First Time Homebuyers! Get Your $8000 Piece of the Bailout!

By
Mortgage and Lending with Equity Resources NMLS 67179 Licensed in NC

This is a Once in a Lifetime Opportunity!There is a silver lining to all of this Bailout Business (thank goodness!) and it applies all First Time Homebuyers!  In the recent stimulus package, Congress, and President Obama wrote in a $8000 Tax Credit for First Time Homebuyer's who purchase a home between January 1, 2009 and December 1, 2009 (that's right, the actual law says DECEMBER ONE, so you need to close by November 30, 2009!)

The actual Credit is $8,000 or 10% of the purchase price, whichever is less.  It is a CREDIT.  This is much different than a Tax Deduction.  If your total tax liability came to $6,000, but you had $7,000 withheld from your payroll, you would normally receive a $1,000 refund. With this credit, your refund would total $8,000!!  Now that's a DEAL!

The definition of being a "first time home buyer" means that you have not owned a home in the past 3 years.  You have to stay in the home for at least 3 years, or you have to pay this money back!  This is an important difference from the $7500 credit offered by Congress last year.  The $7500 credit had to be paid back over 15 years with no interest - the 2009 version, does not.  It does state, however, that you must live in the property for 3 years.

Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)$8000 Credit, Low Home Prices Low Mortgage Rates

You can apply for this credit using ANY mortgage loan program!  If you are a Veteran, use your 100% VA benefits!  You can purchase using FHA, maybe you would like to purchase a foreclosed property and "fix it up" with a FHA 203K loan... or maybe you want to live in a more rural area of NC?  Then get a USDA 100% home loan!

The point is this - The Government is G-I-V-I-N-G you $8000!  Don't waste this once in a lifetime opportunity to buy a home at ALL TIME LOW PRICES, get a loan with REALLY LOW interest rates and a $8000 gift back from the Government!  The alignment of all of this is like Halley's Comet!  Wow!

UPDATE!  There might be an extension of the program - see more here!

If you are considering a purchase in NC, please call Steve and Eleanor Thorne, in Cary, NC  919-649-5058

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Ambassador
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Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

Terry and Pam - here's a link to the actual IRS Form that allows you to calculate what you would actually be able to earn.  It addresses the single filing and the married filing - but not if you are the Co-Owner of a property.  I'm still looking for that!

http://www.irs.gov/pub/irs-pdf/f5405.pdf

 

Mar 03, 2009 03:31 AM #3
Ambassador
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Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

Can't figure out how to edit my comment!  I meant to say the form shows you how much of the credit you can take!

http://www.irs.gov/pub/irs-pdf/f5405.pdf

 

Mar 03, 2009 03:32 AM #4
Ambassador
533,535
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Eleanor - I have several folks walking the streets with pre-approvals hoping to cash-in on this very opportune time to buy a home. 

Mar 03, 2009 03:51 AM #5
Rainer
84,353
Joe Adams
Major Mortgage USA/Branch Manager - Montrose, CO

I want my MTV........  ok so we rewrite the Dire Straights song to ...... I want by bailout

 

GO GO SCUBA SHOP

 

 

Mar 03, 2009 12:21 PM #6
Rainmaker
339,591
Karen Cooper
Karen Cooper | Sr Retail Loan Originator ! NMLS # 223305 | 360 Mortgage Group LLC Austin Texas - Leander, TX
Helping Homeowners w/Home Loans in 27 US States

Hi Eleanor - Love the shooting star analogy. It really does seem to be that way, with the myriad of changes continuing to flow through the mortgage world.

Mar 05, 2009 03:23 PM #7
Rainer
131,985
Barbara Gregus
CARES Consumer Advantage Real Estate Services - Sandia Park, NM
Sandia Park Paa-ko Homes

Thanks for the info...I have been hearing a lot of different comments about how the credit will work.

Christopher

Mar 16, 2009 03:14 PM #8
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #9
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #10
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #11
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #12
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #13
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #14
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #15
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #16
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #17
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #18
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #19
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #20
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #21
Anonymous
larry david hewitt

iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my  pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'

 

Mar 18, 2009 02:33 PM #22
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