Question by NiCO: First time home buyer tax credit?
I bought my house in December 2008. It’s my first home. Can I claim the first time buyer tax credit this year if I didn’t last year?
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May 31, 2011
First time home buyer tax credit?
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May 29, 2011
First Time Home Buyers
First Time Home Buyers
In 1994, we set our sights on a house located in a pleasant, quiet suburban enclave called Bixby Knolls in Long Beach, CA. Although we could barely afford the home’s ,000 purchase price – a fortune for us at the time – it was a small, neat, small national placed in a good neighborhood with appreciation potential. So, we dove into the home buying market. It was a perfectly manageable house located in a perfectly acceptable neighborhood.
We did not have a clue at the time that home prices would slowly begin to climb and climb and climb thanks to an extended period of historically low interest rates. Low interest rates spurred consumer demand, which soon grew to overwhelming consumer demand for homes to call their own. Consequently, home prices reached stratospheric levels in our neighborhood as well as in most major metropolitan markets (Texas, Oklahoma, the Dakotas and a few other affordable markets being the exception).
Ten years later, in the middle of April 2004, a devastatingly tragic electrical fire took the lives of our beloved Italian Greyhounds, Ben and Rusty. Although we rebuilt our home better than it was before, it was still a sad time for us; we ultimately sold our first, “first home”. The offers made for our modest 1,600 square foot home were obscene – obscene amounts, that is. It was undeniably the most profitable yet most heartbreaking investment of our lives.
In retrospect, recalling the loan application process and qualifying for the mortgage in order to buy our perfect little house, well, we recollect that process was NOT so perfect.
In 1994, when we were struggling to qualify for the mortgage, we were not aware of available first time home buyer programs created for folks of low to moderate income.
Furthermore, our loan officer did not introduce us to these options, either because he was as clueless as we were about the existence of such programs or, the bank with whom he was employed at the time elected not to participate in specialty programs for first time home buyers.
Neither we nor our loan officer had any idea the city of Long Beach, county of Los Angeles and yes, even the State of California all had available specialty loan programs designed specifically for folks like us: first time home buyers, short on cash for a 20%, 10% or even 5% down payment, not to mention funds to cover closing costs.
We were wholly unfamiliar with mortgage credit certificate programs, below market interest rate programs, mortgage revenue bond programs, and we would have given our left arm for help with no-strings-attached gift money and forgivable grant money provided through city, county and state housing agencies.
If we only knew . . . the home buying process would have been so much easier and much less stressful. Driving our decision to buy a home we could barely afford was exacerbated by our landlord’s demand we vacate the house, which was once rented by my husband and his former wife (the landlord’s daughter), within 30 days. Great – no pressure there. . .
Fortunately, with the generous help of parents and with a loan borrowed from our 401K, we were finally able to produce a minimal down payment. Our motivated home seller, a 80 year old retiree who wanted to move closer to her daughter in another town, helped us pay some of our closing costs through seller concessions. Then after all that, we SOMEHOW managed to scrape up sufficient funds to substantiate cash reserves to satisfy our lender and cover our personal moving expenses after escrow closed.
Did we consider buying new furnished and/or major appliances to update our 50 year old unexampled house? Fuggedaboutit! And THEN we had to take into account recurring costs associated with debt servicing the new mortgage and maintaining our new home like irrigated, electricity, property taxes, etc.
If your borrowers are anything like we were back in the day, the sticker stun associated with a new home purchase and maintenance cost can discourage even the most motivated buyers.
Timely solutions to the above-described challenges may not be easily found or outgoing at all. Notwithstanding the charity of parents, early relatives and/or through the liquidation of assets in enjoin to meet most lenders’ minimum mandatory requirements for down payment and cash reserves, a significant number of first time home buying hopefuls will consequently shelve their Dream of Homeownership.
This is the sad, sad shelf upon which dust will gather, accumulate and ultimately completely obscure the light-filled Dream of Home Ownership which once burned brightly in their mind’s eye – snuffed out, extinguished.
What you must know is it doesn’t have to end this way.
Be the Hero. With new information provided through the OFFICIAL LOAN OFFICER GUIDE, solutions to the above-described challenges are placed at your fingertips.
In most real estate markets today, it remains virtually impossible for the average consumer of low to moderate income to qualify for a modestly sized bond without benefit of a significant out-of-taken investment. Depending on a variety of qualified factors, we’re talking a down payment investment equal to 10, 15, 20 or 25% of the home’s sales price plus closing costs (points, title, insurance, etc.).
Be the Hero. Be the “Go to Guy” for information about down payment assistance programs and products.
Programs like those that are the focus of the Official Loan Officer Guide will well serve your marginally qualified borrowers and help support the real estate industry overall by providing another way to shore up buyer qualifying and loan viability.
Be the Hero. Reserve first time home buyer program funds on behalf of your borrower before your competition does. When I worked for a major national mortgage bank (a bank heavily vested in first time home buyer loan programs), I observed first hand fierce competition between loan officers and competing lenders for the right to secure programs funds on behalf of their constituencies – first time home buyers.
I observed borrowers anxiously await word from their loan officer for assurances that they too would get their piece of the first time home buyer mortgage assistance pie. Anything less could, and often did, jeopardize the borrower’s ability to qualify for a mortgage and close escrow on time (if ever).
A growing number of city, county and state housing finance agencies/authorities/corporations are creating new and/or fully funding existing programs to assist first time home buyers with cash money for down payment and closing costing. Monetary assistance can be quite substantial, ranging in amounts from ,000 to ,000+ (amounts vary by city, county and state) or calculated as a percentage of the home’s sales price or a percentage of the first mortgage loan amount.
Be the Hero. Be the first in line to procure program information, educate your customer and secure funds for your stressed out client base – first time home buyers.
Please note, programs addressed in the OFFICIAL LOAN OFFICER GUIDE are primarily used exclusively in conjunction with purchase money first mortgage loans with 30 year fixed loan terms. Alt-A, sub-prime and non-traditional hybrid loan first mortgage loans types are strictly prohibited.
Bottom line? There is hope, and it begins with this quick read, bare-bones approach to assisting the neophyte loan officer and veteran loan officer to better understand how such first time home buyer programs work in tandem with step-by-step processes and procedures and ways to pinpoint available programs in your borrower’s selected subject property city, town and/or surrounds. Some first time home buyers may elect to buy (or not to buy) in a particular city or county based on the availability (or lack thereof) of first time home buyer programs.
The OFFICIAL LOAN OFFICER GUIDE provides a fast track to inside knowledge regarding useful specialty programs created specifically to assist first time home buyers of low to moderate income on a NATIONWIDE scale.
There is a dearth of information available to educate loan officers on a nationwide scale about the many beneficial programs that are the focus of this guide. As I complete the writing of my first book on this topic, it is my hope, desire and intention that the OFFICIAL LOAN OFFICER GUIDE: Below Market Interest Rate Programs – Down Payment Assistance Programs, First Edition, will serve to educate and empower you to help cash strapped first time home buyers produce tangible results in the form of new, affordable housing that falls within the budgetary means of all eligible citizens nationwide.
To you guys and gals in the mortgage finance trenches, you are amazing! This book was written for you. May you make many a first time home buyer and real estate agent happy, satisified clients by your effective utilization of the information contained within this book.
Best of luck to you all and happy down payment assistance hunting!
Esperanza J. Creeger
Author
www.FTHBGuru.com
Fi
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May 28, 2011
Az First Time Home Buyer
Az First Time Home Buyer
Az First Time Home Buyer Free Online Articles Directory Why Submit Articles? Top Authors Top Articles FAQ ABAnswers Publish Article && $ .browser.msie ) { var ie_version = parseInt($ .browser.version); if(ie_version Login Login via RegisterHello My Home Sign Out Email
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Home Page > Home Improvement > Az First Time Home Buyer Categories AdvertisingArts & EntertainmentAutomotiveBeautyBusinessCareersComputersEducationFinanceFood and BeverageHealthHobbiesHome and FamilyHome ImprovementInternetLawMarketingNews and SocietyRelationshipsSelf ImprovementShoppingSpiritualitySports and FitnessTechnologyTravelWriting ]]> Az First Time Home Buyer By: Nancy Richards Posted: Jul 28, 2010
Some Things AZ First Time Home Buyers Can Expect
There are some advantages to being an AZ first time home buyer. There are a lot of government programs available to aid you pay pop payments, get inspections done, and even help with home improvements. Any first time home buyer, whether you live in Arizona, or really any other state should always take advantage of as many programs as possible, especially in these tough economic times.
However there are some things that you need to be aware of when it comes to being an AZ first time home buyer. One of them is that you really have to be aware of scams, because many shady business people come to Arizona, because the laws here are very relaxed when it comes to prosecuting offenders. Beware of property excise scams that ask you for money in order to reduce your property taxes, any you really have to look over any foreclosure contracts, lien holder agreements, any other ways people are trying to take advantage of a first time home owner.
Whether you are an AZ first time home buyer, or a first time home buyer in approximately other state, you still have to be very careful when it comes to buying a home. One of the things you ask to do is take your time, sit down with your spouse and create a checklist of the things that you are looking for in a home. Prioritize, how many bedrooms, and bathrooms do you absolutely need? Should you get a garage, or will a carport be all right? With the weather in Arizona, are you going to need central air conditioning?
Read more articles Purchasing a Home in Chandler, AZ There’s Never Been A Better Time To Buy A Home In Arizona Prime Time to Purchase Real Estate in Phoenix Arizona Henderson Real Estate AZ Eliminates The Middle Man With 203K Loan
Other things to consider when making your checklist are how large a patch of land do you want. Water is scarce here, so you really have to think about whether or not a home with an actual lawn is really practical. An AZ first clock home buyer needs to save money wherever possible, and maybe not having a green lawn can be a time and money saving option. There are other things you need to know when you are a foremost time house buyer as well.
You need to inspect any interior you are interested in. A good idea is to have another checklist of things that you need to look for. Make sure all the lights work, that the plumbing works, and there are no discoloration in the water. Check to make sure that all the outlets are in good operative order, and there is no funny smells about the house. Check the external, for cracks along the foundation, odd or misshapen roof tiles, and anything else that just looks off. Whether you are an AZ first time home buyer, or a first time home buyer anywhere else, you also need to hire a professional, unbiased home inspector to come in and inspect as well.
Home inspectors are extremely important for any first time house buyer. They have the skills to determine things some a home that you would never even consider of. One of the things they inspect is the electrical workings in the home, starting from where the power come in. They check electric boxes, to make sure there are adequate breakers, and that these are properly installed. They check plumbing, not just to make sure all the faucets work, but where the lines come in, and go out, and if there is enough ventilation. They check for mold and mildew, check ceiling rafters, basements, and many other details.
Nancy Richards – About the Author:
To read more information on first time home buyers go to www.azfirsttimehomebuyers.info
Source: http://www.articlesbase.com/home-improvement-articles/az-first-time-home-buyer-2919297.html
]]> Increase your traffic today just by submitting articles with us, click here to get started. Liked this article? Click here to publish it on your website or blog, it’s free and easy! Rate this Article 1 2 3 4 5 vote(s) vote(s) Feedback Print ) { ch_selected = Math.floor(Math.random()*ch_queries.length); if(ch_selected == ch_queries.length) ch_selected–; ch_query = ch_queries[ch_selected]; } }catch(e){ ch_query = document.title; } ]]> Article Tags: az first time home buyer, az first time home buyers, first time home buyers Latest Home Improvement Articles More from Nancy Richards Ready Made Rooftops
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May 26, 2011
WPAR Lobbys for First Time Home Buyer Perks in Albany
WPAR President Mike Graessle talks with local lawmakers about perks for first time home buyers at “Lobby Day” in Albany.
This two bedroom, ane bath ranch, is a perfect housing for the family just starting out or the family that is downsizing. Our Cottage Series offers affordable pricing exclusively for the Schiavi Home Builders clientele. Schiavi Home Builders www.schiavihomes.com
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May 23, 2011
Whats the best route for a Teacher who is a first time home buyer to acquire a mortgage?
Question by Mikey: Whats the best route for a Teacher who is a first time home buyer to acquire a mortgage?
I am looking to buy a condo in Los Angeles and I know there are deals for teachers as well as first time buyers. How would I go about utilizing both situations for my advantage? I have a real fear that the home business is full of rats who don’t care about you at all they just want a big return.
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Answer by dusty_titus
I know there are serious discounts for Police & Teachers for homes – but I’ve never heard of it for a Condo. If you’re a teacher; Ask your principal for input into those discounts – or LAUSD will have answers.
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May 22, 2011
First time home buyer tax credit for buyers ? 8,000 reasons to buy a new home
First time home buyer tax credit for buyers ? 8,000 reasons to buy a new home
I’m always surprised how many buyers of new homes does not always mean getting credit to $ 8,000 for first home buyers tax. In fact, this week of our clients just closed on a house and it was the fact that the negotiations will receive a credit of $ 8,000, which ratified the agreement while in reality.
http://www.firsttimehomebuyerloans.goodarticlesite.com/first-time-home-buyer-tax-credit-for-buyers-8000-reasons-to-buy-a-new-home/
Not only that, but for the first time home buyers can actually apply for the transport through the support of the state of Florida before moving to its conclusionHome> and then a refund if they get their refund.
However, these home buyers to act quickly. Buyers have until December 1, 2009 to a new house nearby, obtain assistance and loans or seizure.
Some times other answers to frequently asked questions for first home buyers a tax credit:
Prior to qualify as “first time buyer home buyer and his spouse must not have hada house in the three years preceding the sale.
The second tax credit can be applied sole to primary residences.
The third maximum allowable tax credit is 10% of the purchase price of the apartment for $ 8,000.
Fourth single buyer with an income up to $ 75,000 and married couples with incomes up to $ 150,000, may be the maximum of $ 8,000.
Fifth Money should not be paid for the house to the government if the buyer takes thethree years or more.
When you combine this tax credit, first time home buyers, with interest, but are low and property prices on the ground has never been a better time at home, your purchase.
http://www.firsttimehomebuyerloans.goodarticlesite.com/1st-time-home-buyer-tax-credit-for-buyers-8000-reasons-to-buy-a-new-home/
Here’s a Tip from the IRS. . . Did you buy a house or a condo recently? If you did, it could intend money in your pocket. Thats correct, if you bought a home last year you could get a 75-hundred dollar interest-free loan – courtesy of Uncle Sam — and you have 15 years to pay it back. On the other hand, if you buy a home this year before December the first, you can get a tax credit of up to eight-thousand-dollars either on this years return or next years return, and you dont even have to pay it back. To learn more about the first-time homebuyer credit go to IRS.gov.
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