8000 first time home buyers tax credit: $8,000 First Time Homebuyer Tax Credit - Will it be going to $15,000??? - 06/12/09 04:00 AM

Tax Credit Alert - $8,000 to $15,000??
Will the flood gates open for home sales?  Through some news reports such as Bloomberg and other media outlets, those lawmakers in Congress are looking to change up the current $8,000 first time homebuyers tax credit that ends on November 31st, 2009. The new bill was introduced on June 10th, 2009, but pending. This could be some good news for more than just first time homebuyers. But I have a different opinion on just the basics, from raising the tax credit from $8,000 to $15,000. But what are the changes that are being talked about?

8000 first time home buyers tax credit: $8,000 First Time Homebuyer Tax Credit - Approved by FHA/HUD 5-29-09 - But buyer BEWARE !!! - 05/29/09 04:26 AM

BUYER BEWARE of Tax Credit
The first time homebuyers tax credit of $8,000 has been approved by HUD for all FHA loans. But don't get too excited too quickly. If you get a chance to read the mortgagee letter, ML 2009-15, it states that you can't use this tax credit for the required down payment of 3.5%.
HUD originally put out mortgagee letter 2009-15 on May 12th, but was rescinded the next day. Please read about that here : $8,000 tax credit rescinded by HUD. For some reason, it was prematurely placed on HUD's web site, … (109 comments)

8000 first time home buyers tax credit: The $8,000 tax credit for First Time Homebuyers - How & when to get it legally - 05/17/09 03:42 AM

Topic : $8,000 tax credit for first time homebuyers - And no, I am not trying to beat a dead horse. This post is timely and very important because of the comments and e-mails that I have been receiving. I want to share with you a list, the legal ways that the borrower can receive these monies.
As many of us know, you can't use the actual $8,000 tax credit for your downpayment. The IRS even lists this in their instructions. Please read what happened to the Tax Credit : The $8,000 tax credit as a downpayment - GONE - 
The … (18 comments)

8000 first time home buyers tax credit: FRAUD ALERT - Advice on the $8,000 first time homebuyers Tax Credit - Do you chance it??? - 05/16/09 05:44 AM
Clarification before you read : Yes, you can use the tax credit as part of your downpayment. I have stated this before. If it comes from non-profit organizations or Federal, local, or state agencies. I mentioned this in my other blog, in the bullet points . But just from the few comments and some on facebook, you are missing the POINT. It’s fraud to apply for this tax credit through the IRS, prior to actually buying your home, if you receive the monies from the IRS DIRECTLY.  Please stop reading into HUD, downpayments, etc, etc and understand what is … (75 comments)

8000 first time home buyers tax credit: Using First-Time Homebuyer Tax Credits for the Downpayment - It's GONE !!!! - The story of the $8,000 tax credit - 05/14/09 03:46 AM

The $8,000 first time homebuyers TAX CREDIT - HUD has saved the day. Well, okay, it saved it for a day. It's gone now, recinded, at least for now. Everything that you have been reading about yesterday, about FHA/HUD putting out mortgagee letter 2009-15, it's no longer there. Tom Burris had noticed this yesterday and I just got off the phone this morning with the HUD office. For reasons unknown, this letter, ML 09-15, has been taken off the self. Besides, I have my reasons to this and also felt that many of the blogs posted yesterday were incorrect. Here … (132 comments)

8000 first time home buyers tax credit: 3-2-1- LIFTOFF! Prevent Failure to Launch: Help Your Kid Buy A House This Year - 04/27/09 12:05 PM
I think this is a good post just for the fact that it simple and easy to understand... this is a great time to buy and that your parents can help you buy and it's not that difficult as many will describe.  But I needed to clarify something that is all to often stated incorrectly and was mentioned in the blog below.
"FHA closing costs are "too high". Yep, FHA will have slightly higher closing costs than conventional. Seller may not pay closing costs."
FHA loans don't have higher closing costs. Maybe some lenders charge more, because they can. But in … (7 comments)

8000 first time home buyers tax credit: First Time HomeBuyers Tax Credit - $8,000 Homebuyer Tax Credit - The specifics - 03/28/09 12:20 PM
First Time Homebuyers - In my opinion, this is one of the best times to buy in the last 10 years. Here are a few reasons why.
Home values are down 10% to 15% in many areas Many foreclosures to choose from, possibly getting a better deal Mortgage interest rates are just about the lowest in 25 years - interest rates from 4.5% to 5.5% $8,000 first time homebuyers tax credit - Up to $8,000 depending on your purchase price  
The $8,000 tax credit was revised in the 2009 stimulus bill. So how does the first time homebuyers … (17 comments)

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Jeff Belonger

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