The Federal Tax Credits Blog

Archive for the ‘First Time Homebuyer Tax Credit’ Category

Question: Deciding on how much to put down on my mortgage.?

Alright, here is the deal. My wife and I just committed to buy a home, have been financed, all of the good stuff. We have been able to put away about $20,000 over the last couple of years, and I am struggling to decide how much I should put down initially for the mortgage loan. The lender is requiring that we put $5,000, but we are considering more.

I have done some calculations and figured that the mortgage payments are not really going to drop very considerably by putting even our full savings down.

My question to all of you is, what would you do in our shoes? We want to spend some money furnishing the house and performing some upgrades. Are upgrades more important in a home or lessening the initial loan?

Yes, we are first time home buyers and are ECSTATIC about this “no strings attached” tax credit.

Answer: Unless you can put down 20% to avoid PMI or you get a better rate putting down more, put down as little as necessary to qualify for your loan.

New Mexico Startup Builder Tries To ‘Do It Right’

Albuquerque-based Abrazo Homes takes advantage of the market’s lower land prices to offer affordable houses.

Now that the tax credit is over, can I still buy a house?

Question: is 115,000 to much intrest to pay for a 80,000 home loan?

as a first time home buyer with limited credit score 633, 575,and 572 these are my credit scores i’m looking at paying almost 200,000 for a 80,000 home any advice please help

Answer: It’s called a sub-prime loan, and I’ll tell you right now, your about to buy a home you probably can’t afford, I suggest you improve you credit score and then look into a mortgage a few years down the road.

Sometimes you just have to tell yourself, No.

Patong tuk-tuk drivers get driving lessons

Preechavude Keesin, president of the PTF and son of Patong Mayor Pian Keesin, oversaw the training, which consisted of sessions on driving and traffic law, along with physical check-ups and background…

Question: $8000 first-time home buyer credit, purchasing home from uncle?

I know you do not qualify for the tax credit purchasing home from parent, grandparent, sibling…but I cannot find anything regarding aunts or uncles anywhere.

According to IRS, “Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc.), and lineal descendants (children, grandchildren, etc.).”

Would I qualify???

Answer: Your uncle is only “family” if described as such by the IRS. Read the full terms on the IRS web-page. If family is really only described as above, then I think you are in the right… but I am not a tax expert.

Calendar

The Doings welcomes items for the Community Calendar. Items must be received a minimum of 10 days prior to publication. E-mail items to: doingsnews@pioneerlocal.com.

Leesburg Candidates: On The Issues

Leesburg voters will go to the polls May 4 elect a mayor and fill three seat on the Town Council. Incumbent Mayor Kristen Umstattd is being challenged by Councilman Tom Dunn. Five residents are running for the three council seats.

If it feels like your tax refund’s poky, you’re not alone

At a time when many people need their refunds to pay the bills, some taxpayers’ federal tax refunds have been delayed. Here are some reasons.

Forensic Loan Audit