first time home buyer – owner loan

March 11, 2011

First Time Home Buyer Stimulus

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 1:53 pm
Tim C. Wood asked:




To rebuild US economy that had tumbled due to recession in the third quarter of 2008, President Obama and his administration has signed up 2009 economic stimulus plan that has to work on many aspects. Almost all the citizens are facing financial crunch and thus are unable to meet all responsibilities. It was felt by the team that among all of them the most sufferer is the sect of homeowners who had taken home loan under high rate of interest and due to the financial crisis they are now unable to repay their loan amount. The first time home buyer stimulus is specially designed to help the first time homeowners to have their house on easy terms and lower interest rate.

When anyone buys his first house it is much more than just a house and investment. There are lot of emotions and sentiments involved in buying and decorating it. It is ones dream house that has many years of planning and savings in it. And if due to non-repayment, this house is on the verge of foreclosure, it has not only the pain of loosing the house but also much more than that. The dreams and emotions attached with that house are unmatched. So there is a special package for first time homeowners so that they can buy their house on affordable rates.

First time home buyer stimulus has made buying home easier and affordable for most of the citizens who had postponed buying house due to the current financial condition. Since the first time homeowners are offered quite less and fixed rate of interest, they are able to pay the installments also. The monthly installments are fixed keeping in mind the monthly income of the borrower so that the loan is completely affordable for them. They also get tax rebate here and so the money saved every month is used in other things like shopping new apparel for young ones or kids that has been postponed for some time seeing the hard days.

There are people who have not gone out to dine and if they are relieved and they save some money every month, they can go out and dine or plan a weekend holiday or so. In this way other sectors of the society is going to be benefited and this will enhance employment opportunities also. As soon as the customer-spending percentage will increase it is going to affect all the sectors of life and society.

Janet

March 10, 2011

Benefits to First Time Home Buyers in This Real Estate Market

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 10:34 am
Indra S. Asserfea asked:




Real Estate has always known to be a good investment. If you look Although you may say “No, look at what happened to our economy because of real estate”. Well my answer to that is it isn’t the real estate itself but, the system that was in place and the methods that were used to purchase real estate is what got us into this mess. Now with the government’s help and new rules and regulations for all of us, our sources of funds to continue buying real estate still remain with the banks. Banks will begin to lend again but with those new rules in place otherwise we will not be helping the “flow” of our economy and getting ourselves out of a recession. So now that you can trust again, let’s look at the benefits for a first time home buyer especially in this economy.

1) Low Price – It is a “Buyer’s Market” and what this means is that there are multitudes of houses in the market place for buyers to choose from. There are both good and bad to this type of market. The good thing is that prices are extremely low and this is really, really good for a first time buyer. The bad thing is because you have so many to choose from, a buyer becomes indecisive. Why? Because a buyer thinks he’s making the wrong choice over another property. This, for a first time home buyer who does not know the pros and cons can be an excruciating ordeal which could lead to a “freeze mode” and thus, end up not making a decision to buy at all. So do not allow the numerous choices to get you down, buy now because the prices won’t always be like this.

2) The New Federal Housing Tax Credit – A tax credit of up to $8,000 has become available for first time home buyers if they were to purchase a home between now and the end of this year 2009. Plus this credit does not have to be repaid. If you have not owned a home in the previous three years you are eligible. Income is also a determination as to the amount that you may be eligible for. The reason this was enacted is to help put some surge into our economy and we should take advantage of it if we can. It is free money that you file for in your 2010 tax return. So hurry! You only have nine months left and considering it takes approximately 60 to 75 days to close a loan, you might want to begin your search now if you haven’t already done so.

3) Don’t Have a Lot of Money? – No Problem. There are still many types of loans that are out there for a first time home buyer. Speak with your Realtor if you are using one or your Mortgage Broker if you know of one or any direct lender. You can also go on to my website for more information [http://rem10p.uellc.net] and or send me an email if you’re seriously interested in buying a house at this time and I can help you achieve your goal.

Brent

March 1, 2011

Obama’s First Time Home Buyer Stimulus Plan – Should You Welcome It?

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 1:22 pm
Kary Cambell asked:




Many Americans waited patiently for, and was watching for Obama’s first time home stimulus plan to emerge. Now that it is here, all eyes are watching the housing industry like a hawk. This includes, real estate companies, big lenders, politicians on both sides, and of course, the potential receivers of this plan.

As detailed by his now enacted law, Obama has made the way, for first time homeowners, an eight thousand tax credit in helping them reduce the burden in the purchase of their homes. Obama has set aside this stimulus money in the hope to draw some relief for the housing market, which has suffered greatly in the recent recession. This stimulus plan seems aimed at kick starting the failing economy, which so badly needs that kick in its rear.

This first time home stimulus plan has undeniable benefits for those first time homeowners who were unsuccessful in their past bids to buy a single family home. This economic stimulus plan has left the real estate industry scrambling back to their calculators to estimate the windfall that will be soon coming their way.

This potential boom in the housing market will also benefit local businesses that have suffered with the loss of business due to the multiple housing foreclosures in their townships. Many people are optimistic in their hopes that this plan will somehow rise up the economy once again bringing financial prosperity back into their communities. With these thoughts in their minds and their eyes on the stimulus plan, most Americans are for once, almost placid with their fears, in the face of the recession.

One has to wonder why Middle America has not thought of the possibility of this stimulus plan of Obama’s having an adverse affect on the housing market. These first time homeowners, that until recently could not afford even the thoughts of owning a home, now have that opportunity.

What is in store for these first time homeowners when the mortgage companies decide to ante up their mortgages? What happens in the aftermath of floods, tornadoes and other natural disasters that will leave these new homeowners at the whim of insurance companies, remodeling costs and requesting bank loans to finance the rebuilding of these homes? If the American people are watching this stimulus plan go into affect, they should also be watching out for the mishaps that always seem to plaque homeowners.

Melissa

December 18, 2010

Benefits For First Time Home Buyers

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 5:01 pm
Yanni A Raz asked:




Are you a first time home buyer in the market to purchase the home of your dreams? You may not be aware that there are many benefits in home purchasing as a first time buyer. The Government has been working together with first time home buyers, to help them save money and purchase something at a reasonable price, by giving them grants to be used toward the purchase of their first home.

A tax credit of up to $8000.00 is granted to first time buyers. This is all part of the Recovery and Reinvestment Act of 2009, something that will not only benefit first time home buyers, but will also help to stimulate the economy and get out of this recession. IN order to qualify for this offer, you must first make a purchase on or before January 1, 2009 and before December 1, 2009. The purchase date will be the date the house closes escrow.

Qualifying for the credit is simple. You are considered a first time buyer if you have not purchased a property 3-years prior to the date of purchase. Keep in mind, if you are married, and your significant other has in fact made owned a home in the last 3 years, neither of you will qualify for the credit. If an unmarried couple wants to take advantage of the tax credit, and one of them owned a home in the last 3 years, the one who has not owned will still qualify, the tax credit will then be transferred to the qualifying party.

The tax credit is based on 10 percent of the purchase price, but will not exceed $8000.00.

Qualifying for this benefit is also based on your income. Married couples should have a joint income of at least $150,000 with unmarried couples at an income of $75,000. Also keep in mind, that this tax credit does not have to be repaid. The tax credit is claimed on your Federal tax return form 5405, this will determine your tax credit amount, which you will then want to claim on your 1040 income tax form, line 67. If you have purchased a house in 2009, and received the tax credit toward your purchase, you can choose to claim it against your 2008 tax return or wait to claim it on your 2009 return. If you have filed your 2008 return prior to your purchase, you may amend the tax return if you do not want to wait until the 2009 tax season. This is something you would want to ask your tax professional about prior to making a decision. Also, the home that you purchase, must be used for your principle residence for at least 3-years, or the IRS may try and take the $8000.00 credit back from you. Vacation homes do not count as a principle place of residence.

This $8000.00 tax credit can be used towards your down payment. Again, something you would want to speak to your tax professional about. Time is running out for this great opportunity, so seek the proper advice and make the choice that is right for you.

Stella

April 7, 2010

Will Obama’s First Time Home Buyer Stimulus Plan Work For You?

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 6:20 pm
Bryan Hendersen asked:


en patiently anticipated by many Americans and finally Obama’s first time stimulus plan has been unveiled. Now that it has become a reality, focus has turned to the housing industry. Real estate companies, lenders, politicians from both parties and potential homebuyers are all wondering how this plan will affect the future.

Outlined in this new law, Obama has paved the way for first time homebuyers to receive help in the form of an $8,000 tax credit that will minimize the burden created by purchasing a new home. The hope and purpose of this plan was to stimulate the real estate market, which has really been affected by the recent recession. It is hoped the First Time Home Buyer Stimulus Plan will give the economy a kick-start.

There are many benefits for homebuyers under this plan, especially those who were unsuccessful in previous attempts to purchase a home. The real estate industry will also benefit as people begin purchasing homes again.

The advantages are not limited to just the homebuyer and the lender, local businesses, who have previously suffered because of housing foreclosures, will also benefit. This plan has lead to optimism as people now hope the economy will rise up and some financial prosperity will return to their communities. With this in mind, and with the focus now on the stimulus plan, fears have been subsided and stress is being reduced.

It is possible that some aspects of this plan have not been considered. The First Time Home Buyer Stimulus Plan could have a negative affect on the housing market. People, who had no hope of buying a home prior to the introduction of the plan, are now able to purchase a family home.

However, what is going to happen when the lender decides to raise their rates? In the event of natural disasters like floods or tornadoes and these homeowners have to deal with insurance companies, remodelling costs and demand rebuilding loans how will all this be handled? The Americans that are excited about this stimulus plan should also be watching carefully for future mishaps that will eventually plaque the homeowners as well.

Clinton

January 18, 2010

Obama’s First Time Home Buyer Stimulus

Filed under: Mortgage — Tags: , , , , , , , , , , , , , , — admin @ 12:13 am
Suzan Smith asked:


Obama’s first time home buyer stimulus is for those people who had postponed buying a house due to the sudden outbreak of recession in late months of 2008. The US President Barack Obama and his team of administrators have planned and signed 2009 economic stimulus package and there are many sections and programs under this mega stimulus package. The first time homeowners are in fact the tenderest section of borrowers and they have lot of fear in their mind before and after possessing the loan.

However first time homeowners need to be very careful while seeking loan and believe the reliable sources only. The financial crisis has left everyone with postponed dreams, shopping and spending even on useful accessories. There are people who have postponed the renovation or modification in their house, or if they had previously planned to buy a house, they have postponed that too. But the government wants to help the first time homebuyers to come forward and buy their dream house. And for this they are offered very fewer rates of interest and the tenure for repayment is also increased.

Obama’s first time home buyer stimulus has much more to offer than just lower rate of interest to the first time homebuyers. This policy aims to give tax credits to the first time homebuyers who purchased their house between January 1, 2009 and December 31, 2009. The tax credit has $8,000 at its upper limit and is 10% of the present value of your house. This will help the homeowner save a lot as tax benefits and they will have considerable amount of money left to spend on other liabilities, responsibilities or mere luxuries.

The people when relieved of the financial tension and with some money left in their pocket every month, will go out and spend them in the sectors of their needs and interests, boosting up the country’s economy in return. So the main intension of the Obama government was to allow people have surplus money in their hands, which will directly affect the customer-spending percentage. This will help money stimulate in different areas of the market and society, which ultimately will increase employment opportunities in various sections and departments too.

The first time home buyers stimulus has fixed the income limitations of the buyer which is a very good sign so the less privileged class will get the benefit of the stimulus plan.



Colleen
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