first time home buyer – owner loan

February 14, 2011

First Time Home Buyers Stimulus Help

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 5:16 pm
Suzan Smith asked:




Purchasing a home includes a lot of things to consider especially if this is the first time that you will buy a home. Considerations would be the price of the home, how many rooms does the home has, the location of the house if it is close to your workplace or kid’s school, the furnishing of the home, and a lot more things that may affect your stay in the home.

This is the first year of President Barack Obama’s term as a president of the United States and on his first few months, he signed one of the best projects to help first time home buyers to get credit from the house that they may purchase.

First time home buyer could mean a person who didn’t purchase a home for the past three years. This will include credit up to maximum of $8, 000 or 10% of the acquisition of the amount of the house.

Planning is the best and first thing that you will need to do. Taking notes on how much you are earning and how much you are spending is a good way of planning before buying a brand new home.

It is also advisable to clean your credit report before buying a home. In this way, it will be easy for you to be approved in any kind of loan that you may apply.

You may speak to your lender in applying for the First Time Home Buyer’s Stimulus program; they may have the information on how you can apply and how you can prove that you can pay for the loan in your own way. For the first time home buyers, there can be loans offered in order to pay the mortgage in which, is reasonably priced for the buyer and easy to pay.

Sean

January 23, 2011

Obama’s First Time Home Buyer Stimulus Program – A Recession-Proof Plan to Help You Out

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 4:37 pm
Timothy Croy asked:




The recession of 2008 started an economic decline that required governmental intervention. The fix came in the form of various stimulus programs that were signed into being by President Obama in an effort to stem the tide of fear among our citizens. People facing monetary difficulties tightened their belts to ride out what was hoped to be a temporary storm but fear kept them from spending money because they couldn’t face the possible losses that were inevitable.

Home ownership has suffered significantly as a result of the sudden loss of consumer confidence in our government’s ability to repair what went wrong. After taking on shaky home loans with high interest rates, many people lost their homes to foreclosure, leaving them bereft of money and soul, their dreams gone in the process. The First Time Home Buyer stimulus programs that came to the forefront a few short months ago are intended to solve several problems. First, it will help people reconnect with their dreams of home ownership by encouraging them with lower interest rates.

Purchasing a home for the first time carries with it many emotions and concerns. Often people who sign a contract have feelings of remorse, almost a grief process that must be gotten through. This comes because when purchasing something that is so significant there is always the possibility that you are making a mistake. This is probably one of the reasons people who are financially capable of buying a home choose to stay in temporary quarters. The escape factor is always there for them if things go wrong, as they often do.

If home ownership is something you aspire to, the stimulus program for first time home buyers is well worth pursuing. Purchasing a home under these circumstances has never been easier as the government has put plans in place that will give you the most bang for your buck. The incentives being offered are lower interest rates, lower down payments, and fixed and reasonable payments.

The upside of obtaining a home loan using the First Time Home Buyer Stimulus Program is that you will finally have more money in your pocket. Going on vacation, eating out, going to a movie, having a party – all will once again be within your reach. And as you go about your daily activities you will be providing jobs for the people who serve you. Saving for larger expenditures will also be a possibility and it won’t take forever to accumulate enough to make that purchase. This, too, will support an ailing economy.

As you consider your options when you buy a home, remember these programs that have been made available to you and don’t be afraid to take that risk. You have absolutely nothing to lose and everything to gain. You take no risks if you just apply for a loan through the stimulus programs.

Tamara

January 7, 2011

First Time Home Buyer Stimulus

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 6:12 pm
Sonia Less asked:




The first time homebuyer stimulus is a recently approved Tax Credit bill. The proposed $15,000 homebuyer tax credit between the House and the Senate did not prosper, but recently President Barack Obama signed into law a smaller measure to help revive the real estate market.

The tax credit for first time homebuyers is equivalent to getting a tax return of $8,000.00. This works great if you do not owe any money from the government and you usually get a tax return. When you purchase a home for the first time, the government is going to send you a tax refund of $8,000.00.

This is only good for the year 2009, so if you are planning to buy a home, do it now to avail of this tax credit refund.

Who can qualify for this? Below is some further information of the First Time Home Buyer Stimulus Tax Credit.

1. All US Citizens who file for taxes can qualify. First time homebuyers mean that he or she has not owned a residence for at least three years before purchasing a house. The date of transfer is considered the actual date of purchase.

2. Only homebuyers who purchase a home between January 1 and December 1, 2009 can qualify for the credit. Those who purchase a home before the specified date will not be able to avail of it.

3. The home purchased must be used as the main or principal residence. This includes all kinds of houses such as townhouses, single-family detached homes, manufactured homes or mobile homes, condominiums and houseboats. The home buyers must live in the home for the next three years to fully take advantage of the tax credit.

4. The cost of the home should be at least $80,000.00 or more. According to the plan, a homebuyer receives ten percent of the home purchase. To receive the full $8,000.00 credit, the home should be bought for $80,000 or above. Married couples who file separately will receive a maximum of $4,000.00.

5. The tax credit has income limits attached to it. To qualify for the full credit, single buyers must have a gross income of $75,000.00 or less and $150,000.00 or less for married ones. Those earning more may qualify only for reduced credits.

6. The tax credit is refundable, so buyers can take full advantage of it even if they have lesser tax liability.

7. In order to capitalize on the credit, buyers have to maintain ownership of the home for at least three years. This means that you do not sell your home within those years. If you do sell before the three-year term is up, then you have to return the credit back to the government. There are exceptions however, such as divorce or death.

If you qualify, you can claim for the tax credit when you file your income tax return. For the tax credit, you can claim when you file your income tax return. Take into consideration that when you purchase a home this year, you will only see it reflected after you file your income tax in April 2010.

Jeanette

January 2, 2011

First Time Home Buyer Stimulus

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 7:39 pm
Kelly Kennedy asked:




Have you experienced buying your dream house with the money that you saved for years? This is the most crucial part of your financial history in case that you weren’t able to pay for it on time, it will reflect to all of your credit report especially for the first time buyer. There are no government programs before that can help you to get something in return in buying a home.

Today, if you purchased a home, you will be getting tax credit of $8,000 from the amount of the purchased home for a single taxpayer from “Making Work Pay” Tax Credit plan or it is also known as the American Recovery and Reinvestment Act of 2009. The tax credit is a big help for a person especially for someone who has a low income, having someone sick in the family, or disabled family members.

The American Recovery and Reinvestment Act of 2009 give assistance for the first time home buyer in down payment for the home, low mortgage interest rates and as well as the tax return after purchased of the house. However, not all first time buyers are eligible for this program.

This plan is applicable for the first time home buyers who purchased the house on or before April 9, 2008 until July 1, 2009. This will remove the property owner’s settlement requirement for people who bought the home after January 1, 2009 up to maximum of $8,000 until December 1, 2009.

The American Recovery and Reinvestment Act of 2009 is not only good for homeowners, but also good for real estate companies that will encourage more people to buy a new home to enter the mortgage market that offers low mortgage fees and keeping their dream home and its lessen risk to purchase a new home.

Corey

December 12, 2010

Obama’s First Time Home Buyer Stimulus Program of 2009

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 3:52 am
Kary Cambell asked:




Everyone needs a place to call home and for many that dream involves purchasing a home. This is generally the most significant purchase you will make in your lifetime and some people buy a home and live there for their entire life. Whether you are buying your home for yourself alone or for your family, the First Time Home Buyer Stimulus Programs may help you realize your dream.

Interestingly, this government program, though created specifically for the first time home buyer, can actually be used by those who have not enjoyed home ownership in at least the last three years. If you meet this criterion you are eligible to apply for one of the First Time Home Buyer Stimulus Programs enacted by congress in both 2008 and 2009.

Because of the significance of a home purchase, a smooth transaction is desirable on many levels. When you dream about your ideal home you may imagine that it will be located near your work, within walking distance of your kids’ school, or on a lakefront with a mountain view. Whatever your ideal home resembles, you will want to take the time to look for residences that meet your needs. This can be time consuming but enjoyable. So many decisions must be made that you need to give yourself ample time so you don’t end up feeling like you settled for less than what you wanted. Try to imagine the type of home you want – one that’s large enough to accommodate you and your family, that is convenient, and that is move-in ready. Then visualize your home with your furniture in place, what things you might need to purchase, what changes you might want to make, and whether you will have enough storage space. Enjoy yourself because this is the easy part compared to the serious financial considerations that will follow.

Knowing your price range in advance will keep you from looking at homes that fall far below or far above what you can afford. How much down payment can you make and what will your taxes be? Do you have any outstanding debts? If so, pay them so they won’t adversely affect your credit score. This will make it easier to secure a loan.

You can get more information from local lending resources. All mortgage lenders know about the federal programs that came about because of the current economic crisis, and they can guide you as a first time home buyer to secure the financial assistance you need. There are some major benefits involved with these programs – lowered interest rates, tax credits, and assistance with a down payment. Significantly lower interest rates may be available for disabled home buyers or those who are on a low or fixed income.

The First Time Home Buyer Stimulus Programs are being made available as a way to assist first time home buyers, encouraging them and helping them find ways to purchase a first home. This helps not only the new homeowner but has the positive side effect of stimulating the economy while assisting in the purchase of new or existing homes.

Erica

November 17, 2010

Obama’s First Time Home Buyer Stimulus

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 2:28 pm
Suzan Smith asked:




Obama’s First Time Home Buyer Stimulus is a government program instituted to boost the housing market and help people who have not owned a house in the last three years. The assistance is in the form of a tax credit that is 10% of the purchase price. The maximum amount is $8,000.

The great thing about this program is that this tax credit is refundable. This means that you don’t have to owe that much in taxes to take advantage of it; it can come to you as a refund on your taxes.

This program comes at a time when the housing market is certainly a buyers market. Home prices have dropped to a very low level, and houses are not selling. Foreclosures are at an all-time high, and homes are available at bargain basement prices. If you can qualify for this program, you can receive a good tax credit and have an ample selection available of homes that are in your price range. These homes will likely increase quickly to their former value or above when the national economy stabilizes.

What are the income criteria for this program? A single person cannot make more than $75,000. The salary cap for couples under the program is $150,000 in income. If you make more than this amount, you may be able to qualify for partial credit. The home cannot be a vacation home or a rental property. This is for a primary residence that you will live in. If you sell the property before three years is up, you may have to pay it back. This recapture may be forgiven if there are extenuating circumstances.

Obama’s First Time Home Buyer Stimulus hopes to benefit both the housing market and those who do not yet own a home. For the economy and for the aspiring homeowner, this could not come at a better time!

Joe
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