The Federal Tax Credits Blog

Posts Tagged ‘home’

Question: What is the best way to start the home buying process for first time buyers with little or no credit?

I live in GA and I am looking for a home in Douglasville. How do I start the loan approval process?

Answer: In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

“FIGHT ON”

The capital conundrum

Although there are plenty of available homes for sale in today’s market, the one type of home that may be difficult to find is a spec home; a brand new home built with no particular buyer in mind. If you ask a builder, he’ll say it’s because the banks aren’t lending money to build spec homes. If you ask a banker, he’ll say it’s because there are no buyers for spec homes and adding more inventory …

Loan Modification – Part 2: Home Mortgage Bailout – Real Estate Foreclosure Prevention Process

Question: How messy is your room/home office/home workspace right now and why?

No matter how much I toss I can’t seem to make any headway, I am this close to just throwing it all out! It is either keep it all or toss it all. You never know what to save anymore – pefect example – we can get an income tax credit on our phone bills for the past 3 years I think…who keeps phone bills that long?!?!? This credit is for the “normal” residential customers and businesses. The normal customers usually toss bills after they’ve been paid, no? *ARRGH*

Answer: Tel me about it. I can’t rid of any of my paper either and I feel like the pile never goes down and i feel overloaded.

Tax credits boost home sales 39%?

Federal tax credits for homebuyers helped fuel a 39 percent surge in home sales in Connecticut in May compared with a year ago, The Warren Group reported Monday.

USAutomatic Sentry 300 S Commercial Grade Automatic Gate Opener $795.66 Sentry 300S Automatic Single Gate OpenerThe Sentry 300 was designed to work on all types of gates that swing freely. The Sentry 300 effectively supports Ornamental Iron and Vinyl Gates up to 12 ft and 450 lbs, Chain Link Gates up to 14 ft and 300 lbs and Farm and Ranch Gates up to 20 ft and 250 lbs.The superior design and features of the Sentry 300S Automatic Gate Opener makes it impossible to com…

USAutomtic 020335 Medium 300 Solar Charged Automatic Gate Opener Double Gate Basic Kit $1,369.89 The Sentry 300 Solar Charged Automatic Gate Opener Double Gate Basic Kit contains the first high quality commercial grade Do it Yourself dual gate opener. The universal mounting brackets will allow for push to open or pull to open installation easily bolt on to most existing gates. The linear actuator provides 400 lbs of thrust and has a compression rating of 1000 lbs. Open or close time is typica…

Noritz NR98-DVC NG Concentric Direct Vent Tankless 7.5 GPM Natural Gas Water Heater $1,147.82 This new concentric vented heater enhances the capabilities of customers to deliver endless hot water in air constrained areas with simple, single penetration installation. This indoor unit provided up to 9.8 gallons of hot water per minute, ideal for homes with up to 4 showers. Requires zero venting clearance, it’s a natural gas model with temperature settings from 100-180 degrees Fahrenheit. PVC…

Ooma Core VoIP Phone System $249.99 In a volatile economy, there’s one utility you can save with the aid of VOIP technology – your phone service costs. Smart and stylish, the ooma Hub and ooma Scout partner with your high-speed Internet and your existing home phones to deliver free home phone service. Your one-time purchase eliminates monthly bills for U.S. calling and delivers extremely low rates for international calls. Your one-t…

(Cleveland Real Estate) For Sale First Time Home Buyer Tax Credit Able

For one IT Director, the fast food biz taught him how to succeed

From the front lines of McDonalds to heading up an IT department in just seven years. One MIS Director shares his story.

How to Double Your Tax Credit on Windows and Doors

Question: Do you have to pay back the $8000 first time home buyer tax credit?

Do you have to pay back the $8000 first time home buyer tax credit? i know you have to stay in the house for 3 years, but i got different answers about if i have to pay it back in 15 years on never have to pay back. i just need to know if its a yes or no. Thanks guys

Answer: This is a USA question.

Which year did you buy the house?

For 2008, the maximum credit was $7500 and it was to be paid back over 15 years, starting in 2010.

For 2009, the maximum credit is $8000 and if you lived in the house 36 months, wasn’t to be paid back.

Research Reports on Williams-Sonoma and Pier 1 Imports — the Sweet & Sour From Home Furnishing Stores

JOHANNESBURG, SOUTH AFRICA–(Marketwire – July 26, 2010) – www.RothmanResearch.com provides members a complete scrutiny of the Home Furnishing Stores industry with thorough research on Williams-Sonoma Inc. ( NYSE : WSM ) and Pier 1 Imports Inc. ( NYSE : PIR ) Sign up now on www.rothmanresearch.com to access these free reports.

New tax credit good news for first-time home buyers.(Business)(Taxpayers may be eligible for up to $8,000 that does not have to be paid back): An article from: The Register-Guard (Eugene, OR) $9.95 This digital document is an article from The Register-Guard (Eugene, OR), published by The Register Guard on February 26, 2009. The length of the article is 655 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: New tax credit good ne…

Mortgage Loans Oklahoma | Oklahoma Home Mortgage | Mortgage Tulsa Oklahoma

Question: What should i pay for my house?

I am considering buying the home that I have been renting. He wants $60,000 for the home. It is a 3-2 manufactured home built in 2000. The tax value of the home is $32,000. He wants to give me no credit for the rent that I have paid, nor the deposits that I paid before mving in. He wants $8,500 down with payments of $696 per month. The house has 2 skylights that leak, the master bath tub leaks, the sliding glass door leaks, and there is a leak in the laundry room. The floor by the sliding glass door needs to be replaced. Three months ago he offered us the house at $55,000, $7500 down and $549 per month. Should we take the offer as the first offer is off the table.

Answer: The real estate market is coming back and deals will be harder to find. Get an independent appraisal for the property and a building inspection. Offer him $60k or 80% of the appraised price(whichever is lower) on the condition he fixes all the problems before you sign.

Jason Alderman: When Does Home Remodeling Make Financial Sense?

My wife and I survived two major home remodeling projects and we’ve got the battle scars to prove it. Like most people feeling cramped for…

Solar Powered Attic Fan – 20 Watt Roof Exhaust Vent – Natural Light $392.47 Solar Powered Attic Fan – 20 Watt Roof Exhaust Vent – Natural Light Solar Powered Attic Fan – 20 Watt Roof Exhaust Vent – Natural Light Natural Light’;s Solar Attic Fan is a simple and environmentally sensible solution that can protect your home and even save you money. Powered completely by free solar energy, this sleek and efficient attic vent is compact, quiet and powerful! Simply, the function…

Recovery: Home Energy Credit (ASL, Captions & Voice Over) – June 09