Archive for the ‘First Time Buyer’ Category:

It should come as no surprise the President Obama signed the legislation that extends the Home Buyer Tax Credit closing period to September 30th.  This extension does not open up eligibility to anyone that wasn’t already in a qualified transaction by April 30th.  It should help many of the 180,000 home buyers that were in contract but considered SOL as their transactions had not closed by the June 30th deadline. (more…)

Is the Home Buyer Tax Credit Extended?  No.  The Senate approved a proposal yesterday to extend the CLOSING period of the tax credit from the current June 30th to September 30th.  If you weren’t eligible for the credit today you won’t be when and if the Senate and House vote to pass the actual legislation and turns it into law.  The extension is to benefit those that were already in contract by April 30th. (more…)

The Home Buyer Tax Credit expires tomorrow:

• $8000- amount that qualified first time home buyers are eligible for
• $6500- amount that qualified repeat home buyers are eligible for
• $7500- amount that first time buyers were eligible for in the first version (which must be repaid)
• 85- votes by Senate in November 2009 to extend the Credit (more…)

There is no sign that the $8000 First Time Home Buyer Tax Credit or the $6500 Tax Credit are going to be extended.  If you want to take advantage of either you must have an accepted offer by Friday, April 30th.  The transaction must close by June 30th. (more…)

June 30th, 2010 is 93 days away (8,035,200 seconds for fans of Rent).  Lack of indicators, to the contrary, make us believe that you have until then to close any contract that allows you to take advantage of the federal home buyer tax credits.  A short sale is unlikely to qualify in that time frame (though not impossible) as the approval has to take place on or before April 30th. You must have both an accepted offer AND close before June 30th to qualify for the Credit. It is not an either or. (more…)

On November 7th, 2009 the First Time Home Buyer Credit was extended and expanded to provide a $6500 credit to existing homeowners that qualify under a set of rules. The Credit was set to expire November 30th. It had been an active topic of congressional conversation for months prior. April 7th is just nine days away and there has been little or no published news about Congress discussing the credit ahead of the April 30th expiration (you have to be in contract on or before April 30th and the transaction must close on or before June 30th). (more…)

It’s not news that the home buyer tax credit is set to expire on April 30th. In order to take advantage of the $8000 First Time Buyer credit or the $6500 credit, you must have an accepted offer by that date and the transaction must close on or before June 30th. The exception is for those in the military.

Kiplinger’s writes this about the tax credit for military personnel: (more…)

The Home Buyer Tax Credit is no longer front page news but that doesn’t mean it should be forgotten. Under the current rules, enacted in November, a first-time buyer or qualifying repeat buyer, must be in contract by April 30 and close on the property before July 1. The income limits changed from the original version, a cap was placed on the the property price (not loan amount) for the $6500 credit, and someone that is claimed as a dependent can not claim the Credit. As always, if you have tax related questions, contact a CPA. (more…)

It’s no longer the $8000 First Time Homebuyer Credit.  It’s now the $8000 First Time Homebuyer Credit or $6500 if You Have Lived in Your Home for Five of The Last Eight Years and Buy a New Home Credit (if you qualify).  The Senate voted last night and the House voted today (403-12) on H.R.3548 so the bill moves to President Obama for his signature; possibly tomorrow.  Sections 11 and 12 of the bill specifically deal with The Credit.

The revised credit will take effect on December 1st and is not retroactive.  Changes include raising the maximum income for qualified couples to $225,000.  The $6500 credit is only valid for primary residences. (more…)

According to Real Estate Economy Watch, the first time homebuyer credit extension is close to a done deal.

After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers.  By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week. (more…)