The Federal Tax Credits Blog

Archive for the ‘Homeowner Tax Credits’ Category

Problem: Karen has bad credit but wishes to buy a mobile home very soon. She would like to know if she can find mobile home loans with bad credit and how it works.

Solution: Mobile homes used to be a popular choice because of their low cost, but today, they cost almost as much as the conventional homes do. Usually mobile home loans can be tricky since lenders would like to see if the structure is on a foundation or not to be able to determine whether a mortgage is possible or not.

Now, Karen since you have bad credit and are looking out for a lender, you may find it a little difficult although not very difficult. You may need to do a bit of research on this. There are several online communities where you can place your mortgage question to look for names and contacts of mobile home mortgage providers in your area.

Financing for mobile homes can be purchased with as little as 5% down payment. There are no balloon rates as such because you have bad credit. An advantage of such loans is that you can pay up the loan amount all at once if you want to. You can do so without being charged any prepayment penalties. A normal mortgage would charge prepayment penalties in case a borrower wanted to pay up the loan amount in advance. Usually such loans (bad credit mobile mortgage) do not require you to pay any application charges. Lenders have a good idea that you may be low on cash and hence waive the application fees and make the loan process as simple as possible.

When you go for such a loan you must be aware of the lending procedure and get things in writing. If you have chosen your lender you may search online for reviews on that lender. You can also seek reviews from members participating in online communities. Ask your mortgage questions in such communities and let members share their experience with the company. This way you will know if you should borrow from that company or not.

Like everything has a flip side, bad credit mobile home mortgage too has one. Such loans have high rates of interest based on your credit score. You need to have a score of at least 550 to be able to qualify for such a loan. It will cover only the home and not the land on which it is situated. Karen, if you have a score lower than 550, I would suggest that you work towards your score and bring it to the minimum before you apply for the loan. You have time in hand and I would suggest you utilize it for the better.

Sponsored By:

IN THE CIRCUIT COURT, FOURTH JUDICIAL CIRCUIT, IN AND FOR NASSAU COUNTY, FLORIDA CASE NO.: 09-DR-1200 IN RE: The Marriage Of: ROMAN KOS, Husband, and MARIAH L. KOS, Wife.

Question: Will the new stimulus plan increase the $7500 first time home buyer tax credit to $15,000 as stated earlier?

I read about the increase in a Yahoo News article when talks were first beginning on the Obama economic recovery plan. Now that it has passed in the Senate, I was curious about the truth to this information.

Answer: You may qualify for The First-Time Buyer Tax Credit if: You make less than $75K (single) or $150K (married), you will likely qualify for the $8,000.00 tax credit.
The 8K Homebuyer tax credit have been signed into law on 02/16/09 but will be for homes that close escrow from 01/01/09 – 12/31/09. (Not the date of the purchase agreement) See http://www.8000taxcredit.info
The credit is for first-time buyers only (who have not owned a home in 3 yrs.)
The present law (2008) gives a refundable tax credit equal to the lesser of 7,500 (3,750 for married filing separately) or 10% of the house. The house has to be bought from April 9, 2008 to December 31, 2008 (It was July 1, 2009, but this new law changes/overrides that). You have to be a first-time home buyer and live in your home for 3 years to take the credit. The credit phases out for individual taxpayers with modified adjusted gross income between $75,000 and $95,000 ($150,000 and $170,000 for joint filers) for the year of purchase.
It will extend and modify the old law in a few important ways. For homes bought from 1 January to 1 December 2009, the credit is now $8,000, it is still refundable, and it does nott need to be repaid. If the house stops being your primary residence before 36 months are up, the tax credit has to be paid back in full.
There is no down payment needed to qualify. It is refundable so you can get this tax credit even if you don’t owe any taxes.
(Check with your tax adviser for up to date and accurate tax information).

Once rising political star Angelo Cappelli returns from prison to work for St. Petersburg political consultant

Cappelli’s job has nothing to do with politics, says his boss, a political consultant.

Senate to expand homebuyer tax credit

With each passing year, the advancements in technology are making our lives that much easier. Just 20 years ago, beepers were commonly used when you wanted someone to contact you while you were on the road. It might have taken awhile for you to find a public phone booth, but there was no other alternative. With the advent of the cell phone, that contact was made immediate, even if that person was located on a different continent. Though its use has not as drastically changed the lives of millions of people, the duplex scanner has also made the lives of some people that much easier.

The duplex scanner functions like an ordinary scanner, but it does twice the job in the same amount of time. With an ordinary scanner, you insert a hard copy document and within seconds a digitally produced copy is uploaded onto to your computer. But if the document is double-sided, you have to reinsert it on the flipside to get a copy of that side. In other words, you have to do double the work to get the copy you want.

Not so with a duplex scanner. As its name suggests, with a duplex scanner, you only have to insert the hard document once, and both sides will be copied at the same. In other words, it cuts down your workload in half.

Picture the following case. You work in a busy medical office and it’s your job to upload new patient registration forms. These registration forms are double-sided, so ordinarily you would have to take a half-hour each day to scan and upload each and every double-sided application. But with the duplex scanner, that time would be cut in half, which would leave you more time to take care of other job duties.

And the duplex scanner is small enough that it can be taken from one office to another in case more than one person needs to use it. And with its lightweight (just over one pound), you won’t hurt your back carrying it from place to place.

The duplex scanner is one device that’s here to stay.

New Tulalip homes almost ready

Eight homes will be ready to move into by January. The Tulalip Tribes are building homes to help out tribal members.

3 Kenney Street

Question: I need help with first time home buyer tax credit. Quick Question. Can you help me?!?

We just purchased our home and need to amend our 2008 taxes.

I went to the IRS website and printed the 1040x and the 5405 (first time homebuyer credit).

On the 1040x-line 15 is what I need amended correct?
And what would I put in the three boxes next to it? A.B. and C? Sorry, I so dont understand tax talk

So if I just mail these in, say tomorrow. I would receive a refund of 8000 back, like within a couple months or however long it takes?

Thanks Everyone!

Answer: Allow 12-16 weeks.

Start at line 10. On line 15, for the full credit, $0, $8000, $8000.

While the form doesn’t ask for the closing papers, attach them. So many fraudulent 1040x returns are showing up that the IRS had to stress audit issues. If selected, the IRS will spend a week mailing you a letter to fax in the closing statement. By attaching the papers to your return, you would save a week.

Desperate homeowners turn to short sales to unload houses

Brett Hait found himself in a bind last year after moving to Atlanta for a new job.

Fuller Sotheby’s Agent Dan Polimino talks about this weeks market update for November 9th in Denver

Question: home buyer tax credit?

hey,please let me know if you get that first time home buyer credit,and how long it took to get your check….

Answer: Are you inquring about the US first time homebuyer credit?

If so, one can get up to 8,000 of refundable credit (10% of purchase price, up to 8,000) and with the following major qualifications:

Home must be purchased and finalized by December 1, 2009
Must be prinicpal residence
Must not have owned another principal residence three years prior to the date of purchase
Must leave in the newly purchase residence for three years after purchase; otherwise the credit is to be paid back instead.
Can include on 2008 return (if not yet filed), amend 2008 return (if filed), or include on 2009 return
Income phase out limits apply – see link below for more info

Leading article: The year of real choice

The “long campaign” has been a feature of British politics since at least 1992, an election that in many ways provides a template for this year’s choice. The Labour Government is modelling its strategy more or less explicitly on John Major’s campaign for re-election, and some of the parallels are striking. Then, Neil Kinnock ran on the slogan of “time for change”, just as David Cameron does now …