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FIRST TIME HOME BUYER TAX CREDIT IN MILLCREEK WASHINGTON

Reblogger Heather Burns
Mortgage and Lending with Guild Mortgage Company

I thought that this blog was good to share as it has more infomation about the 8K tax credit

Heather Burns

 

 Home Mortgage Consultant

Wells Fargo Home Mortgage

P6447-140

10900 NE 8th St Suite 1430

Bellevue, WA 98004

(425) 468-8645 Tel

(206) 714-3522 Cell

(866) 496-5671 Fax

Heather.S.Burns@wellsfargo.com

Website: www.wfhm.com/heather-burns2

Your referral is the best compliment you can give me! Thank you in advance for your new and repeat business!

Heather Burns

 

 

Original content by Derek J. Baughman

How does the FIRST TIME HOMEBUYER TAX CREDIT work? Does Washington State offer a FIRST TIME HOMEBUYER TAX CREDIT down payment assitance program?

First Time Home Buyer Tax Credit

If you meet certain qualifications, you may be eligible for a tax credit of as much as $8000.00.  A credit is typically more valuable than a deduction, since it eliminates your taxes on a dollar for dollar basis and in this case, you may even get it even if you don't owe any taxes.

You may be eligible if you purchase a home in the United States after April 8, 2008 and before December 1, 2009 and if you (and your spouse, if married) have not owned any other main home during the three year period ending on the date of your purchase.  You must also live in the home for at least 36 months or you will have to pay the credti back over a 15 year period of time.

If you are married and file taxes seperatley you can only claim half of the credit.  The credit is either $8000.00 or 10% of the homes purchase price (whichever is less).  Ther are income limits.  You must have an adjusted gross income of $75000.00 or less if single and $150000.00 or less if married and filing taxes jointly.  If you qualify for the full amount of the FIRST TIME HOMEBUYER TAX CREDIT  it is equivalent to $665.00 a month in savings for the year you purchase your home.

The Washington State Housing Finance Comission has recently discontinued the development of THE FIRST TIME HOME BUYER tax credit bridge loan program.  The state proposed a program to the IRS allowing the state to have entitlement to your tax return to assure the repayment of the proposed loan.  On June 2, 2009 the IRS formally declined this request citing long-standing regulations that require refunds be paid only to the person or persons filing the tax return. 

Washington State Housing Finance CommissionHowever, FHA does offer many options to secure a down payment on a home.  Most common is a "gift".  The gift funds need to come from a family member or a church.  FHA also only requires a 3.5% down payment on a home (on approved credit of course).

After further research I have also confirmed that you can ammend your 2008 returns the day after you purchase a home and recieve the FIRST TIME HOME BUYER TAX CREDIT back from the IRS in 90 day.

There is a lot that goes into purchasing a home and the experience though sometimes stress full, is one that we never forget.  The home is our sanctuary and it holds our dearest memories. 

If you have any questions or need assitance feel free to contact me at:

Derek J. Baughman

Senior Mortgage Banker / Presidents Club Member / License #510-LO-50931 / Main: (206) 274-4000  Direct: (206) 971-2104 /  Direct Fax: (206) 971-2111 /  Cell: (425) 923-6158

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If you have any questions or need assitance feel free to contact me at:

Derek J. Baughman

Senior Mortgage Banker / Presidents Club Member / License #510-LO-50931 / Main: (206) 274-4000  Direct: (206) 971-2104 /  Direct Fax: (206) 971-2111 /  Cell: (425) 923-6158

Premier Lending Group  |  Premier Real Estate Group  |  Premier Finance Group
mortgage brokers  ●   real estate brokers  ●  mortgage bankers 

 

SIMPLY / FOCUS / EXECUTE