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Home Buying in 20743 : Real Estate Advice

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Activity 31
Sun Apr 7, 2013
anawa07 answered:
I brougth a house in june2012, do I get tax cerdit for first time buyer???
0 votes 4 answers Share Flag
Fri Jan 11, 2013
Akil Walker answered:
Hello Khairston30,


As already noted this program ended however, your closing cost might give you some tax deductions but you will need to consult with CPA.


Good luck
0 votes 3 answers Share Flag
Sun Aug 26, 2012
Akil Walker answered:
Hi Connie,

you can write off your closing cost expenses from your hud1. The tax credit portion has expired as previously noted.
0 votes 4 answers Share Flag
Fri Apr 6, 2012
brent mendelson answered:
I would get a good CPA in SC who knows the ins and outs of the SC tax code. Ask them for any credit or deductions. Hope this was helpful.

Thanks,
Brent Mendelson
1st Mariner Mortgage
nmlsr#111407
bmendelson@1stmarinerbank.com
... more
0 votes 1 answer Share Flag
Sun Feb 5, 2012
Kimberly Barton answered:
Crystal,

You may notice that your tax liability will change when you file your first income taxes after a first home purchase. Your deductions do change and your tax liability is based on those deductions.

Owning a home still allows you to deduct certain items. Be sure to have a copy of your closing HUD1 with you when you meet with your accountant or tax preparer. And ask questions so that you understand everything including all the deductions taken and future tax impact.

Regarding the second part of your question about owing $7,500 in down payment assistance, you will need to consult with the paperwork signed at the time you obtained the down payment assistance (DAP). Some DAP programs are grants that do not have to be repaid; others are due upon the sale of your home or kick in after so many years living in the home.

At the very least, the DAP office should have thoroughly covered every aspect of their program to be sure that you understood your obligations under it before you obtained any funds. Read your paperwork carefully. If you are still uncertain of your obligations under the program, contact the program office for full clarification.

If you worked with an agent, the agent may have helped walk you through the various points of the program. If you didn't understand the DAP program fully at that time, you can still contact your agent to review the program and answer questions. Most agents welcome the opportunity to assist you with questions even well after the purchase of your home.

Either way, don't be shy about contacting the DAP program office or your agent to ask for help.


Kimberly Barton, REALTOR®
CRIS, AHWD, Certified Short Sale & Foreclosure Adviser
Champion Realty, Inc.
410.224.0645 Direct
KimberlyBarton@ChampionRealty.com
... more
0 votes 4 answers Share Flag
Sun Feb 5, 2012
Kimberly Barton answered:
If you are referring to the stimulus incentive offered to first time home buyers where the government provided a lump sum tax credit of up to $8,000 (depending on which program and at what time of year you purchased) all of those expired in 2010.

If you were active duty military living overseas, you may qualify for up to an $8000 tax credit. But there are strict guidelines to what qualifies.

And in many cases, those credits are now due to start being repaid to the government because those were actually interest free loans for the purchaser.

Nonetheless, you should see a difference in your tax liability when you file your taxes reflecting your first home purchase. Not only did your personal deductions likely change when you purchased, there are probably other items on the HUD1 that may be deductible: property taxes, mortgage interest etc.

This is a good chance to discuss the purchase impact to your tax and income situation with your accountant. Owning a home provides varying tax and saving advantages and you should get educated by your CPA frequently (things change constantly).

Also I suggest reading various books on the topic by various professionals and specialists who can provide additional tax and savings methods to benefit you now and into the future.

Happy Home Ownership!

Kimberly Barton, REALTOR®
CRIS, AHWD, Certified Short Sale & Foreclosure Adviser
Champion Realty, Inc.
410.224.0645 Direct
KimberlyBarton@ChampionRealty.com
... more
0 votes 9 answers Share Flag
Sun Feb 5, 2012
Kimberly Barton answered:
If you are referring to a first time home buyer credit allowed by Maryland, you received that on the settlement HUD1. Maryland allows a small tax credit to a first time home buyer by reducing the amount of state transfer tax paid by the buyer.

Otherwise, if you are referring to the stimulus incentive offered to first time home buyers where the government provided a lump sum tax deduction of up to $8,000 (depending on which program and at what time of year you purchased) all of those expired in 2010.

And in many cases, those credits are now due to start being repaid to the government because those were actually interest free loans for the purchaser.

If you were active duty military living overseas, you may qualify for up to an $8000 tax credit. But there are strict guidelines to what qualifies.

Nonetheless, you should see a difference in your tax liability when you file your taxes reflecting your first home purchase. Not only did your personal deductions likely change when you purchased, there are probably other items on the HUD1 that may be deductible.

This is a good chance to discuss the purchase impact to your tax and income situation with your accountant. Owning a home provides varying tax and saving advantages and you should get educated by your CPA frequently (things change constantly). Also I suggest reading various books on the topic by various professionals and specialists who can provide additional tax and savings methods to benefit you now and into the future.

Happy Home Ownership!

Kimberly Barton, REALTOR®
CRIS, AHWD, Certified Short Sale & Foreclosure Adviser
Champion Realty, Inc.
410.224.0645 Direct
KimberlyBarton@ChampionRealty.com
... more
0 votes 4 answers Share Flag
Sat Jan 14, 2012
Yak answered:
how much is first time home buyer credit for 2011 does it apply in montgomery alabama
0 votes 11 answers Share Flag
Sun Jan 1, 2012
Molly Hay - Mosley, CDPE,CNE, MIP, SFR answered:
Yes if you meet the criteria. I have attached a link below that is on the IRS website that explains what you had to do to qualifiy.
0 votes 2 answers Share Flag
Mon Aug 15, 2011
Jessica Hood & Laura Roskelly answered:
In a nutshell what it should mean to you as a buyer is steer clear of that property. The condo association which you would have to pay into each month in order for them to maintain the property is financially insolvent. Their delinquency rate is too high to allow for any type of mortgage loan. In other words, a lender will not provide a mortgage at this complex whether it is FHA, VA or Conventional loan. It usually means the property also has a high short sale and foreclosure ratio and what it will mean for property values is that they will plummet because there are not enough cash buyers to deplete the supply of homes for sale. ... more
0 votes 5 answers Share Flag
Mon Aug 15, 2011
Nicole Marks Mason answered:
Hi Judy. I think you already know the 1st rule of real estate - Location Location Location. Find a home in a location that is near things that are of interest to most people, such as, shopping, restaurants, good schools, near major roads, safe neighborhoods. Other factors are personal choices like, gated communities, country club communities, proximity to a beach, all age communities or 55+ communities. Also, do you want a "fixer upper" or one that is "move in" condition? As you know, when you see a home that's right for you you'll know it. It will feel right.

Good luck.

Sincerely,
Nicole Marks Mason, Realtor
561-445-8743
www.BuySellBoca.com
... more
0 votes 3 answers Share Flag
Wed Jun 29, 2011
Jessica Hood & Laura Roskelly answered:
Hi Gwen,

It sounds like you are getting a government loan with a low downpayment. They have restrictions designed to prove that you are financially capable of owning a home including having some "reserves" in the bank. ... more
0 votes 4 answers Share Flag
Tue Jun 28, 2011
Gary Geer answered:
Fungirl,
That means the home is not for sale on the market anymore (their listing period has expired). If you are still interested in this home you can contact the seller directly or have an agent assist you by contacting the seller. They may be still interested in selling the property, but have not decided if they will list it for sale again.

All the best,
Gary Geer

www.GaryGeer.com
... more
0 votes 6 answers Share Flag
Mon Jun 20, 2011
David Burnham answered:
I am not there is a definitive answer, but I have seen a lot of places in PG county struggle. One thing I have been seeing is that there was a lot of new construction 5 or 6 years back and when the economy took a turn for the worse, builders had to slash costs to sell their remaining inventory. As a result, the value of the existing homes decreased dramatically.

This put existing homeowners significantly upside down and if they had to sell due to a lost job, it left them few options.

There are some places in PG county that are not as badly hit. The areas that are really the most impacted are the new communities.
... more
0 votes 1 answer Share Flag
Wed Jun 15, 2011
Don Tepper answered:
No. You don't need a Realtor.

If you don't use a Realtor, you should have a lawyer. Even if you do use a Realtor, a lawyer is advisable.

By the way, there's lots of rent-to-own activity in the D.C. area, especially in P.G. county. If that's the way you want to go, you shouldn't have much problem finding a property.

Hope that helps.
... more
0 votes 3 answers Share Flag
Wed Jun 15, 2011
Brenda Feria answered:
Rent to own can be one of two scenarios: Lease w/option to buy or Lease/purchase agreement. With a lease with option to buy or with a lease/purchase, the owner may give you credit for part of your rent to be applied towards your down payment. A Lease option is just that - an option to buy. The seller may not lock in a price for the property in this scenario. WIth a lease/purchase, you have two contracts that are joined by verbiage. You have a lease with a deposit and you have a sale with another deposit (usually non-refundable.) The seller has locked into a price for the home at the end of the lease period. If you do not close under a lease/purchase, you usually lose your deposit. With a lease/option, you only have one deposit. You would get that back, but any amount that the seller had agreed would go towards your down payment would not be refundable. ... more
0 votes 3 answers Share Flag
Tue Jun 14, 2011
Tyra General answered:
Hi,

Some of my colleagues have already spoken to your question and have given good advice. A great lender, will assist you in determining the best financial structure concerning your home.

If you would like my lender to contact you, give us a call and we can provide you with his contact information.

Also, if you would like us to assist you with your home buying journey, give us a call. We can help you have an enjoyable experience!

Take care & God Bless,

Tyra
... more
0 votes 5 answers Share Flag
Sat May 21, 2011
The Oliver Team Chris & Holly Oliver answered:
Great advice below. Let me add that Fannie mae is the owner and is allowing both types of financing for the property. The difference between homepath financing and homepath renovation financing, is the renovation program allows you to take out a highler loan to cover remodeling projects that you would like to have done to the home. If you were to just purchase the home under homepath and not the renovation program, you would have to pay for all the repairs yourself after closing. So the renovation program can be a very beneficial program if your looking to have the house you want ,with the repairs you want done, without having to pay for them out of your pocket, you can just finance them into the home loan!
Hope this helps!
... more
0 votes 4 answers Share Flag
Fri Apr 1, 2011
Phil Rotondo answered:
The home is up for grabs again :).
The previous contract cancelled for any myriad of reasons (inspection, financing, etc.)
0 votes 6 answers Share Flag
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