Hi Julio, you do not have to wait for filing of you 2009 taxes to get your Tax Credit now. I'm a mortgage Planner in Florida if you would like my help with getting your Tax Credit now, so you can use it to purchase your home before Dec 31 2009 contact me LeslieHarber@tlg.bz

Hey Julio,

If you're still in the market for a home in the Hallandale area, I can help you get a good financing deal. There are several first-time homebuyers incentives, and if you're a veteran, you can get up to 100% financing. FHA loans will require a 3.5% downpayment.

The tax credit advice below is accurate - it comes back to you through your end of year tax filings.

If you still need a good deal on financing, feel free to contact me. We're a local mortgage brokerage with offices downtown Fort Lauderdale, next to the courthouse.

Kellen Gracey
Senior Loan Officer
BayBurg Financial
kelleng@bayburg.com
Office: (954)764-7064 (ext 216)
Toll Free: (866)230-9050 (ext 216)
Cell: (386)237-7231

Thumbs up from me,Angela! Great answer!

Julio,
Angela Schrager gave you excellent advice. One clarification I would like to make, if your gross income is more than $75K but less than $95K you would qualify for the partial tax credit. For married couples filing jointly you still get partial tax credit if over $150K, but less than $170K. Now re the O down payment, we are a HUD approved lender and we have an on site real estate team, who are HUD approved realtors. They would be more than happy to show you a HUD home, which is only $100. down! Call me for more details.

regards,
Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
Folguin@americahomekey.com
office 954-771-7715 x104
cell 561-386-9731
pfax 954-379-4469

Julio: I need to correct and clarify something I said about the $8000 tax credit. It is NOT a deduction from your taxable income, it's actually a tax credit.

Example: If you owe $5,000 at the end of the tax year, you would not have to pay anything and you would get the difference of $3,000 back as a check.

If you don't owe anything, you would get the full $8,000 back.

If Uncle Sam owes you, then you get this PLUS the $8,000.

I apologize for any confusion and wanted to clarify this to you. It's a super deal and yet another reason that this is a great time to buy!

Best regards,

Angela
Villa G Realty, Inc.
Tel: 954-816-7996

Hello Julio:

Congratulations on your decision to purchase your first home. Before you begin, you should know that in this current economic climate, the days of zero percent down-payment are passed. If you're seeing some late night TV infomercial or have heard such things, trust me, it's a scam. The banks have become very restrictive in their lending practices and the days of 100% financing - the practices that got us into this recession in the first place - are gone. Now the banks have done a complete turnaround and have become impossibly conservative.

However, having said that, the news is not all bad. President Obama has introduced an incentive of 10% of the purchase price of a home up to a maximum of $8,000. It is available for homes purchased between January 1, 2009 and December 1, 2009. This comes in the form of a $8,000 deduction from your taxable income. It is available to first time home buyers (those who have not owned a home within the past 3 years). To qualify you must earn no more than $75,000 for a single person or $150,000 for a married couple. This deduction does not have to be repaid, it is not a loan!

As far as down-payments are concerned. Conventional mortgage lenders are currently looking at 20% downpayment, but it is likely that you would qualify for a FHA loan, which is again, available to first time home buyers and only requires a 3.5% down payment here in Florida. You should be sure that if you're buying a condominium, that it is an FHA approved building. Your mortgage lender will be able to help you with this.

Your very first step is to see how much you can afford to spend on a property. Do this before you even begin to look. If you don't already have a mortgage lender, I can suggest a couple of names that I have had good experiences with. You want them to pre-qualify you based on the information you give them. They can then supply a pre-qualification letter to your Realtor, as these letters (although in my opinion are hardly worth the paper they're written on) are important as they give the Realtor a good guideline as to what you can afford and also help to substantiate any offer that you make on a property. You will then have to follow up with the lending officer to supply them with pay stubs, bank statements, tax returns, credit report etc. so that they can fully evaluate your financial circumstances.

Once you have the pre-qual letter, you can pass this to your Realtor who will then search for suitable properties that match your criteria.

I do hope this has helped. Don't hesitate to contact me if you need more information. Once you have your pre-qualification, I would be happy to help you find your first home.

Best of luck to you,

Angela
Villa G Realty, Inc.
Tel: 954-816-7996