The information contained in the post is based entirely on my OPINION based on the research we have done surrounding this issue. Please note that we are not attorneys or tax professionals therefore we are not providing legal advice surrounding the Federal tax credit for first time homebuyers or move-up buyers.
Whenever we get questions about the Federal [...]
Taxes
Tax Credit Deadline and “Binding Contract”
Tax Credit Extended for Some
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.
Mortgage Credit Certificate Extended
Many of you have heard us tout the awesomeness of the CHFA Mortgage Credit Certificate (MCC). This program gives first time home buyers a dollar for dollar credit on their federal income tax return of 20% of all the mortgage interest they pay each year that they live in the home.
This program was offered on [...]
Is it Double Dipping?
On February 17, 2009, in Denver, President Obama signed the American Recovery and Reinvestment Act (ARRA). This bill had substantial changes to the federal First-Time Home Buyer Tax Credit, including eliminating the 15-year repayment obligation of the Borrower which was part of the 2008 Housing and Economic Recovery Act (HERA).
However, and most pertinent, Section 1006 (e) [...]
Why Buy Now?
We generally write about specific programs, changes and situations, but I want to recap some of the thingsI feel are important to consider in today’s market. Let’s look at the reasons to buy now.
Long term mortgage rates are at 20-30 year lows
According to Freddie Mac, in a press release yesterday, the average rate on a 30-year fixed mortgage was [...]
2010 Home Buyer Tax Credit for “move up buyers”
As you may have heard, when the tax credit was extended for first time home buyers it was expanded to include qualified move-up or repeat home buyers purchasing any kind of home.
How do you know if you qualify? The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has [...]
Tax Credit for Down Payment
On May 12, 2009 Cindy posted about the possibility of using the tax credit for down payment on FHA mortgages. At that time we had shared that “We have to find out if there are any government agencies or non-profits in your area are willing to provide this financing AND if they have funds to [...]
Tax Credit for Down Payment…..the Rest of the Story!
Just like the Lone Ranger might say to his horse, Silver…..WHOA!
Here is what is being left out of the press releases that you need to be aware of…….HUD/FHA can approve the ability to allow the borrowers to use the government tax credit toward the down payment, but who is fronting the money?
Where Will the Down [...]
