first time home buyer – owner loan

October 27, 2009

Do I get the first time home buyer tax credit this year or next year?

Filed under: United States — Tags: , , , , , , , — admin @ 4:50 am
Jane S asked:


Under the new stimulus first time home buyers get something like $7500 tax credit. If I bought a home in 2009, could I see the benefits in my tax refund when I file this month? Or will I have to wait until I file in 2010?

Francis

October 25, 2009

Macomb County Realtors Advice: Tax Credit for First-Time Home Buyers

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 11:13 pm
Mark Goedert asked:


First-time home buyers purchasing a home are eligible for the tax credit.  The purchase must occur between 1/1/09 and 12/1/10.  The law defines a first-time home buyer as one who has not owned a principal residence during the three-year period of time prior to the purchase.  With married couples, both spouses must meet the 3-year requirement to qualify for this credit.

The credit is a refundable income tax credit.  This means that if the amount of credit you claim on your 2009 income tax return is more than your tax liability, the difference is paid to you in your income tax refund.

The tax credit is equal to 10% of the purchase price of the home up to a maximum credit of $8,000.  There are modified gross income requirements to be eligible for the credit; single tax payers’ limit is $75,000 and married tax payers’ limit is $150,000.  The credit is reduced for tax payers whose income is higher and the phase out range is $20,000; therefore, reducing the credit to zero for those with income of $95,000 if single and $170,000 if married.

The tax credit is claimed by filling out the IRS tax Form 5405.  The IRS.gov website will have details and instructions for completing this form.

Revisions to Tax Credit for 2009

There were several modifications made to the First-Time Homebuyer Tax Credit for 2009.

Amount of maximum credit increased to $8,000 Purchasers utilizing revenue bond financing are eligible for the tax credit No repayment requirements on purchases from 1/1/09 – 12/1/09. Recapture provision states if your home is sold within 3 years of purchase, the entire amount of credit is recaptured on the sale (this applies only to homes purchased in 2009) The termination date is 12/1/09 and the effective date for all revisions is 1/1/09.

Other provisions of the Stimulus Plan include:

FHA, Fannie Mae and Freddie Mac Loan Limits

Neighborhood Stabilization

Commercial Real Estate

Rural Housing Services

Low Income Housing Grants

Tax Exempt Housing Bonds

Energy Efficient Housing Tax Credits and Grants

Transportation Investments

Broadband Deployment



Maureen

October 24, 2009

First Time Home Buyers Get Major Tax Credit From Federal Government With Obama’s Stimulus Plan

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 9:16 pm
Bryan Hendersen asked:


be thinking about buying your very first home or the first one in the past three years, but aren’t really sure if you should go for it. There are a lot of things to consider when buying a home, especially the finances. In this economy, with all those foreclosures happening, it can be a scary venture. The government wants to change all of that and encourage anyone who wants to buy a house for the first time, to go out and get one. They will even help.

Obama is offering first time home buyers up to $8000 in tax credit that they can use for either this present year or over the span of two subsequent years. This is a great incentive for most people. It’s more money in their pocket that they can use for other things. There is a qualification for this though. Your sole income must not exceed $75,000 and if there are two people involved in the transaction, then the income cannot come to more than $150,000.

There are other benefits to this feature of the new stimulus package. The government will help you pay the down payment which is usually around 10% of the house cost. They are also reducing the interest on the mortgage. In the end you will save thousands of dollars on your brand new home while enjoying every pleasure of owning it.

If you would like more information regarding this topic, search the Federal Government website under ‘first time home buyer’.

Tracy

Obama’s First Time Home Buyer Stimulus Plan – Help for New Homebuyers

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 7:57 am
Bryan Hendersen asked:


irst home stimulus plan gives first time homeowners the opportunity to grab the American dream and own their own home. The First Time Home Buyer Stimulus Plan is viewed as a method of stimulating the housing industry and to help America get back on its financial feet so it can again be the land of opportunity.

The President enacted this plan, one that will allow all first time homeowners who meet the qualifications help to buy their dream home and put the white picket fence around it to boot! This plan will offer homeowners an $8,000 tax credit that will hopefully boost the real estate market, create some jobs, stimulate the economy and help homebuyers feel peace at the prospect of becoming homeowners. There are some who wonder if this plan is going to accomplish all of this as the President hopes.

In hopes that the President’s economic and housing plans will lead the country into a brighter economic future, people are optimistic about qualifying for the First Time Home Buyer Stimulus Plan. The hope of owning a home in an economy that usually prohibits this might just be the first step in that journey back.

This present stimulus plan is larger than the previous $7,500 plan and first time homeowners are satisfied with it. The possibilities of this plan are to encourage the economy and give people a chance to start their life without baggage.

Americans are anticipating Obama’s First Time Home Buyers Stimulus plan, while some are wondering how the local economy, businesses and the job industry will be affected by this plan. For some, living through the recession with the possibility or the unfortunate reality of having lost a job, this First Time Home Stimulus Plan seems to be one bright light in a troubled time.

For some this plan is not just assistance to first time homeowners but the first step in a revitalization plan for communities where foreclosures were common. The success of this Plan cannot be immediately assessed; the proof of its success can only be measured over time.

Danny

October 20, 2009

Help for First Time Home Buyers

Filed under: Loans — Tags: , , , , , , , , , , , , , , — admin @ 7:37 am
Primoz Borovnik asked:


Therefore if you want to wear shoes while relaxing on a bean bag, then you are free to do so. For many first time home buyers, this is the vision that they have of owning a new house. However that vision can often be obstructed by the payment of fees and monthly installments. Fortunately, qualified buyers may now apply for government grants to cushion the costs.

Although it is not available nationwide, many states offer reasonable government grant packages to qualified individuals. These grants can consist in thousands of dollars of your payments which is more than enough to decide in favor of buying a house. A particularly good grant will even cushion monthly installment payments if you are good enough to qualify.

When applying, simply go to the city hall or the nearest relevant office to acquire the necessary forms. Make sure that you fill out the fields and questions truthfully, accurately, and wisely. Investigative teams are formed by the government to verify the truthfulness of your allegations and to check whether or not you are truly qualified. The government only gives grant packages to the most qualified of individuals. If your answers reflect dishonesty, then you might as well kiss the grant goodbye.

When writing your grant application, make sure that it is appealing and that it stands out. If you need help in constructing the best scenario or ground for the grant, then simply browse through the internet. There are a lot of good sites that offer helpful tips and information on writing the best grant.



Daniel

October 15, 2009

Obama’s First Time Home Buyer Stimulus Plan for 2009

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 8:16 am
Bryan Hendersen asked:


onomy has been suffering for some time and when the recession of 2008 crept in it was obvious to many that something had to be done to stem the tide of worry and disillusionment among our citizens. In 2009 President Obama signed into being an economic stimulus program that was aimed especially at first time home buyers – people who had either never owned a home or who had not owned a home within the last three years.

This remedy became necessary when people began suffering after the downturn in the economy, resulting loss of jobs, and increasing home payments as adjustable-rate mortgage interest adjusted upward, causing many people to fail in making their monthly house payments. Those who defaulted had only a short time to recover and when they couldn’t do so, they lost their homes to foreclosure. Sometimes without recourse, people abandoned their homes and their dreams and were forced to make other living arrangements.

Americans expect support from their government in times of trouble and that support has come in the form of the First Time Home Buyer Stimulus Program. With incentives such as down payment assistance, lower interest rates, and income tax credits, home ownership is once again something about which people can dream.

When people look for their first homes, there are many emotions that go into that decision. Some would-be home buyers are reluctant to make such a huge financial commitment but their desire for a home usually wins out over their doubts. And because it is such a huge obligation, careful planning is essential. Taking advantage of the government stimulus program is going to help make more dreams come true in a relatively painless way. The loans that can be obtained will come with reasonable interest rates, lower monthly payments, and smaller down payments.

Tax credits are also a part of these programs and will save you money at tax time possibly allowing you to spend extra on something else you might want. Maybe you’ve postponed a trip or perhaps it’s been a long time since you bought something that you previously thought was frivolous. Whatever you plan to do with your money you will be helping to stimulate our ailing economy. Whenever you spend money, the ripple effect goes into motion and your dollar spent is another person’s dollar earned. When people use their money in this way, other people keep their jobs and the ripple moves on to the next person.

Consumers who consistently live frugally, may find it difficult to get past that mindset when there is an improvement in the financial landscape. The First Time Home Buyer Stimulus Program will help to ease the concerns of people who have for sometime found themselves in that category of frugal spenders. It has the potential of creating more home owners and more jobs and giving hope to a new generation of people. This can be the basis for our recovery as we try to find new and better ways of living so that we can continue to indulge in the American dream of home ownership.

Ben
Older Posts »

Powered by WordPress
loans | collaboration tools