tax credit: First Time Buyer Tax Credit Has Changed for the Better
- 06/01/09 11:29 AM
Last week, the FHA (Federal Housing Authority) announced that the First-Time Buyers Tax Credit can now be used for a down payment on an FHA loan. This is really great news for first-time buyers! First-time home buyers can now add the $8,000 (max) tax credit to their down payment and/or their closing costs. FHA mortgage loans require a 3.5% - 5% down payment. The tax credit may not be used in place of the required down payment for your FHA loan but it can supplement it, which may result in a slightly lower mortgage payment. All mortgage loans have closing costs. The closing costs for an … (0 comments)
tax credit: Non-Repayable Tax Credit for First Time Homebuyers
- 02/16/09 03:22 AM
As part of the new $789 billion economic stimulus plan, first time homebuyers will receive an $8000 tax credit when they purchase a home, an increase over last year's $7500 repayable tax credit. This new non-repayable tax credit is expected to increase home sales by 500,000 units in 2009 alone, according to the National Association of Realtors. The previous repayable credit was only good until June 30th. The new, higher, non-repayable tax credit has been extended to September 1st, 2009. With more money in the homebuyers' pockets, the $8000 tax credit is expected to generate as much as $62,000 of additional … (1 comments)
Tommy blogs about West Virginia real estate as well as market trends, buying and selling real estate and local happenings in Jefferson County, Berkeley County, Morgan County, Hampshire County, Harpers Ferry, Charles Town, Ranson, Martinsburg, Shepardstown, Hedgesville, Berkeley Springs and Inwood.
Last week, the FHA (Federal Housing Authority) announced that the First-Time Buyers Tax Credit can now be used for a down payment on an FHA loan. This is really great news for first-time buyers! First-time home buyers can now add the $8,000 (max) tax credit to their down payment and/or their closing costs. FHA mortgage loans require a 3.5% - 5% down payment. The tax credit may not be used in place of the required down payment for your FHA loan but it can supplement it, which may result in a slightly lower mortgage payment. All mortgage loans have closing costs. The closing costs for an … (0 comments)
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