The Federal Tax Credits Blog

Posts Tagged ‘tax credit home purchase 6500’

Question: Do you think the Existing Home Buyer Credit will be extended?

We purchased our house in September 2005 and just missed the cutoff of being in our home for 5 years to receive the $6500 tax credit.

With the news os the real estate market crashing low again since the credit is about to expire, does anyone think they will extend again?

I’ve have read mixed reviews on this.

My wife and I want to sell real bad but would rather wait fore this extra incentive than to sell and get nothing.

Answer: It’s unlikely that they will extend the credit again – unless the housing market really takes a beating in the coming months. The winter months are always rough in the real estate market, even with the credit. Probably a combination of the colder weather and the holidays and people just not that interested in house shopping. Expect the market to really pick up in March and April as the weather gets better and the current April 30 deadline to be in contract approaches. If the credit is extended, I would expect it to be a lower amount and possibly not include the credit for non first time buyers.

Remember Jumbo Loans? They’re Back!

With little to no fanfare, it appears jumbo loans are not only getting cheaper, they’re getting easier to obtain. After several years of stagnation in high-end housing, thanks to the disappearance of the jumbo market, things are moving yet again.

Zeitgeist Addendum

Question: 8000 Tax Credit for a new home purchase??-Getting married and wife has owned a house in the past 3 years.?

I am purchasing a new home and my name will be the only one on the title, escrow papers etc. I am getting married in September and my future wife has owned a home in the past 3 years. Will I quailfy for the 8000 tax credit even though we will be married next year when I file my taxes? Or since she owned a home in the past, does that disqualify me? When you file taxes married-seperate, do you have to input your wifes name on anything and her ss#? Or do they just take your word at it that you are married? If we filed married-joint I would see we might not qualify. Also, can you ammend your taxes for 2007 at a later date and claim that credit?

Answer: Being married has nothing to do with it. We went through this last year. I have horrible credit but hubby bought the new house. We qualify for the credit, end of story. Its seriously not that complicated. For the record we file jointly.

Tips for a painless purchase

Low interest rates, federal tax credit for first-time buyers and current homeowners, and a glut of homes for sale have created a very attractive buyer’s market. It’s an ideal time to buy a home.

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Home sales spike as buyers cash in on tax credit.(Business)(Purchases countywide are up more than 67 percent from a year ago, and pending deals also have … 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 May 18, 2010. The length of the article is 703 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: Home sales spike as buyers …

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 …

Considering a Home Purchase?