The Federal Tax Credits Blog

Posts Tagged ‘first-time-home-buyer’

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: $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.

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Question: Would still qualify for First Time Home Buyer Credit if on title but not on the loan?

Let’s say my brother bought a house but we did not co sign because I owe too much debt and made too little last year so I am not on the loan, but I am on title. Would I still be able to qualify for the credit? He actually qualifies too but he doesn’t want to claim it because he wants to buy his own house later.

Thanks!

Answer: Since you are on the title, that counts as home ownership.

Where does your brother live? If it’s with you, he won’t qualify on buying another home.

Federal tax credit running out for Franklin County home shoppers

Time is running out for the first-time and repeat home buyer tax credits. The $8,000 first-time credit and $6,500 repeat home buyer credits are set to expire April 30, but those hoping to take advantage of the credit who sign a contract by April 30 are still eligible if the sale closes by June 30.

Question: How long will it take for me to get the first time home buyer tax credit?

My boyfriend and I will be closing on our first home in January. We plan on filing for the tax credit at the same time that we do our return for 2009. What is the wait time to get that return back? Also, we both file separately since we are both married so do we but request $4,000 or does one of us request the full $8,000 credit?

Answer: You each claim half the credit if the purchase is in both names.

Allow four months for your refund.

Come Buy With Me And Be My Love

Chuck Haberstroh, 30, and Jacque Horelik, 28, haven’t set the date, but they have bought a home. “We may never see such a buyer-friendly environment again,” Ms. Horelik said.

First Time Home Buyer $8000 Tax Credit Commercial

Are you desperately asking the question: ‘Can I stop divorce before it happens?” The good news is, if you are willing to do what it takes, yes, you can stop divorce before it happens. Read on for a few good tips to help you in the process.

1.    Calm yourself down first of all. You will not be able to take any positive steps if you are in a state. Do anything that you enjoy just to get your mind of your problems and calm you down.

2.    Make your home a pleasant place for your spouse to be around. This is very important; do not give your spouse reason to flee.

3.    Calmly go about your daily business, doing what you have to do in a calm and controlled manner. Try and show no sign of the stress you are under. I know this is difficult, but it is the only way.

4.    Become a pleasant person to be around. Now is not the time to try and discuss your problems or to argue with your spouse. To you it may feel like trying to sort out your problems, but to your spouse it will feel like fighting.

5.    Act and do things in a way you know your spouse like it. It may feel like giving in, but keep in mind; you are trying to get your spouse into the idea of staying together. The time will come, later, when you will address your problems.

6.    Get him or her into the idea of stopping divorce before it happens. Do not try and do anything else until you have your spouse interested in the idea of saving your marriage.

7.    Only once you have your spouse interested in saving your relationship do you start the conversation about how you are going to do things. Remember, listen to your spouse and react positive. If you do that your spouse will be willing to also listen to you and react positive to what you are saying. Important, stay calm!

So, if you are asking: “Can I stop divorce before it happens?” the answer is yes. Take the right steps and it will happen.

Taxpayers Prevail on Use of Fixed Dollar Formula Valuation Clauses

Taxpayers have prevailed in two cases where the amount given to a charity was to be determined by reference to asset values as finally determined for estate or gift tax purposes.

Susan Ryan Coldwell Banker Bain