As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that: Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010. Here is more information about how the Extended Home Buyer Tax Credit can help … [Read more...]
Jun
04
2009
Even BETTER news for First Time Homebuyers!
It has just been announced that first time home buyers can use the $8000 tax credit to pay down their interest rate and closing costs on an FHA loan. FHA loans are great for buyers who do not have the required 10-20% down payment money to buy a home. With FHA, a qualified buyer can purchase a home with 3.5% down. FHA loans all but disappeared in the seller boom years due to the birth of the 100% financing programs (the same programs that required no proof of income, no worries about … [Read more...]
May
24
2009
$8000 Tax Credit for First Time Homebuyers
I have posted an article previously regarding the $8000 tax credit for first-time homebuyers, however I came across an article that does a great job of explaining it, and may clear up some confusion for some homebuyers, so here it is! Who is eligible to claim the 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 before December 1, 2009. For the … [Read more...]
Feb
24
2009
First Time Homebuyer Tax Credit of $8000 Explained!
As you may have heard, significant improvements in the temporary First-Time Homebuyer Tax Credit were signed into law on Feb. 17 as part of the American Recovery and Reinvestment Act of 2009 to provide a housing stimulus for first-time home purchases that occur between Jan. 1 and Dec. 1, 2009. This is even better news for first-time homebuyers than the tax credit announced in April 2008 because not only has the tax credit maximum increased from $7,500 to $8,000 – but more significantly – it … [Read more...]
