First Time Home Buyers
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A quick 1-minute overview of the first time home buyer tax credits.
Yes, the IRS has a Youtube channel. We also posted a quick FAQ on questions for the $6,500 tax credit.
Continue Reading →In early 2009, the American Recovery and Reinvestment Act was enacted as part of a plan to stimulate the economy. The bill grants tax credits to homeowners who make specific home improvements during 2009 and 2010 that meet certain energy-efficiency guidelines.
See for the full overview and a really good FAQ. Here is a [...]
Continue Reading →Housing stimulus package version 3.0 is out and the $8,000 tax credit is again stealing the headlines. The $6,500 tax credit is pretty incredible for growing families that require a bigger home, empty nesters that are downsizing their primary residence, and can even work for a single bedroom condo owner moving into a 2-flat.
The [...]
Continue Reading →The IRS’ monthly tax tip email was directed at the First-Time Homebuyer Credit. Here’s an excerpt:
Ten Facts about the First-Time Homebuyer Credit
Many taxpayers who purchase a home this year will qualify for an $8,000 federal tax credit. The refundable first-time homebuyer credit is a major tax provision in the American Recovery and Reinvestment [...]
Continue Reading →The end of the $8000 Homebuyer Tax Credit is getting closer
Only 148 shopping days until Christmas, only 60 shopping days left under the $8,000 First-Time Homebuyer Tax Credit. With that in mind, a few posts from my blog history.
The first one is funny. With all the changes in the homebuyer tax [...]
Continue Reading →1. $8,000 – New Buyers: The lower of 10% of purchase price or $8,000–in other words, over $80,000, the $8,000 first time homebuyer tax cap will apply. This is only for first-time home buyers (see point 2) and on principal residences. Unlike last year’s $7,500 home buyer tax credit, you’re not repaying $500 a year [...]
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The lessons from the Ghost of Mortgage Yet-to-Come are optimistic, full of possibilities and create a healthy environment. Lenders should make their profits, yet homeowners should be confident in knowing that speculative investments have been prevented. This prevents booming, and ultimately busting, neighborhoods.
Ghost Lesson #1: Smarter Refinances
The lessons from the Ghost of Mortgage Present are those you’d expect from the child of volatility. When banks react, they tend to overreact. The Ghost of Mortgage Present simply sees reactions and overreactions.
Ghost Lesson #1: Establish Harsh Credit Penalties
The lessons from the Ghost of Mortgage Past are those of bad habits and bad risk practices. These practices were unhealthy for everyone involved; including banks, borrowers, and the neighborhoods.
Ghost Lesson #1: Removal of Credit Risk as an Interest Rate Factor
Separating out the risks of [...]
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The Federal Housing Finance Agency (FHFA) left the conforming loan limit at $417,000 for most areas, but specified higher limits in certain cities and counties.
The conforming loan limit is the maximum size of loans that Fannie Mae and Freddie Mac can purchase in 2009.
According to provisions of the Housing [...]
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