The Federal Tax Credits Blog

Posts Tagged ‘buyer’

Question: First time home Buyers Tax Credit: How to file to use the $8000 as a down payment?

I know it is possible, and people have used their $8000 first time homebuyers tax credit as a down payment for their new home. I have googled everything I can think of for the tax credit, and I can’t find any sites that gives me information on how to file to use it was a down payment

Has anyone done this, or does anyone know how to do this?

Thanks in advance!!

*****ANY LENDING/BROKER SPAMMERS WILL BE REPORTED*****
I do have the down payment, before people start badgering me for being the problem with this economy.

I was just wondering if it is true that the tax credit can be used, that way I can leave my savings untouched and just pay closing costs

Thanks =)

Answer: Here is a link to a website that lists each state that offers this kind of program and links to the program. Hopefully, your state is listed.

http://www.ncsha.org/about-hfas/hfa-programs/-first-time-homebuyer-tax-credit-loan-programs

Will seller financing sell your home?

Can’t sell your home? Offering seller financing may lure potential buyers. But there are risks.

$8000 Home Buyer Tax Credit

Question: Can we still get the first time home buyer tax credit?

We bought our house on April 2, 2008. Is there any way that we can still get the 7500 dollar first time home buyer tax credit? The only information that I can find says that it has to purchased on or after April 9, 2008. Any help is greatly appreciated.

Answer: Nope. You fell outside of the eligibility window. There are no waivers or exceptions.

Tax credits for home buyers come to a close

When the federal home buyer’s tax credit program finally sunsets on Thursday, more than 65,000 Floridians will have taken advantage of the incentive program, claiming more than $455 million, according to the U.S. Government Accountability Office.

Question: Can I claim the $8000 first time home buyer tax credit if I convert my home to a two-family dwelling?

Two hypothetical questions:

1) My home that I bought last year has long been a one-family home. I’m considering converting it back to a two-family home (it was long ago) and taking on a renter. Can I keep the $8000 tax credit?

2) What if I purchase a second home closer to work, but keep my first house as my primary residence? I would keep my own apartment there (as my primary residence), while still renting to the upstairs neighbor. Can I keep this tax credit?

Answer: If you purchase a home which becomes your principal residence, and then after the purchase divide it into two living units and convert one to a rental unit, then the original property is no longer your principal residence. There is no provision for a partial payback of the credit. If a property is converted to a rental property, in full or in part, the entire credit is paid back.

As for your second question, your principal residence is where you spend most of your time. If you live in the second home during the week for example, and your apartment during the weekend, then the second home is your primary residence and you will have to pay back the full $8K regardless of any rental activity. If you still spend most of your time at the apartment, the purchase of another home has no bearing on the FTHB credit.

Current interest rate tops federal tax credit

CLIFTON – With the $8,000 first time buyer and the $6,500 repeat home buyer tax credits offered by the federal government behind us, many buyers may feel that they missed a once in a lifetime opportunity. To the contrary, the best opportunity for all home buyers exists today, with the lowest interest rates in over 50 years.

8000 First Time Home Buyer Tax Credit

Question: Can I get a new mortgage w/a Tax Lien?

Help! Is it possible to get a new mortgage with a tax lien on credit file?

We make over $300k a year and are coming out of a financial mess we got in w/a bad real estate market in Colorado. We are back on our feet and credit scores are coming up, no debt etc.

We are ready for new home purchase but now have the tax lien on our credit file.

Is there anyway we can get the tax lien rolled into a new mortgage? If yes, how do we find a lender who will do this? Our income is 100% verifiable and we are already living in the house. The owner let us do an extended close to end of October.

We need to get this done asap!

Thanks!
Josh
Thanks for the quick ans! The issue we are just renting in the current house so I don’t think we can do a refinance?

Would also be interested in a lease/purchase for up to 12 months if we can find an investor who will do it? We have already put down $10k in earnest.

Answer: On a refinance, yes, this can be done. In fact, it’s going to be a condition of the loan in all probability.

Just talk to some lenders. I recommend you speak to no less than three before choosing one. Talk to as many as you have the stamina for. Start the conversation with “We want to refinance.” and then see what they do next. Reject any lender representative that tells you anything before asking you questions.

Wajahat Ali: Fighting Wells Fargo and Foreclosure

Could it be that the best chance to save a young family from foreclosure is a 28-year-old Pakistani American playwright/attorney who learned bankruptcy law on the internet?

Question: First time home Buyers Tax Credit?? HELP To EXPLAIN!?

OK. first off. If i file my taxes this month, will i get the tax credit this year(with my tax refund) or next year?? Or does it depend on something. SECOND can i use the money for something else?? Or do i HAVE to buy a home. Cause ive heard several people say you dont have to use it on a home.! Last thing, do i have to pay it back.? I dont own a home. THANK YOU

Answer: If you buy your first house this year, you will get the credit when you file your 2009 taxes next year. It’s $8,000 and it does not have to repaid. The 2008 credit was $7,500 and that was required to be repaid. You can’t get if you don’t buy your first house. That’s it.

Struggling Arizona homeowners can apply for federal aid next week

Money to help borrowers reduce mortgage.

$8000 Housing Tax Credit Explained!