The Federal Tax Credits Blog

Posts Tagged ‘buyer_information’

Due to financial crisis, many homeowners have been struggling to make the payments of their monthly mortgages. They are almost at the edge of losing their homes. To overcome the situation, Obama government has launched a great plan to lower down the burden of homeowners’ monthly mortgage payments.

According to this mortgage rescue plan Obama government has targeted about 9 million homeowners who are in deep crisis. Under this plan, mortgage giants Fannie Mae and Freddie Mac will provide the refinance facility to 4 to 5 million homeowners. And, the rest 3 to 4 million homeowners who are unable to pay their monthly installments will get incentives that will reduce the monthly payments.

However, there are millions of borrowers who are in the crisis and have difficulty in paying monthly payments. But all of them do not qualify and hence are not eligible to avail the facility provided by this plan. If these people meet the following criteria, they are eligible for Obama rescue plan:

- Your home should be primary residence.

- The amount you have loaned on your first mortgage should be equivalent or less than $729,750.

- You must have genuine problem in paying your mortgage amount. (Normally, it could happen due to rise in your mortgage amount or abrupt reduction in your income or possibly both).

- You should have gotten your current mortgage before January 1, 2009.

If you full-fill the above requirements then you will get the following facility:

- Reduction in interest rate (merely 2%).

- Flexibility to extend the loan term up to 40 years.

In extreme conditions, when the homeowner is really bankrupted then this plan provides additional advantage i.e. forbears a part of the principal amount until loan is paid off.

However, under this plan your lender cannot lower your mortgage payments more than 31% of a borrower’s pre tax monthly income.

Retailer wants renovation tax credit extended

A New Brunswick building supplies retailer would like to see an extension of the federal government’s home renovation tax credit because it has been so good for business.

2009 Tax Credit for first time home owners

This Week in Health Care Reform

After weeks of logjam on Capitol Hill, lawmakers in both the House and the Senate have reported progress in their respective negotiations this week, clearing way for a possible vote on sweeping health care reform legislation after the August recess. To help you make sense of the numerous reform plans and plan details, review the attached chart.

Public Plan

House Democrats Reach Compromise: After weeks of infighting, House Democrats on the Energy and Commerce Committee came to an agreement on Wednesday that would shave $100 billion off the House bill’s original price tag of more than $1 trillion. The Energy and Commerce Committee resumed marking up the legislation Thursday, but the full House will not vote until after the August recess.

Congressional Budget Office (CBO) on House Plan: The CBO helped the House Democrats’ case for a public option when it reported that under the proposed legislation , most people would still choose employer-based coverage rather than a government-run option. The CBO stated that, given the individual mandate, more employees would sign up for coverage through their employers. However, the latest analysis also stated that the proposal would still increase budget deficits.

Senate May Choose Co-Op Over Public Option: Senate Finance Committee negotiators indicated that they were close to reaching a bipartisan deal that would include a co-op modeled public plan. The proposal being discussed would include a tax on insurers and would use non-profit cooperatives to compete with private insurers. The proposal would also not include an employer mandate.

Alternative Plans

House Republicans Unveil $700B Plan: On Wednesday, House Republicans unveiled a $700 billion health care plan that would offer tax deductions and credits to assist individuals in purchasing insurance, as well as take on medical malpractice. According to House Republicans, the proposed plan would be fully paid for, but CBO has yet to officially assess the cost of the legislation.

Financing the Plan

New CBO Score on Senate Bill: The Senate Finance Committee got a boost when the CBO estimated the latest version of the Committee’s health reform bill would cost less than $900 billion. The bill would cover 95 percent of Americans by 2015 and would be fully paid for in the first 10 years, according to Finance Chairman Max Baucus (D-MT).

Tax on “Cadillac Plans” Gains Momentum:The Senate Finance Committee’s option to tax insurers on high-value “Cadillac plans” has attracted support in the Senate, and it seems senior House Democrats are warming to the financing proposal. A spokesperson for America’s Health Insurance Plans voiced opposition to the plan, and many assert that a tax on insurers will ultimately be passed down to consumers.

CBO Rates Independent Panel: CBO reported this week that the proposed independent panel to oversee payments by Medicare would result in just $2 billion in savings over 10 years.

Additional Activities

AARP Voices Concern: President Obama held a town hall-style meeting at the American Association for Retired Persons (AARP) Washington headquarters this past week to address growing concerns among seniors about health reform and subsequent cuts in benefits. Polls show that senior citizens are more skeptical about health care reform than any other age group. Consequentially, AARP has had to walk a careful line in endorsing the House bill. Earlier this week, AARP expressed disappointment in the lack of progress in the Senate, saying that Senators have “failed to act.”

Looking Ahead

House lawmakers plan to conclude work this week and break for a month-long recess, returning to their districts to further discuss health reform efforts. The Senate will recess on August 7th.

Paper backlog could jeopardize tax credit for new home buyers

(KMOV) — More than 3600 potential first-time home buyers in Missouri alone may not get their tax credit in time. The $8000 tax credit opportunity for first-time home buyers expires at midnight on Wednesday, but new government requirements for lenders and title companies are creating a paperwork backlog. If the paperwork is not processed in time, sources say those buyers will have to look at …

6500 Home Buyer Tax Credit – Will Tax Credit For ‘move-up’ Homebuyers Spur You To Act? | The

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Land trust striving to provide affordable housing in Carson Valley

GARDNERVILLE, Nev. – Despite the recession’s clobbering of home values across the nation, there is still a need for affordable housing in Carson Valley, said real estate agent Anje deKnijf. “As home prices have fallen, incomes have fallen,” deKnijf said Dec. 18. “The beauty of our program is that as house prices drop, we can do even more. Each house will eat up less of our funds.” In a time of …

Tax News – Home Buyer Tax Credit Extended – Denver, Co

Question: Tax credit for first time home buyers…?

I purchased my first home in August for 50,000. I paid cash for the home. I lived in the home for about two weeks and discovered it had some problems that I could not afford to fix so I sold the home in October. My question is, do I still get the first time home buyer tax credit? Even though I sold my house?
Man that sucks!!

Answer: Heck no. The (up to) $8000 deal was only if you ALSO stayed in the house for 36 months after buying it.

You didn’t.

National new home sales weak, but bright spots hit South Florida

Dec. 24–New home sales in the south dropped to a year-long low in November, an unexpected dip considering the first-time home buyer spending spree that buoyed the resale market last month.

October 22 – First Time Homebuyer Tax Credit Expiration and High Balance Conforming Expiring

Question: I have a ? about the new tax credit that just passed..Can I file now to get the credit they keep on talking of

I heard people wont receive these checks until May, sd does that affect my current Tax filing?

Answer: You should ask the person that files your taxes. Its there job to know something that important shouldnt be answered by us silly yahoo ppl. And when you do find out let me know. GOOD LUCK

Building permits surge

New multi-unit residential, residential renovation and commercial construction activity remained at high levels throughout 2009. The City of Greater Sudbury’s latest building permit statement shows the number and value of building permits issued up until Dec.[...]

Senator Johnny Isakson on the State of the Nations Housing Market