The first time homebuyers tax credit - Important Tax Filing Information Whether you would be applying for the $8,000 tax credit or the $6,500 tax credit, you need to be aware of a few important pieces of information regarding the tax credit that was extended last year. Important Dates : You have to be in a binding agreement of sale by April 30th, 2010. And keep in mind, it has to be signed by all parties involved and date stamp. This even means if the property is a bank owned property, that the bank has to have signed off … (11 comments)
First time homebuyers have been blessed with low mortgage interest rates and the first time homebuyer tax credit. We have heard so many times in the last 12 months that now is a great time to buy. But is this true? So when is it a great time to buy as a first time home buyer or even a regular borrower? Let me keep it simple. The best time to buy a home is when you are ready … (19 comments)
A lot of chatter about the First Time Homebuyers Tax Credit
Let's start with the basics about the First Time Homebuyer's Tax Credit.... Yes, it has helped some that might not have bought. It has given people money after buying to help fix up their homes, pay off debt, or save for emergencies. And ___________. ... wait, I really can't think of anything else. Has the Tax Credit been a mechanism that has artificially stimulated the economy? Some will say yes and some will say no. I will be one of those … (19 comments)
The average family wants to buy a home, but at what costs? At what cost to us, the American Tax Payer. The First Time Home Buyers Tax Credit is about to expire in 2 1/2 months, but now there are many urging for it to be extended. Have we looked at all of the facts? I am sending you all to a blog that I published at 2 am this morning, and wanted to direct you to it, because I felt that it could have been missed here on Active Rain. Please click on the blue link below. The … (1 comments)
There has been a lot of buzz about extending the First Time Homebuyers Tax Credit. Why? For two reasons... Because the $8,000 Tax Credit expires on November 30th, 2009. And because many have stated that these tax credits have stimulated the housing market and our economy. We have heard mention of recession, great depression, inflation, economic default, hard times, etc, etc. Has the First Time Homebuyers Tax Credit helped the economy and the housing market? Yes, in some cases. But people, it's another gov't band aide.
In regards to the tax credit, many … (79 comments)
How smart do you think you are? Do you think you can outsmart people, just because you read some good advice, yet it failed to share with you the opposite side of things. That has been one of my biggest fears and pet peeves when it comes to blogging. And another? That many blogs are opinions, not facts, yet they sound like facts. Janet Guilbault wrote this interesting post that makes a good point : Outsmart the crowd : Skip the $8,000 tax credit & wait to buy - She talks about skipping the first time homebuyers tax … (109 comments)
tax credit: Call to Action - We must fix the real estate market ourselves !!!
- 06/17/09 12:43 AM
If the public and government ever needs to hear our voice, it's NOW !!! I never like to sound negative in my blogs, but we need to face reality. Yes, there are some reports saying that the economy is turning around. There are some reports that say that people are spending money. And even some realtors are saying that they are busier than ever before, in the last 4 months or year. But let's break down some of the reasons why it might seem positive, when overall, I believe that it's really bad out there. This is just my opinion. … (57 comments)
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? … (80 comments)
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)
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)
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)
Saving money.... ouch... In today's market, not as easy for some depending on their situations. I know some people that make a good living, but that they have a large family to support. Sure, define a good living, which would be different for each one of us. But the bottom line is that many of us could use help one way or another when it comes to buying a home. I wrote a post a few weeks ago about the tax credit for first time homebuyers and giving insight of what it was all about. Before I go … (17 comments)
The government is handing out money as a long term loan. Take advantage of this!!!
The Housing and Economic Recovery Act of 2008 produced the 7500 tax credit for First Time Homebuyers. In this case, to be eligible for the tax credit, a first time homebuyer is defined as : someone who had not owned a home from July 2, 2005, through July 1, 2008. In order to become eligible, you have to buy your home after April 8, 2008, and before July 1, 2009. I will go over some of the other guidelines later.
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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