal.
The proposed legislation would have given a $15,000 tax credit to any home buyer who bought a home, regardless of income. Sen. Isakson’s proposal would have also extended the date of the proposal for a full year from the date of enactment, making home buyers eligible for the tax credit well into 2010.
The proposed $15,000 home buyer tax credit was supported by the National Association of Realtors (NAR), the National Association of Home Builders (NAHB) and … (5 comments)
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first time home buyer: How Much Can You Get With A Home Equity Line Of Credit? - 08/05/09 01:40 PM
In past years, you could basically walk into a bank and walk out with a home equity line of credit up to $30,000 with a good credit score and with just about no questions asked. Today you should expect a lot more due diligence by the lender who approves your home equity line of credit application.
Some lenders will only give you a home equity line of credit up to 70 percent of what the bank thinks your home is worth. If there have been declining values in your area, you might be surprised to find out that you don’t … (0 comments)
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first time home buyer: Don’t Take $8,000 First Time Home Buyer Tax Credit If You’re Not Eligible Or Jail Time Awaits - 07/29/09 11:04 AM
It had to happen: With $8,000 in free cash available to first-time home buyers (and those who haven’t owned a home in the past three years), somebody had to take advantage of the situation. The Internal Revenue Service announced this morning its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme.
According to the IRS statement, last Thursday, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the first-time homebuyer credit on a client’s federal tax return. Price faces the possibility of up to three … (7 comments)
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