firsttime homebuyer: How to Access the First Time Homebuyer Tax Credit BEFORE Closing
- 08/13/09 10:20 AM
The $8,000 first time homebuyer tax credit has been a big help to homebuyers this year. Although I don't recommend buying a home because of the tax credit, I think its a good idea to put the gas on your purchase if you've seriously been contemplating a home purchase independent of the tax credit. The last day you can buy a home (i.e., keys in your hand, not just putting a contract on a home) is November 30th . Assuming it takes 30-45 days to close on the mortgage financing, you need to have a property under contract by mid-October, which … (6 comments)
USDA's Rural Housing Service was another recipient of stimulus funds last week through HR 1. This comes as a surprise -- a representative from my local Rural Development (or RD) office said last week they were not anticipating a new appropriation of funds from Congress until March. USDA direct loans received $1,000,000,000 and guaranteed loans received $10,472,000,000 in last week's stimulus. The country burned through RD funds last year as the loan program became wildly popular since it was one of the VERY few $0 down loan programs. Much like FHA, RD does not fund loans, but provides lenders … (4 comments)
firsttime homebuyer: The $8,000 Tax Credit -- Let's Break it Down
- 02/21/09 10:12 AM
Update: Please see highlighted sections for further clarifcation regarding the $8,000 tax credit. I'll be making updates as more interpretation of the bill emerges. Signed, Sealed, Delivered I'm Yours....is not just Stevie Wonder's 1970 Motown classic, but our $787 Billion (yes, with a B) stimulus plan with various tax cuts and spending programs aimed at reviving our economy. This is our country's largest anti-recession effort since WW2. Part of the stimulus included a revision to last year's repayable tax credit to an $8,000 tax credit that does NOT need to be repaid. Be advised, not all tax preparers are aware … (57 comments)
The $8,000 first time homebuyer tax credit has been a big help to homebuyers this year. Although I don't recommend buying a home because of the tax credit, I think its a good idea to put the gas on your purchase if you've seriously been contemplating a home purchase independent of the tax credit. The last day you can buy a home (i.e., keys in your hand, not just putting a contract on a home) is November 30th . Assuming it takes 30-45 days to close on the mortgage financing, you need to have a property under contract by mid-October, which … (6 comments)
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