The Federal Tax Credits Blog

Posts Tagged ‘realestate’

Report: Citywide Home Values and Sales Increase in Second Quarter

NEW YORK, NY–(Marketwire – 07/14/11) – The total dollar value of New York City’s residential sales transactions jumped 13 percent in the second quarter of 2011 to $7.42 billion compared to the first quarter of this year, according to a report released today by the Real Estate Board of New York (REBNY). Home prices citywide also inched upward by three percent compared to the same time last year …

Home Buyer Tax Credit Extended for a Select Few

Question: can i have braces at age 22 for free?

i had a retainer at 13 and then after a year it broke and my teeth looked straighter so i didnt bother having any more treatment and when i was around 19 i noticed my teeth were pushing out slightly again and now at 22 they have moved out even more i feel really self concious and i was wondering if i would be able to get braces on nhs as i have had a baby in the last 12 months and on tax credits? please can someone answer asap please thanks.

Answer: Only if you’re here illegally.

Clinical Computing – Final Results

Clinical Computing – Final Results

Lamborn Town Hall

Question: FHA home loan… two years tax returns very different income amounts?

I want to get an FHA home loan…I know they loan you about four times your yearly income… my 2008 tax return was $23,000..my 2009 income tax return was $80,000…yeah i know big difference… what income will they go by?? the average income between the two years (a little over $50,000) or will they go by $80,000?? I have excellent credit, no car loans, no credit card payments.

Answer: When an FHA underwriter takes a look at your loan application, they do nothing so simplistic as take “one year” of your income statements, or combine an average of two years.

The real question is, what accounts for the income difference? If you switched to a higher paying job (in the same career) within the span of that year, that will be a benefit on your application. If you switched careers (even if is a higher-paying career; it will most likely negatively impact your application because you will be seen as a higher-risk application due to recent career change (studies indicate the first year of a new career have the highest attrition rate).

If the change in income is due to you previously being unemployed or self-employed that, again, will be a negative impact on the application.

They will look at all your tax returns and income statements since you first began declaring taxes to get an accurate assessment of your monetization patterns, spending habits, etc.

The most important thing you can do at this point is use your new income and save as much as you can so you can increase the down payment (usually no more than three and a half points,but you can win more favorable loan terms and lower amortization rate at four and three quarters points).

In conclusion: There is no easy answer to your question. The algorithm they use down there is very complex, and it will most likely include all your past income statements, as well their modeled projections for your future income (i.e. sec 4.3 your ability to pay over time).

Emanuel Having A Tough Couple Of Days

It might be a bit premature to say the honeymoon is over, but the past 24 hours haven’t been great for Mayor-elect Rahm Emanuel.

FHA Loan Limits & 1st Time Homebuyer Tax Credit

Question: Can I sue my mortgage company?

My mortgage company increased my monthly payment the past 6 months due to taxes and needing more money in my escrow account…I then received a letter from a law firm stating a lien was placed on my home for non payment of taxes. The mortgage company eventually admitted they overlooked the payment and would take care of it immediately. After that nightmare, I found out they had reported a late payment to my credit bureau, tanking my score. I called in advance of missing a payment and was told I could have an extended grace period. When I called about the credit report, they said they do not grant grace periods. I’m getting the run around, my credit has been harmed and my taxes weren’t even paid! Should I get a lawyer???

Answer: I don’t think it would help a great deal to get a lawyer although they did seem to screw up some. Firstly make all your payments on time so you do not have to hope that they grant you an extended grace period. Although they said they would, your payment sounds like it was in fact later than it should have been so your credit report is not wrong, it was just reported correctly when you thought a bank employee would do what they said and file your payment in such a way as to hide this late payment from the credit bureau.

Secondly instruct your mortgage company to send you a check of the money you owe on property taxes. This check will be written out to you as well as your town or city where you pay property taxes and you can handle them yourself. This way you can better manage your own income tax filings as well as be on top of knowing when and if your property taxes have been paid before it would get to sucha level that they would place a lien on your residence.

Once you take these steps yours problems should be over and if not go out and get a new mortgage from another institution that better suits your needs.

Real estate: A ‘secret’ tax shelter

Real estate is often overlooked in the quest for tax reduction and deferral, let alone income generation and inflation protection. The problem is there is simply no money to be made by financial professionals when it comes to rental real estate

Mortgage Rates, FHA Streamlines, and the FTHB Tax Credit

Question: Do you think the $8000 home buying tax credit will be extended again?

Answer: I hope not!!! i don’t think so either!

the market needs to hit bottom! therefore we will know what true value is.

Clear Capital(R) Home Data Index First to Identify Home Price Double Dip in the West

Prices in the West Region Through March Reach Lows Not Experienced Since 2001; Across the Rest of the U.S., Negative Sentiment “Overstated,” as Prices in the South and Midwest Flat in 2011

$8000 First Time Home Buyer Tax Credit