Posts Tagged ‘8000 tax credit’

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Only 4 Months Left for the $8K Tax Credit!

July 30, 2009

Just a friendly reminder if you really want the $8,000 first time home-buyer tax credit but have been dragging your feet lately… it might be time to ramp things up again.  The deadline for the tax credit is November 30th.  That means you’ll need to have closed on your home by then if you want the incentive.  With normal escrow periods taking 30-45 days, you’ll need to be “in contract”  by mid-October (and that’s going to be cutting it close).  Those applying for FHA financing or purchasing a short sale should build in even more time, perhaps a 60-90 day cushion before November 30th.

And don’t be surprised to see log jams at lending institutions and title companies around November 30th, which could add complications for those trying to squeeze in.  Good luck!

You snooze, you lose

You snooze, you lose (regardless of how cute you are)

For more buyer tips, click HERE.

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Tax Credit for Buyers May Expand

June 23, 2009

According to an article published on USAToday.com, lawmakers have proposed some fairly significant changes to the existing $8,000 tax credit available to first time home-buyers. Currently, the $8,000 credit is available to first time buyers (anyone who has not purchased a home within the past 3 years).  Single people making less than $95,000 per year and married couples making less than $170,000 per year combined are eligible for a partial credit.  Single people making less than $75,000 per year and married couples making less than $150,000 per year are eligible for the full credit.  Buyers do not have to repay the credit if they own and occupy the home for three years or more.

The new legislative proposals include:

  • Proposal 1:  Tax credit to rise to $15,000.  Eligibility no longer restricted to first time buyers.  Income restrictions lifted.
  • Proposal 2:  The $8,000 tax credit would be extended until June 2010 and apply to all buyers.  A $3,000 tax credit would be extended to those refinancing.
  • Proposal 3:  The $8,000 tax credit would be extended to all buyers through 2010.

No word on how realistic these proposals are, but they are floating around out there.  The full article is available by clicking HERE.

Will new legislation save housing or create more problems?

Will new legislation save housing or create more problems?

*Always consult an accountant for tax advice.

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Use your $8,000 tax credit as a down payment?

May 13, 2009

It could happen, and soon.  According to an article published at HousingWire.com, the FHA (Federal Housing Administration) may soon allow first-time home buyers who qualify for the quickly-growing-in-popularity government-backed FHA loans, access to their $8,000 tax credit at the closing table so that they can apply it towards a down payment.  An official announcement was not to be made until next week, but the information was made public at a NAR summit this morning.

To read the full article, click HERE.  For more info on first-time home buyer benefits, click HERE.

More good news for first time buyers...

More good news for first time buyers...

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10 Reasons Why Being A First-Time Buyer Rocks

May 4, 2009

Now, we’re not the typical schmucks who run around saying “It’s a great time to buy!” no matter who we’re talking to and no matter the market condition.  Each person has a unique set of circumstances and what makes sense for one person might not make sense for another.

BUT, there are some distinct advantages for being a first time buyer at this point in time.  “First time buyer” in most circles (including the IRS) means you have not owned real estate within the past 3 years.  We’ve put together a list of reasons why the time could be ripe if you’re looking to get into the market.

Take it from a trustworthy salesman... It's a GREAT time to be a first time buyer!

Take it from a trustworthy salesman... It's a GREAT time to be a first time buyer!! Call now!!

  1. Lots to choose from. Today’s market conditions present buyers with more options than they have had in the past.  Buyers are able to be pickier and do not have to worry so much about competing offers.
  2. Speaking of competing offers, Due Diligence is back in vogue! Oh yes, with fewer offers being made and less competition amongst buyers in the marketplace, you can now get by with actually performing your inspections.  In the days where every seller got 10 offers, they would choose the one with the least number of contingencies and the best price.  That meant if you had inspections written into your offer they could cast it aside into the pile of “loser” offers, unless of course your price was unbeatable.  But then, that probably meant you were overpaying!
  3. Speaking of overpaying, today’s low prices and low sales volume mean that many sellers are backed into a corner and you can scoop up a bargain. This limits your risk of overpaying.
  4. Speaking of buying low, because you’re a first time home buyer, you can buy low without also having to sell low. This point probably needs no further elaboration.
  5. All cash buyers won’t knock you out of your dream home as often as they used to.  This goes back to less competition in the marketplace.  It used to be that an “all cash buyer” had a leg up on anyone else and their offer would get accepted above and beyond plain old regular folks’.  Although this tendency remains, there is less competition in the market meaning that the likelihood of an all cash buyer swooping in on your new pad is fairly low. Read the rest of this entry ?

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