Naima Sumner

You may want to repost your question under Arlington VA... it's posted in Arlington TX.

Naima - Sun Nov 16 2008, 16:22

The tax is based on the assessed value of 188K because it's a foreclosure. That would explain why the taxes are that high. After you purchase the house you can protest the tax value and the assessor's office will very likely reduce the assessed value therefore your payments will go down.

Also, HOA dues are 264 a month.

Naima - Thu Nov 13 2008, 23:56

Elizabeth,

If you don't have your answer yet, we'll be happy to run your credit and give you the answer based on your credit score and type of program that would fit your needs best.

Feel free to contact me directly.

Naima
214-289-8555
naima@sumner-realty.com - Thu Nov 13 2008, 18:10

The attorney fee is not one that would represent you. It's the title company's attorney that reviews the documents. You will actually sign a document at closing stating that the attorney didn't represent you.

The closing fee usually $250 is also called an escrow fee and it's charged by the title company to do the closing for you. A funding fee is once your sign the documents and then the tile company in conjunction with the lender has to fund the file and disburse the funds to all parties such as insurance companies, taxing authorities, seller etc...

If the amount is significantly high then it's a different funding fee.

FHA is 1.5% for the funding fee but it is FHA's fee...not the lenders.
VA loans have funding fees from 2.15-3.3% but it is the VA fee..not lenders.

Do you not have a Realtor representing you?

Naima
214-289-8555
naima@sumner-realty.com - Thu Nov 13 2008, 18:35

To Stephanie Rook:

If you file your taxes individually then your husband would be eligible. If you file jointly, then I would say no. However, I highly recommend that you check with your CPA since laws change frequenly..

Naima
214-289-8555
naima@sumner-realty.com - Thu Nov 13 2008, 18:26

Here is another link too:

http://www.realtor.org/gapublic.nsf/files/hbtaxcreditqa2008.… - Mon Oct 6 2008, 12:13

That is correct, if you file as a single person you are eligible for half.

If you have not purchased a home during the last 3 years or are considering buying a home for the 1st time before June 30th 2009, you may take advantage of the tax credit. You actual tax credit can be as much as $7,500 against your federal taxes for year 2008 or 2009. [$3750 if you are filing as a single person]

You are eligible to if you are not a current homeowner or have sold your previous home over 3 years ago and now rent. Close the purchase of a home before next June 30th, 2009 and you can claim a tax credit of up to 10% of the purchase price to a maximum of $7,500.

Understand, if your adjusted gross income exceeds $150,000 married couples or $75,000 for single people, the credit maximum begins to phase down.

The tax credit will not work in conjunction with any state or local housing agency's tax-exempt bond mortgage program. So you may check with the program that you are using since they pay for your downpayment.

There is a payback provision when benefiting from the tax credit. Unlike some past tax credits, this one must be repaid over an extended period. Starting in the 2nd year after the purchase and continuing for up to 15 years, the taxpayer(s) are expected to make pro-rata repayments to the government on their federal tax filings. The average cost over a 15 year period would be a $500 per year.

If you should sell your home before the end of the repayment period and you have not benefited from a gain on your home equity and sale, you won't be required to repay the remainder of the credit from the proceeds of the sale. Simply, put, the federal government is taking on all or much of the risk that the value of your home will not increase over time.

So, the new tax incentive works very much like an interest -free loan. You pay the principal back in increments over time but there's no interest charged to you. - Mon Oct 6 2008, 12:09

Diane,
That's wonderful that you are in such a position.

If you have accepted the first offer, signed it then you are under contract. You will be bound by that contract. If not, then I would say go with the offer that is best for you.

However, in the interest of fairness, may be you want to give the first buyer a chance to match the second offer since they were first.

Good luck,

Naima
214-289-8555
naima@sumner-realty.com - Thu Nov 13 2008, 18:14