The Federal Tax Credits Blog

Posts Tagged ‘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: Is there a federal tax opportunity for second time home buyers who bought and rejuvinated a forclosed home?

The first home was sold at a loss when the housing market dropped. Now that the second home is bought on a foreclosure, the first time home owner credit [$8000] can not be applied. Is there something out there that we can apply for?

Answer: Im not sure, but if this is your FIRST TIME BUYING A HOME WITHIN 3 YEARS you qualify for the $8000.00 first time home Buyers Tax Credit (depending on income), not to sure if a tax rebate applies to rejuvenating a foreclosed home.

Hope this could be of great service.

Tax Credit Expires this Week

The median price for a home in the west is about $209,000, which is down almost eight percent from last year, according to the national association of realtors.

STADIUM LOFTS on Best Deals TV Show

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.