The Federal Tax Credits Blog

Posts Tagged ‘buyer’

Question: How do Kentucky HUD foreclosed homes choose an offer?

My fiance and I have been looking at houses to buy for about a month now. We FINALLY found one in our price range that we LOVE… but it’s a Kentucky HUD foreclosed home. We’re first time home buyers with excellent credit and have been pre-approved. But we’re a little confused about how HUD actually works. Our relator said that there is a deadline for people to submit an offer (ours would be tonight at midnight) and that all the offers are reviewed at the same time–it’s not first come, first serve as with most houses. She wasn’t entirely sure HOW they decide who gets the house. We’ve decided to submit our offer at full price. Which she says she thinks a lot of people will do… does anyone know HOW HUD determines who gets the home? We just love it and it’s PERFECT for us!

Answer: I believe HUD uses the same method everywhere.

They prefer a homeowner occupant- so if someone is bidding as an investment house they will lose to a homeowner occupant. Otherwise they look at the highest bid net to them. So if someone bids a dollar over list (and the cost to HUD is the same) then their bid would beat yours.

They also are allowed to turn down all bids if none of the bids are as high as they think they should be.

Short-sale buyers race to seal deal with tax credit

Even if homebuyers meet April 30 contract deadline, sales might not close by June 30 Even if homebuyers meet April 30 contract deadline, sales might not close by June 30.

Home Buyers Scramble For Tax Credit Deadline

Realtors got helpful boost from 1st-time homebuyer tax credit

Feb. 3–CHEYENNE — A first-time homebuyer tax credit lifted sluggish sales in 2009 and could continue to boost sales in 2010.

Mark Souder Award Pt. 2

Question: 2010 Home Buyers Tax Credit?

We have lived in our house for 11 years it’s our primary residence, I want to refinancing my house as to take advantage of the $6,500.00 tax credit,

We have a house hold income of $80,000 a year do I qualify for the $6,500.00 tax credit?, and if so what date would the refinancing have to be final 4/30/10 or 6/30/10 the dates that I am reading are confusing to me.

Thanks Kristy

Answer: There is no tax credit for refinancing.
This tax credit is for current homeowners who have lived in their primary residence for 5 of the last 8 years and purchase another home.

You must be in an accepted offer to purchase by 3/30/10 and close on the new purchase by 6/30/10.

Regional Spotlight: Home Buyer Tax Credit Buoys Bay Area Home Sales as Tighter Inventory, Multiple Bids Nudge Prices …

RISMEDIA, February 2, 2010—Despite a dwindling supply of bank REOs and the ongoing presence of cash-rich investors willing to bid up prices, first-time home buyers motivated by an $8,000 federal tax credit available to those who purchased before December 1…

2010 Home Buyer Tax Credit, Extended And Expanded. Up To An $8,000 Tax Credit

Question: Is there a way to receive the first time home buyers credit before the home is purchased?

I read an article on yahoo news that claimed that you could actually use the first time home Buyers Tax Credit as a down payment on your home as long as the home is bought by November 30, 2009. Is this true? Should I file a 1040X if I have already filed my 2008 return?

Answer: No the mortgage and title has to be in your name in other words you have to prove that you did indeed purchase the home. Not that I promise to

Home builder Horton reports first quarterly profit since 2007

Foreclosures are mounting, and loan requirements are still strict.

Project Economy: First Time Home Buyer Credit

Question: I am looking at buying a house (I am a first time home buyer credit)?

Hello I am looking at buying a house. I am a first time home buyer and so I am thinking I will get the tax credit, but I am not sure because I will need a co-signer (my mother who is not a first time home buyer) will this effect my eligibility for the tax credit?

(not that this matters for the question, but I am sure people will think I am getting over my head if I need a co-signer)
1) I will not qualify for a loan on my own
2) I am not buying a house I cant afford I will have roomates (and beable to pay on my own if they screw me) Also I will be putting down over 10%

Answer: As long as the deed/title of the house is in your name, you should qualify for the first time home Buyers Tax Credit. Whose name the mortgage is in is not as important…

Homebuyer Tax Credit: What does it mean?

January 18, 2010 A Federal Tax Credit Extension signed into law in November extends the $8,000 first-time home buyer tax credit that was originally set to expire the first of that month. What does it mean for home buyers?

How to Use the Home Buyer Tax Credit to Invest, Buy for Someone, or Downsize.mp4