Being reported today is the possibility that the $8,000 tax credit will be extended. As you know per my previous post the tax credit is set to expire on December 1, 2009. Well, some senate leaders are trying to get the program revived and extended until June 2010. The new proposal, however, calls for the tax credit to be extended to all home buyers not just first time homebuyers and would also increase the income requirements for those who qualify.
Just remember, none of this is final yet and if you had planned on buying a home this year and you are a first time homebuyer then you had better get moving as time is running out on the current tax credit.
I'll try and keep you posted on any new developments.
Scott
Our view of Northwest Ohio homes and other real estate from a company that gives back to the communities of Defiance, Henry, Paulding, Williams, Fulton and Putnam counties.
Showing posts with label first time home buyer. Show all posts
Showing posts with label first time home buyer. Show all posts
Friday, October 16, 2009
Thursday, October 8, 2009
Time is Running Out!
If you haven't owned a home in the past three years and you've been thinking about getting one, you better act fast! The $8,000 tax rebate is going to expire on December 1, 2009. Good things eventually end and this is one of them. You say you haven't heard about this. Well, our rich uncle, Uncle Sam, decided to stimulate home purchases so he set it up for people to get a tax rebate for purchasing a home. The rebate is in cash and is 10% of the purchase price of the home up to $8,000. A buyer has to be a first time homebuyer as defined as someone who hasn't owned a home in the past 3 years.
Don't wait any longer time is of the essence. If you have questions just ask your favorite real estate agent.
Don't wait any longer time is of the essence. If you have questions just ask your favorite real estate agent.
Thursday, August 27, 2009
Where's The Money?
Have you ever been at a restaurant, ordered and ate your meal then went to pull out your wallent and realized it wasn't there or if it was you were going to be short on how much money you had? Well, that happens more often than not when it comes to someone buying a home. They spend a vast amount of time on the internet, driving around and visiting homes until they find the one they want to only discover later that they don't qualify for a loan large enough or not at all in order to buy it. Or, they can qualify for the loan, but because they weren't prepared another buyer who was prepared swoops in and gets the home.Making sure your financing is in place BEFORE you start getting serious about finding a new home has only advantages and no disadvantages. Below is a small list of advantages.
- Knowledge of what you can afford.
- Knowing how much payment you can expect
- How much money you will need up front if any.
- Able to negotiate a better deal
- Advantage over other buyers who are not pre-approved.
- Close quicker on the home.
All the items on this list represent power for a buyer and demonstrate to a seller that you, as a buyer, are a solid buyer who is negotiating with integrity.
Do yourself a favor and get yourself prepared financially and you will be rewarded greatly when you go and buy that dream home.
Wednesday, February 18, 2009
$8,000 Home Buyer Tax Credit
With the signing of the American Recovery and Reinvestment Act 2009 by President Obama on Tuesday in Denver the prospect for first time home buyers to cash in continued. The new act continues a tax credit for first time home buyers, that is people who haven't owned a home in the past three years, and in fact increased it. Below is a description posted by the National Association of Realtors.
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
The change that stands out the most is the credit does not require repayment. The previous bill required the purchaser to repay the money over a period of time out of future tax returns. From what I understand, the amount is equal to 10% of the purchase price with a maximum of $8,000. So, if someone were to purchase a home for $80,000 or more they would get a $8,000 tax credit! In my opinion, THAT'S AWESOME!
With interest rates being as low as they are, combined with this, anyone who has been sitting on the fence about buying that first home should act NOW!
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
The change that stands out the most is the credit does not require repayment. The previous bill required the purchaser to repay the money over a period of time out of future tax returns. From what I understand, the amount is equal to 10% of the purchase price with a maximum of $8,000. So, if someone were to purchase a home for $80,000 or more they would get a $8,000 tax credit! In my opinion, THAT'S AWESOME!
With interest rates being as low as they are, combined with this, anyone who has been sitting on the fence about buying that first home should act NOW!
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