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1st Time Homebuyer Tax Credit All Locations : Nationwide Real Estate Advice

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Showing results for 1st Time Homebuyer Tax Credit [Clear search]
Wed Mar 24, 2010
Jane Grant answered:
Look in Trulia's Find a Pro and also check out Activerain.com...Good Luck
0 votes 5 answers Share Flag
Mon Sep 6, 2010
answered:
Chase offers them. Why not try dealing directly with them. They do not broker loans. You could find a direct lender who deals with Chase's correspondent lending division too.
0 votes 15 answers Share Flag
Wed Mar 17, 2010
Coleen DeGroff answered:
Hi Sujad,
The short answer would be No, unfortunately. How fast a short sale is processed generally depends upon 2 things: 1) which lender is holding the note (Bank of America is notoriously slow for processing short sales) and 2) how much experience the listing agent has in handling short sales.

A lot of times listing agents work with real estate attorneys or other professionals experienced in handling short sales, especially if the agent doesn't handle a lot of them.

Your best bet would be to check with your real estate agent to see if they have received any updates re where the short sale is in terms of processing.

Sometimes a short sale can be accelerated....that basically means the agent or the person handling the short sale on behalf of the agent pushes the process to a higher level.

Buying a short sale and hoping that it gets processed in time to get the homebuyer tax credit is a nail-biting process...and if I were you I would brace myself for the very real possibility that it may not happen in time.

Sorry I don't have better news for you....good luck, and keep us posted.
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Mon Mar 15, 2010
Sonsie Conroy answered:
IF you're renting, the tax lien is not an issue for you in the sense that you are not required to pay it, nor will you be in volved in any court action. It's possible that the house could be foreclosed on, in which case of course you would have to move. Consult a real estate attorney to find out if you can get your deposit back and find another house to rent. Good luck to you! ... more
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Mon Aug 23, 2010
Debra B Albert PA answered:
The first step to buy a home is to talk to a local lender and get approved for a loan. Once you know the amount you are qualified for, educate yourself on the market!

Good Luck Martha.-

Debbie Albert
Coldwell Banker Residential
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0 votes 10 answers Share Flag
Tue Mar 30, 2010
Mindy answered:
Is it better to rent Vs. buy in this current market condition in VA Beach? I pay almost $1110 on rent.
0 votes 14 answers Share Flag
Mon Mar 8, 2010
Bill Eckler answered:
On the surface this program appears to be helping many factions: buyers, sellers, builders, lenders etc. BUT at the expense of the tax payer....this may be the real "give and take" situation. ... more
0 votes 11 answers Share Flag
Wed Mar 3, 2010
Gita Bantwal answered:
The best source is www.irs.gov.
If you need assistance talk to a professional accountant.
0 votes 5 answers Share Flag
Wed Mar 3, 2010
Sarah Sydor answered:
To be sure you are eligible to take advantage of the program, contact an accountant. Because the time frame is coming to a close for the program, get your financing lined up by getting pre-approved with a mortgage broker or lender so you know how much you can spend on a home. Let your real estate agent know what your time frame is for buying and that the tax credit is a priority for you, and ask your agent to put a timeline for your transaction together for you once you have identified a property and your offer is accepted. Good luck with your purchase! ... more
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Wed Mar 3, 2010
Mark LeMenager answered:
Nelson, assuming you mean a home that is already foreclosed and owned by the bank (REO), then the best time is within the first 7 days it's one the market if it's a good attractive one. If it's a fixer upper or has major problems then keep track of the price every 30 days. Banks price REOs like a Dutch auction. The price goes down every 30 days until it sells.

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.
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Thu May 7, 2015
Don Linden answered:
Per Ben Bernanke, interest rates need to remain at the levels they are currently at for some time to come in order to keep stimulating the economy. However, that being said, yes the inventory remains at a low ebb in demand areas such as you are seeking thus keeping prices up. But take heart, the actual real estate season for selling (historically) is from April thru September. They will be more short selling taking place, which you may want to consider and of course foreclosures will still have a place in the market for some time to come. Feel free to contact me with any additional questions.
Don Linden
Realtor / E-Pro / CMIS / BMA / CMMS
Relocation Specialist / Seniors Real Estate Specialist
DRE #01251120
"Thank you for thinking of me when referring your family, friends and business associates. It is greatly appreciated"
Prudential California Realty, Sherman Oaks
818-380-2138 (direct / voicemail) 818-515-8936 (cell)
818-386-9007 (fax)
www.DonaldLinden.com (website)
DLinden@sbcglobal.net (e-mail
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0 votes 48 answers Share Flag
Mon Mar 15, 2010
Anna M Brocco answered:
Without knowing any details--What is your agent suggesting--was there a counter offer from the bank, what did the property appraise for, was the property listed well below today's market etc., You can try again with a higher offer--or move on and look at traditional sales-- so that you don't miss the tax credit deadline--you need to be in contract by April 30, 2010 and close by the end of June, 2010--your agent can best advise you. ... more
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Mon May 28, 2012
Steven Torelli answered:
A great starting point would be at www.southjerseylistings.com
0 votes 61 answers Share Flag
Sat Feb 20, 2010
Deluxe Realty answered:
I have not heard of any Lender being ok with this, unless perhaps they are a Private Investor, whom you personally know... it may be worth breaking your current lease early, and putting the money back into your pocket (mortgage) instead of someone elses. Good Luck!

To my experience, the first payment is due on the 1st day of the month, following 30 days of closing escrow.


I can help with any of your Las Vegas Real Estate needs or questions; feel free to contact me direct.
Search the Southern Nevada MLS live at http://www.markfleysher.com


Sincerely,

Mark Fleysher, MBA, Realtor
Broker-Salesperson
702-291-8186
mfleysher@gmail.com
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Fri Feb 19, 2010
Kelly Gebler answered:
Howdy - I used to have a 28' Bayliner that cost around $30,000 when I bought it 14 years ago...as long as it had a kitchen, bathroom and sleeping quarters it was considered a vacation property and the interest was deductible the same as my interest on my home loan. Not sure about it qualifying for the 1st time home buyer tax credit though. ... more
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Mon Feb 8, 2010
Bill Eckler answered:
Dean,

To be able to qualify for the federal tax credit the new home would need to be YOUR place of perminent residence.

The attached website will help with the commonly asked program questions.

www.federalhousingtaxcredit.com/
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Wed Feb 10, 2010
Jim McCowan answered:
Hi Chan -

I'd be happy to help the two of you find the perfect home. Feel free to take a look at my website to learn a littlle more about who I am.

Thanks!
Jim
0 votes 14 answers Share Flag
Sun Jan 31, 2010
Christine Loschiavo answered:
Yes, but I would recommend that you talk to you mortgage broker to get all of the details on how to handle this transaction. Your broker can look at your financial position and discuss the variety of ways you can approach buying this property. ... more
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Sun Jan 31, 2010
Don Bush Team answered:
HI, RENE: Here is the official scoop--
Move quickly now. Get pre-approval letter from a mortgage professional, and get an aggressive Realtor to work for you. Good luck.
0 votes 12 answers Share Flag
Mon Nov 15, 2010
Kimberly Roy answered:
1)Who is eligible to claim the $8,000 tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit.
To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

2)Who is eligible to claim the $6,500 tax credit?
Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit.
The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents, with at least five years of principal residency for each. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.
Copyright © 2009 National Association of Home Builders.
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