The Federal Tax Credits Blog

Posts Tagged ‘home’

Question: Any info on receiving grants for first time home buyers?

I know this can greatly vary from person to person, but I’m hoping there are some of you out there who have had experience with getting federal funds or grants when purchasing their homes. What are some resources you would highly recommend? Are there ways of going about this that would increase my chances of getting them? Is this easy? How much were you able to receive? Does the First Time Home Buyers 8k tax credit effect my odds? Any advise would be helpful. I’ve already found some links with info, but am looking to hear personal experiences.

Answer: Hi There;

You have many questions here. I perceive the biggest one is how to get federal funds or grants. So I will focus on this.

Each and every state has different types of programs. In fact it breaks down to your local community as well.

Federal grant money for housing is issued each year to the different states. Then the state government divides these funds up between the different cities. Don’t worry, the information is all free and you do not have to buy a book.

When the funds run out, they are gone until the next year.

I’ve seen some very generous grants offered in the past. I personally helped a couple get $7,500 in pure federal grant money that they did not have to pay back as long as they lived in the house for 5 years.

Since I do not know what state you live in or the city, perhaps you may find the link listed below helpful. It is up to date as of Dec 30, 2009 and links you to the HUD pages within the site where you can simply click on your state and then see a list of all the agencies that offer grants.

I hope you find this helpful.

US pending home sales soar ahead of tax credit deadline

US pending home sales rose for the third month running in April as home buyers rushed to sign contracts before the expiration of a government tax credit, an industry survey showed Wednesday.

First-time buyer tax credit can be used upfront for purchase costs.(Briefing Book)(National Association of Home Builders of the United States)(Federal … article): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on July 1, 2009. The length of the article is 357 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: First-time buyer tax …

Austin Real Estate Agent Reminds First Time & Move Up Home Buyers of Tax Credit HD

Question: Info about the new housing law signed this morning — up to $7500 credit for 1st time homeowners?

I have read reports from the news websites about how this new law will assist first time homeowners by providing a tax credit of UP TO $7500 if purchased between April 08 and July 09.

What are the specifics on that?
Who qualifies and for how much?
wayne, do you have a link for that?

Answer: Good News: Up to $7500 refundable credit for first-time home buyers under the income limits. (I am not sure of the income limits but I think that I saw $75k for Single and $150k for Married.)

Bad News: It must be paid back on you tax returns for the next 15 years. In other words your taxes will go up by $500 for the next 15 years if you get the whole $7500. Also, if you sell be for 15 years, you must pay back the balance immediately.

It really isn’t a true “credit”. It is just an up to $7500 interest free loan.

Is London ready for the Big Squeeze?

There is something strange going on in London’s clubbing world this spring. From the louche nocturnal haunts of St James’s to the vast dance caverns of the suburbs, takings have fallen — and fallen dramatically.

Retirement Plans: Navigating IRS Info – May 2010

Question: Should I buy a house before the $8k tax credit is up in June 1010 or wait?

All the mortgage calculators online say I can afford as house that is around $180k. I have $10k that I can put on a down payment for a house. So if I am looking at a house that is $150k, $10k is about 6.7% down. Would it be advantageous of me to buy at house with a lesser down payment and recieve the $8k tax credit OR wait until I have about $20k saved up for a downpayment at the end of 2010 and buy a house then (but I will not recieve the $8k tax credit).

I am knew to buying a house so there is alot I do not know, I know a higher down payment will reduce my interest rate which could save thousands over a long period of time..any input helps thanks.

Answer: You need more then 10k to buy, there are all sorts of closing costs that you have to pay out of pocket. Set aside at least 5k for those.

Special Provisions Allow Military Home Buyers to Capture Tax Credits

Extension of Homebuyer Tax Credit and Exemption from Tax Credit Recapture Rules Ease the Home Buying Purchase for Members of the Military

Remodel Replace Refund!: Your DIY Guide to the 2009-2010 Federal Tax Credit for Homeowners $7.31 Part home improvement book and part financial instrument, Remodel, Replace … Refund makes sense of the home remodeling provisions of the 2009-2010 Federal Tax Credit for Homeowners. Learn which types of improvements qualify and how to file the paperwork to get your share of this popular element of the Stimulus Plan. Then, see clear step-by-step photos that show how to do the work yourself–most …

The Secret To Home Buying in 2010 “Exclusive First-Time Homebuyers Workshop – April 3, 2010″

Toll Brothers: Orders Up, Cancellation Rates Way Down, Toll buying Lots Again (Uh, Oh!)

Toll Brothers, the self-proclaimed “leading builder of luxury homes,” reported that net home contracts totaled 866 in the quarter ended April 30th, up 40.9% from the comparable quarter of 2009. Gross orders were up 16.6% from a year ago, while sales cancellations were down 71.4%. The company’s sales cancellation rate expressed as a % of gross orders was 5.3%, the lowest rate since the third …

Home sales take worst hit in 40 years

Question: what happends if your file for the home Buyers Tax Credit after nov.6 2009. unaware of the changes.?

i did attach a closing statement. will my refund be held up. this was not an amended return
i closed on nov 20, 2009 filed my very late 2008 taxes on nov 23, 2009 using the old version un aware of the changes. i did include a copy of my closing statement. will my refund be delayed

Answer: It wasn’t an amended return? What was it? Were you just filing very late for 2008? It’s too early to file a 2009 return. If you weren’t filing an original 2008 return, and just sent the form for the credit and the closing statement, they’ll probably send it back to you since it wouldn’t be a proper filing – and that isn’t something that changed with the new 11/6 law. When did you close? If you closed after 11/6 you are supposed to wait for a revised form 5405.

Tax credits fuel surge in home sales in April

MANATEE — Federal tax credits helped spur a home-buying spree in the Sarasota-Bradenton market last month, with sales of existing single-family homes 32 percent higher than a year ago, the Florida Realtors trade group said Monday.

First Time Home Buyer Tax Credits— You dont have to pay back!!!!