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8000 Dollar Credit For First Time Home Purchase All Locations : Nationwide Real Estate Advice

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Showing results for 8000 Dollar Credit For First Time Home Purchase [Clear search]
Thu Feb 25, 2010
John B Wells answered:
The 8,000 dollar tax credit is only for primary, owner occupied residences.
-john
0 votes 2 answers Share Flag
Fri Nov 11, 2011
Lori Jeltema answered:
extended, I hope. Think of all the buyers involved with shortsales waiting on the banks to finalize everything. With that factor and the new laws regarding appraisals and such, closings are taking so long. It would be a shame to go under contract in August and close December 2nd and miss out. ... more
0 votes 213 answers Share Flag
Tue Sep 15, 2009
Kimberly Brandon, GRI,SFR answered:
Wow....Interest rates have nothing to do with the price of homes in the United States. Interest rates are set by lenders influenced by numerous facts including the bond rates and short term interest rates (the rate that banks loan each other money for) and other economic indicatores - Not all consumers qualify for the best rates. lower credit scores equal higher interest rates

The price of homes right now are being impacted by the number of foreclosures on the market - foreclosures are increasing because of unemployment - see how everything is tied together.

The housing market cycles normally every 7 years - this recession will force a longer bottom time but if you are going to stay in the home at least 5-7 years now is a good time to buy.
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0 votes 39 answers Share Flag
Fri Aug 1, 2014
Jeanne Feenick answered:
Mike, I'm ready and with all of my listings sold or under contract I have the capacity to dedicate myself to selling or renting your condo. Please contact me today, I am available to meet right away and suggest we get you listed immediately. As I previously advised, first time buyers are extremely active now as they feverishly work towards finding and closing on their purchase in time to qualify for the Federal Tax Credit. The availability timing of your condo and the price point wil make you most desirable to this buyer pool, but with deals taking 60 days to close, we want to get moving. And yes, I will list your condo for both sale and rent.

You can reach me via Trulia or email me directly at www.feenick.com - better yet, call my cell 908-337-0943. I will also feature your home in my TruliaPro ad which in just the last 30 days alone has reached 19,000 searchers on Trulia.

I'm attaching a link to a summary of my approach - I have an article I'd like to send you as well - provide your email and I'll send it along, or better yet, I can hand deliver when we meet - published in the current addition of NJ Realtor it speaks to the importance of online marketing and features three agents including me, and I am the only Somerset County agent in the bunch. No one will do more for you in this area and rest assured that it is in additon to, not at the expense of all of the traditional marketing that I will deliver.

My approach: http://jeannefeenick.weichertagentpages.com/Content/Content.aspx?ContentID=433078

Look forward to hearing from you.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Somerset County Expert
Weichert Realtors - Warren Office
Cell 908-337-0943
Search and connect at www.feenick.com
NJAR Circle of Excellence 2007, 2008
Weichert Executive Club (Top 5% of Weichert agents)
Weichert Million Dollar Sales & Marketed Clubs
... more
0 votes 4 answers Share Flag
Sun Aug 23, 2009
Don Tepper answered:
Maybe, but I doubt it. A couple of reasons:

First, the $8,000 tax credit was designed to increase purchasing activity in starter/lower-priced homes. And to support that end of the market. In many areas, that end of the market is now red-hot. There are still many depressed areas, and the market for more expensive homes is still soft. But in some areas--such as Northern Virginia--lower-priced starter homes are being snatched up for full price in just a few days. So, the question is: When Congress considers whether to extend the tax credit, will there be enough of a broad-based need to generate the votes required to pass the bill? Maybe, but . . .

Second, there's rapidly growing concern over the size of the U.S. budget deficit. With all the stimulus packages, the bail-out bills, initiatives such as health care reform, etc., it's becoming more and more difficult to pass legislation that adds to the budget deficit. So, if low-end housing isn't an urgent, pressing issue in the fall, I expect that Congress will be reluctant to extend the credit.

And finally there are plenty of houses for first-time buyers to buy. Why focus on short sales? In fact, of all the different ways to go (regular purchases, REOs, and short sales), short sales are the most tricky, difficult, unpredictable, and time-consuming. If I were in Congress, I wouldn't take that into account. I'd say: The buyers have had a whole year to buy. They can buy all sorts of properties. And even if they're interested in short sales, those usually take a few months. If a first-time buyer had wanted to buy, there was ample opportunity. Jumping in relatively late in the cycle and trying to close a deal on a short sale was a decision the buyer made. We gave them a chance.

Look: If you want to buy, then buy. Assume that the tax credit won't be extended.

Hope that helps.
... more
0 votes 15 answers Share Flag
Fri Jul 3, 2009
Jason Diperstein answered:
David,

It is possible, but not probable. The guidelines exist to do it, but most lenders have not established how to handle the credit internally and so are not supporting it. Wells just released guidelines for the credit last week, you can try them but it won't be easy. Sorry there's no easy answer on this one.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com
... more
0 votes 8 answers Share Flag
Wed Mar 4, 2015
Charley Tabbara answered:
CHADAP was recently reinstated. CHADAP can help towards your downpayment if you qualify. It is a silent second which you could use with FHA loan. Feel free to contact me and I will put you in contact with my lender who can give you more info on CHADAP and check to see if you qualify. ... more
0 votes 14 answers Share Flag
Wed Jun 24, 2009
Paul Macapagal answered:
Jmq,

In my opinion, there is never a wrong time to buy, but there are wrong deals to make. Because of the current economic situation, there are a lot of properties now available. That means there is more for you to choose from. The interests rates are low. People are negotiating now more than before. Just make sure you are educated before you go out there or find yourself an experienced broker to help you find that dream property and dream deal. I wish you luck on your search. Please feel free to contact me if you have any further questions.

Regards,

Paul Macapagal
pmacapagal@elliman.com
917 612 2746
www.paulmacapagalnyc.blogspot.com
... more
0 votes 4 answers Share Flag
Sun Jun 14, 2009
Jean Pritchard answered:
The $8000 first time home buyers tax credit can be cash back when you file your taxes next year. You need to purchase a home and have the transaction closed before December 1, 2009 in order to qualify. You can also be considered a first time home buyer is you have not owned a home for the past 3 years.

When you file your taxes, the $8000 will be a credit toward taxes owed. If you do not owe any taxes, then you will get a check back for the full amount, if you owe taxes, the amount you owe will be subtracted and you will get a check for the difference. Pretty simple.

There are some qualification for first time home buyers, with income limits, etc, so you will need to talk to a Mortgage Broker to be sure you qualify.

If you are looking for a Realtor, give me a call.

Good Luck.
Jean Pritchard
Amerivest Realty of Portland
503-680-4449
... more
0 votes 8 answers Share Flag
Tue Jun 16, 2009
Katie Wickham answered:
We've been semi-seriously looking for awhile - even got pre-qualified last month. Having been pre-approved around 4.8%, it feels like we'd be losing money if we bought now, even though rates are still historically low. The market is super volatile, and it doesn't seem unrealistic that rates will go back under 5% before we're out of this housing "situation."

Granted this is not the only reason we're putting our search on hold - it's really an issue of the economy in general (e.g. fiance's firm cut salaries by 10%, which obviously has affected major purchasing decisions). But the rates definitely factor into our thinking about whether or not to buy. I think if we stumbled across the absolute perfect listing we'd still put in an offer, but we're not going out of our way to search.
... more
0 votes 11 answers Share Flag
Sun Dec 25, 2016
Lynn Kedzierski answered:
Hi Sassycha ,

I would say the best thing for you to do is contact a Lender to get pre approved . Also if you do not have one I would be more then happy to refer one to you . Also if you would like I can send you listing of homes that you can view . Please do not hesitate to contact me at anytime with any questions you may have . I look f orward to hearing from you soon.

Thank You
Lynn Kedzierski
Realtor
Home Selling Assistance Platinum
Office: 410-285-4663
Cell: 443-739-1194
... more
0 votes 10 answers Share Flag
Wed Jun 3, 2009
Lee Ginsburg answered:
Dave,

The one whom tries to time either the real estate market or the stock market loses. It is near impossilbe to time the ups and downs. Congratulations on your sucess in the stock market. Back to your question buy a home or buy stock. Buy a home!!! Home ownership is the first step to financial freedom. Please keep in mind it is a long term investment. Besides an investment it is a home to live in, share with family and friends, ofers you security and a place you can personalize.
I get the feeling you are more talking on the financial side. Home buying offers you leverage. If you buy a $500,000 home basically you need $100,000. If the home increases in value by 10% you have a 50% return on your money. If you purchase $100,000 of stock and that increases in value by 10% you have only a 10% return on your money. If you purchase by Dec. 1 and are a first time buyer you can get an $8000 tax credit, That is an instant return. 8% if you put down the same $100,000. Real Estate offers many tax benefits over the stock market. Many people claim that real estate is not as liquid as the stock market. Not really. You pirce it at market value and it will sell in a short period of time. I am sure if you are following the market you see many homes come and go within a week when priced right. Buy a home. In the long term you will not lose. I have a saying "It is Better to Own Real Estate and Wait then Wait to Own Real Estate" Last month I helped an investor purchase a duplex with instant positive cash flow in Mountain View. Dave, give me a call. I would be honored to speak with you further on the stock or home subject. Lee Ginsburg -877-Lee-Sells
www.leesellsmore.com
Good Luck on your Choice!!!
... more
0 votes 8 answers Share Flag
Sun May 31, 2009
SeattleHome.com answered:
Every bank will negotiate a sale differently. Many will take the first decent offer they receive, others will stall and delay as long as possible before taking a low offer. Offer a price you are comfortable paying. Don't get caught up in the game - you're not trying to "win" a negotiation, you're trying to get a price that you can afford. ... more
0 votes 6 answers Share Flag
Wed May 27, 2009
Bill Eckler answered:
Hi Midge,

This is an excellent and well timed question.

Under normal circumstances, one might assume the summer RE activity would be slow and nthing would be lost by withdrawing the listing from the MLS and wait for the busy season to return.

With the incentives and deadline of December 1, 2009 we might anticipate an influx in home sales from buyers trying to take advantge of the $8,000 first time buyer's incentive. Because of this, we are recommending our listing owners to consider leaving their homes on the market through the normally slow time because of the anticipated increase of RE activity.

Than you for your question.

The Eckler Team
... more
0 votes 8 answers Share Flag
Wed Aug 18, 2010
Katie answered:
It is workable if you plan accordingly.

The best case scenario for a rental property would be to purchase a place that you will be able to rent for the PITI, utilities, and property manager fees. The other piece to consider is whether or not you will have access to reserves for needed repairs and periods of vacancy. You can claim some of the rent you'll receive as income to help you qualify for another loan if you'd like to purchase in your new town as well. Income to debt ratios will apply so you may want to look at that, as welI, if you are wanting to purchase another home in the city you may move to.

It is definitely worth looking into and penciling out on paper! Way to have an entrepreneurial spirit!
... more
0 votes 8 answers Share Flag
Mon May 11, 2009
Dana Schuster answered:
You should discuss your situation with a reputable local mortgage lender to find out if you can qualify for financing. you will be eligible for the credit if you close on a house by nov.30 of this year. This is not a grant,it is a tax credit which you apply for after closing. in other words you cannot use it for down payment,closing costs,etc. ... more
0 votes 2 answers Share Flag
Tue Jul 27, 2010
Gil Lopez answered:
First off let me saw with absolute certainty, there is no way to predict the bottom of any market. Unless you plan to sell the next 2 or three years, being upside down in a mortgage should not be an issue for you. How long will it take to be equity positive in your home? No one can know for sure; however, if you hold onto the home for 9 years (the average stay in a home for all home owners in NJ), my guess is that you should be ok. Keep in mind that interest rates are another important factor in this equation. For every 1% increase in interest rates, that erodes approximately 9% of purchasing power. Since interest rates are much more volatile and unpredictable than home prices, the current low interest rate envorinment make this a very attractive time to make a purchase.

Gil Lopez
Prudential New Jersey Properties
3 Amboy Av
Metuchen, NJ 08840
908-510-0639 Cell
732-494-7677 x417 Office
gil.lopez@prudentialnewjersey.com EMail
... more
0 votes 59 answers Share Flag
Sun Aug 2, 2009
Zmk answered:
Let me also clarify, I do truly understand the reasons to use a buyer's agent. But there have been a couple of properties for sale, where we believe it would be in our best financial interest to go through the listing agent - utilizing my attorney to protect me. ... more
0 votes 41 answers Share Flag
Sat May 2, 2009
Rachel Anker Johnson answered:
Hello Cashseeker, thanks for your question. You are not alone if you are confused about the tax credit - there is a lot of misinformation floating around. Hopefully, I can help you understand if you qualify for the tax credit, and explain how you can take advantage of it.

First, let's discuss who is eligible for the tax credit: 1) First time homebuyers OR buyers who have not owned a home in the past 3 years. In other words, if you have not owned a home in the 3 year period prior to your closing date, you are qualified to take the tax credit. For example, if you sold a home in May 1, 2005, then rented for awhile, then purchased another home on May 2, 2008, you qualify for the tax credit. AND 2)Your adjusted gross income cannot exceed $95,000 if you are single, or $170,000 if you are married filing jointly.

Now, there are two forms of the tax credit, depending on when you purchase(d) your home. If your closing date was between April 9, 2008 and December 31, 2008, you may take the $7,500 refundable tax credit. If you ordinarily get a refund at the end of the year, you will receive $7,500 MORE than you normally would! BUT, this credit is refundable, meaning you will have to pay it back if you take it. The payment schedule is very simple - starting with your 2010 tax year filing (in 2011), you will pay back $500 per year for 15 years, but you don't have to write a check - it is withheld from your normal tax refund for each of those 15 years. This is an INTEREST-FREE LOAN, people! If you sell your home before you've fully paid back the $7,500, the balance will be taken out of your profit, but if you don't have enough profit to cover the balance, the remainder is forgiven.

The second type of tax credit is the $8,000 NON-REFUNDABLE tax credit. This tax credit applies to purchases closed between January 1, 2009 and December 1, 2009. Unlike the first type of tax credit, this one DOES NOT have to be repaid - THIS IS FREE MONEY, HONEY! It's simple, just buy a home between January 1st and December 1st of this year, and you will be entitled to receive a check for $8,000 from the government! The best part is this: you don't have to wait to file your 2009 taxes to get the money - you can amend your 2008 return (consult a qualified tax professional), claim the 2009 tax credit, and get your money as soon as your amended return is processed by the IRS! SERIOUSLY, FREE MONEY that you can use to fix up your new home, or pay someone back who loaned you the money for your down payment! And they say money doesn't grow on trees...!

The only catch is this: the amount of the tax credit may be less than $8,000 (or $7,500, which ever type of tax credit applies to you). The amount of the tax credit you may take is the lower of $8,000 ($7,500 if applicable), or 10% of the purchase price. In other words, if you bought a home for $50,000 (good luck finding that home!), you could only take a $5,000 ($50,000 X 10%) tax credit. As long as the home you purchase is $80,000 or more, you qualify for the FULL tax credit!

Now, with interest rates and prices so low and FREE MONEY waiting to be claimed by qualified home buyers, what are you waiting for?!?! Pick your share off the money tree - Call a REALTOR today!
... more
0 votes 4 answers Share Flag
Mon Nov 29, 2010
Thesa Chambers answered:
First of all many of the items you are speaking of are covered in your mortgage - there are a ton of homes that would fit your basic criteria - more importantly - is where will you be working and so on... I would be happy to show you more than just what is on the market - drop me a line - stop by my website or give me a call ... more
0 votes 7 answers Share Flag
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