first time home buyer – owner loan

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 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

August 7, 2009

First Time Home Buyers Benefit from President Obama’s Stimulus Package

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 2:31 am
Bryan Hendersen asked:


using crisis grew and the credit markets sputtered and fell, many first time home buyers became not only hesitant to purchase a house, but found getting a loan more and more difficult. Add to that the fact that the job market was quite uncertain and you had an environment in which home purchases became stagnate.

To break up this log jam, the government put in place a set of unprecedented stimulus packages to help prop up a weakened economy. These packages ranged from financial institution bail-outs to cash-for-clunkers which offered incentives for car owners to trade in their old gas guzzlers for more fuel efficient vehicles.

The centerpiece of the Obama stimulus package to spur home purchases is an incentive directed at first time home buyers to purchase a new home with a tax credit for up to $8,000. The initial Obama stimulus package included a tax credit up to $15,000, but was decreased to the $8,000 limit in its final form. This first-time home buyers incentive was put in place to cover homes purchases from January 1st and December 1st of 2009. There are several restrictions on this incentive including that the fact that home must be a primary residence and that the house cannot be sold within three years of the purchase. There are also income restrictions on this tax credit.

As with many of elements of President Obama’s stimulus package, the home purchase tax credit has its critics, but this effort has been credited with spurring home purchases after the recent economic downturn. Home sales have been trending up across the country throughout 2009 and the market is showing signs of recovery for 2010.

Nicholas

August 6, 2009

Federal Government’s Incentive Program to First Time Home Buyers – Obama’s Stimulus Package

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 4:20 am
Bryan Hendersen asked:


y believe that over-extended first time home buyers played a large role in creating the current economic crisis, the Federal Government nonetheless is trying to woo even more new home buyers with their current stimulus package. Afraid you can’t afford to buy a house? Worried you won’t qualify for a loan? Never fear ? the government will come to your rescue with its ‘First Time Home Buyer Stimulus Package,’ which is being targeted to both first time buyers and those who have not owned a home for at least three years.

Owning your own home remains the American dream. That’s the philosophy behind this program, which includes both pre-owned and newly constructed homes. If successful, it could reduce the current inventory of unsold homes, replenish construction industry coffers and put some unemployed builders back to work. There are three components of the program:

1. Tax credits

2. Down payments funding

3. Lower interest rates

The first stimulus programs were instituted in 2008 at the beginning of the economic downturn. As these programs were found to be insufficient, the government unveiled additional incentives to spur home ownership. The goal was to reinvigorate the real-estate market at a time when people must overcome their fear of spending and of home foreclosure.

A 10% tax credit is available to those who purchase a home between January 1, 2009 and December 31, 2009. Depending on purchase price, this credit may be up to $8000. The credit must be claimed within two years of buying the home. The tax credit might be used to offset the property taxes and to recover some of the downpayment, which is often a barrier to home ownership.

Speaking of down payments, the second incentive introduces the possibility of having to raise a smaller sum. A typical down payment amount is 10% of the sales price — $20,000 on a $200,000 house. If you don’t need to put down so much, the government hopes you’ll spend that savings on home improvements or other investments. They might also offer you a loan with lower points, resulting in lower closing costs or a lower monthly mortgage. This program is restricted to individuals earning up to $75,000, or couples earning up to $150,000.

A final alternative being offered is a tax rebate on the loan’s interest. This is different from a tax credit. Investment property owners are also eligible to take advantage of the tax rebate for expenses that are considered part of the property’s maintenance and therefore an income tax deduction.

The government foresees many positive benefits from the First Time Home Buyer Stimulus programs. Beyond helping people to become homeowners, it is viewed as a way to revitalize the economy, and keep our head up in the eyes of the world.

Jessica

July 25, 2009

FHA First Time Home Buyer Home Loans

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 8:22 pm
Lorna Mclaren asked:


FHA first time home buyer home loans are exactly what the Federal Housing Association was initially created for. If you are a first time home buyer looking for a home buyer loan then the FHA may offer the ideal solution to your requirements.

Any first time home buyers find that the deposit is the hardest part of any home loan. These down payments can be as low as 3% of the purchase price and it is also possible to have the majority of your closing costs and fees included in your loan. The FHA first time buyer home loans are specifically designed to help first time buyers get their feet on the property ladder, especially when house prices are increasing at a far greater rate than wages.

Of course, there are certain requirements that borrowers need to meet before they are eligible for an FHA first time home buyer home loan. The majority of these loans are not available to first time buyers with a poor credit rating. The FHA also has various other credit qualifications that an applicant needs to satisfy to qualify for a first time buyer home loan.

An FHA first time home buyer home loan is usually available on properties that have up to four units but most first time buyers are not looking to go into property ownership for profit but rather for somewhere to live. The amount of money that a borrower can obtain is up to 97% of the total finance require to purchase the property but it is important to remember that the initial mortgage insurance premium must be paid separately in advance of the financing agreement.



Paula
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