Click here for Part 1: www.youtube.com As the founder of Bello Mortgage, let my 11 years of experience and hundreds of resources find the best mortgage for you. The Canadian First Time Home Buyer video gives new home buyers the basics on what they should be expecting when they look to buy and finance their new home. This 2 part video looks at: -Application Process -Difference between Pre-approval and Approval -Different types of mortgages -Downpayment -Financing availability -Closing costs Click on the website for more. Free Legals, Appraisals & Bonus Offer if you state you found Bello Mortgage through YouTube. For more information or to receive our Free Newsletters, visit: www.mortgagespecialist.ca or call 604.303.9000 and talk to Pedro
Marian
October 27, 2010
Canadian First Time Home Buyer Guide – Part 2 – Bello Mortgage Corp
BelloMortgage asked:
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August 13, 2010
Other Tax Incentives For New Home Buyers
Luis Pezzini asked:
The government’s tax credit for first time homeowners is picking up steam as summer comes. That tax credit is as much as $8,000 for properly qualified homeowners. That’s a very good amount, but there are areas of the country that are offering extra incentives, as well as governmental recommendations for an increase in the amount of the tax credit itself.
For instance, earlier this year, the home builder Taylor Morrison offered an option for some home buyers where, for a short period of time, they would match the $8,000 tax credit, or whatever amount the home buyer qualified for. They ran that for one month, and it was only for new homes that Taylor Morrison would build, but, based on some fancy accounting work, some buyers were able to save upwards of $50,000 on the purchase of a new home.
Then we have the state of California, which has added to the $8,000 tax credit by giving an additional 5% tax credit to some home buyers, which means a home owner could end up with a tax credit of $18,000 overall. For this one, the homeowners only had to live in the house for 2 years, as opposed to the federal plan where owners have to live in the house for 3 years. Of course, since it’s a government program, it has a limitation. The credit is available for just one year, and it’s on a first come, first serve basis. Since the state allocated $100 million to it, once it runs out, that’s it. And, instead of getting the credit all at once, the credit is given out over a 3 year period, which means you could possibly be out of the house and still getting a credit.
In Georgia, a tax bill was signed in May that gives up an a $1,800 tax credit for first time home buyers who purchase their homes between June 1 and November 30, 2009. The amount is based on giving purchasers 1.2% of a credit for the purchase price up to that $1,800 figure.
Also, something not many people know is that there’s a special tax incentive for both new and existing home owners to go “green” on renovation of their homes, which could earn them a tax credit of $1,500, although it’s a one time credit and has to be claimed in either 2009 or 2010.
Of course, the big bonus is the introduction of legislation by Georgia Sen. Johnny Isakson that would increase the amount of the present tax stimulus from $8,000 to $15,000, as well as eliminate financial caps now in place, making it open for more than just first time homeowners. The idea here is to allow both new and existing home owners to take advantage of the high number of foreclosed upon homes that are available, homes that were formally at a very high cost but have come down as the glut of houses kept growing.
Indeed, it looks like there are not only states that are willing to help potential home owners, but the federal government is also trying to boost what they’ve already given you. This is definitely a good time to be looking into the possibility of purchasing a new home.
Zachary
The government’s tax credit for first time homeowners is picking up steam as summer comes. That tax credit is as much as $8,000 for properly qualified homeowners. That’s a very good amount, but there are areas of the country that are offering extra incentives, as well as governmental recommendations for an increase in the amount of the tax credit itself.
For instance, earlier this year, the home builder Taylor Morrison offered an option for some home buyers where, for a short period of time, they would match the $8,000 tax credit, or whatever amount the home buyer qualified for. They ran that for one month, and it was only for new homes that Taylor Morrison would build, but, based on some fancy accounting work, some buyers were able to save upwards of $50,000 on the purchase of a new home.
Then we have the state of California, which has added to the $8,000 tax credit by giving an additional 5% tax credit to some home buyers, which means a home owner could end up with a tax credit of $18,000 overall. For this one, the homeowners only had to live in the house for 2 years, as opposed to the federal plan where owners have to live in the house for 3 years. Of course, since it’s a government program, it has a limitation. The credit is available for just one year, and it’s on a first come, first serve basis. Since the state allocated $100 million to it, once it runs out, that’s it. And, instead of getting the credit all at once, the credit is given out over a 3 year period, which means you could possibly be out of the house and still getting a credit.
In Georgia, a tax bill was signed in May that gives up an a $1,800 tax credit for first time home buyers who purchase their homes between June 1 and November 30, 2009. The amount is based on giving purchasers 1.2% of a credit for the purchase price up to that $1,800 figure.
Also, something not many people know is that there’s a special tax incentive for both new and existing home owners to go “green” on renovation of their homes, which could earn them a tax credit of $1,500, although it’s a one time credit and has to be claimed in either 2009 or 2010.
Of course, the big bonus is the introduction of legislation by Georgia Sen. Johnny Isakson that would increase the amount of the present tax stimulus from $8,000 to $15,000, as well as eliminate financial caps now in place, making it open for more than just first time homeowners. The idea here is to allow both new and existing home owners to take advantage of the high number of foreclosed upon homes that are available, homes that were formally at a very high cost but have come down as the glut of houses kept growing.
Indeed, it looks like there are not only states that are willing to help potential home owners, but the federal government is also trying to boost what they’ve already given you. This is definitely a good time to be looking into the possibility of purchasing a new home.
Zachary
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July 19, 2010
Canadian First Time Home Buyer Guide – Part 1 – Bello Mortgage Corp
BelloMortgage asked:
Click here for Part 2: www.youtube.com As the founder of Bello Mortgage, let my 11 years of experience and hundreds of resources find the best mortgage for you. The Canadian First Time Home Buyer video gives new home buyers the basics on what they should be expecting when they look to buy and finance their new home. This 2 part video looks at: -Application Process -Difference between Pre-approval and Approval -Different types of mortgages -Downpayment -Financing availability -Closing costs Click on the website for more. Free Legals, Appraisals & Bonus Offer if you state you found Bello Mortgage through YouTube. For more information or to receive our Free Newsletters, visit: www.mortgagespecialist.ca or call 604.303.9000 and talk to Pedro
Gordon
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August 6, 2009
Federal Government’s Incentive Program to First Time Home Buyers – Obama’s Stimulus Package
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
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
Comments Off