Buying selling a home Orlando » first time home buyer tax credit

If my dad owns a home and helps me buy my first home do I qualify for the first time home buyer tax credit?

admin — Thu, 07 Jan 2010 18:18:57 +0000

First time home buyers who qualify can receive up to $8,000 if they purchase a home prior to April 30, 2010 or are under contract to purchase a home by the April date and then close by June 30, 2010.

If a parent already owns a home but cosigns on a loan for their son or daughter and this is the son or daughter’s first home, the son or daughter would still qualify for the first time home buyer tax credit according to the IRS.

This is a great way for parents to help their adult children purchase their first home. If you would like to speak with a real estate professional in your area, contact me today and I will have an agent get in touch with you.

Can I receive the first time home buyer tax credit if I buy a short sale?

admin — Wed, 06 Jan 2010 01:06:08 +0000

Houses being sold as a short sale make up a significant portion of listing inventories across the country. Buyers want to know if they can still receive the first time home buyer tax credit if they buy a short sale.

The answer is yes as long as the house is a detached or attached home, condo or townhome and the buyers meet all the additional qualifying factors. The only concern a buyer might have making an offer on a short sale is the time it will take to process the short sale from start to closing. This is crucial because of the April 30,2010 time limit to have an offer on a property that closes by June 30, 2010. Short sale transactions can take several months depending on the seller’s situation, the lender involved and the listing agents experience level.

Contact me to speak with a short sale real estate expert in your area.

If you have been renting for the past 3 years you could receive $8,000 if you buy in 2010

admin — Sat, 02 Jan 2010 20:09:07 +0000

If you have been renting for the past 3 years you could receive $8,000 if you buy before April 30, 2010. First time home buyers that qualify are eligible to receive up to $8,000 simply by purchasing a home this year.

Renters who are tired of their living arrangements and would like to own their very own home now have good reason for buying a home in 2010. In addition to the tax credit, low home prices and low interest rates make this the right time for some renters to enjoy home ownership.

Home buying tax credit posts

Tax credit for buying a home scheduled to end.

admin — Wed, 23 Dec 2009 19:58:24 +0000

The first time homebuyer and the long-time resident tax credit is schedule to end on April 30, 2010. Anyone not under contract to buy a house by this date will not be eligible for the up to $8,000 tax credit. As long as a buyer is under contract by the April 30^th date they will have until June 30, 2010 to close the transaction.

There is no indication that the Government plans to extend the tax credit past the 2010 deadline. This being the case time may be of the essence. Depending on your real estate market, the 4 month time frame before the tax credit expires could pose a problem. In areas that have a heavy short sale inventory the processing time from initial offer to seller lender approval can be quite lengthy. It is not unheard of to have short sale contracts delayed by several months waiting on bank approval.

I would not encourage anyone to buy a home just because of the tax credit being offered. However if you are ready, willing and desire to purchase a home, then the tax credit plus the low starting listing prices and low interest rates available are powerful motivators for buying a home now.

Contact me in order to speak with a real estate agent in your area about the tax credit and your situation.

Colorado offers a way to take advantage of tax credit money upfront for qualified home buyers

admin — Fri, 24 Apr 2009 19:15:37 +0000

Colorado is offering a way to take advantage of tax credit money for closing costs and pre-paids to qualified home buyers. The Colorado Housing and Finance Authority will allow home buyers to leverage the future benefit of the federal tax credit now for buying a home.

For detailed information visit the Colorado Housing and Finance Authority fact sheet.