|
  |
|
|
First Time HomeBuyer Tax Credit
By Aprille Evans-wright of CAR
The Federal Government is giving those individuals or families who are first time home buyers (have not owned a home for 3 years) who purchase a home and close escrow before November 30th, 2009 and Tax Credit of $8000.00. The following only applies to the FHA loans at this time, but check with your lender to see if there are other loans that this will apply to. Qualified, first-time home buyers using a Federal Housing Administration (FHA)-insured mortgage now can apply the $8,000 federal tax credit toward their down payments, the Dept. of Housing and Urban Development (HUD) announced today. Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Previously, FHA-approved lenders were not allowed to monetize the tax credit as part of the 3.5 percent; however, under the new guidelines announced this afternoon, borrowers now can use the tax credit toward the 3.5 percent down payment, or for other closing costs. Also check with your tax advisor (Attorney, CPA) as the $8000.00 Tax credit could be retroactive if you refile your 2008 taxes to include the tax deduction. There are many new ways for first time home buyers to get into a home these days so if you are able talk to your Realtor as they have the information you need.
|
Contributor's Note
This information came from classes and webinars I have attended as a Realtor in the Paso Robles area and if you are looking to purchase a home I sincerely hope this helps give you questions to ask.
|
|
Find a Home Now
No reactions yet.
Please login or sign up to rate this intel.
Please login or sign up to add a comment.
The copyright for this content entitled "First Time HomeBuyer Tax Credit" has been specified by the contributor as:
Creative Commons Attribution-Noncommercial-No Derivative Works 3.0
Details 
This content may be copied and distributed (but not modified), as long as a) it's for non-commercial use and b) the original author is acknowledged with a link back to the content page.
If you use this content according to the license specified, you must link to the following URL:
http://aprillewright.qondio.com/
|
 |
May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
|
|
Not a member yet?
Qondio is a powerful network for making it online. If you have a website to
promote, we can help.
Sign up and get in on the action.
|
|
Welcome to Qondio! Discover the awesome power this network can deliver by going to our About page. Or you could skip straight to the Sign Up form.
|
|
