Tag Archives: 8000 credit

Is It Still Worth it to Buy a Home without the Tax Credit?

Over the last couple of months some people have expressed disappointment about the $8,000 tax credit expiring in June. Now while it’s always nice to get money back, all is not lost.  The interest rates are now much better than they were a year ago. Let’s look at a $200K 30 year mortgage at a [...]

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Looking Back at 2009

The $8000 first time home buyer tax credit that didn’t have to be paid back is introduced. Foreclosures declined but short sales were on the rise. Stated income loans went away, making it difficult for self-employed income borrowers to get a new mortgage. New mortgage guidelines tightened up. Large investors (unless they are cash buyers) [...]

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Looking Forward to 2010

Good Faith Estimate (GFE) 2010 is introduced January 1, 2010.  Six items now required before the loan originator can provide you with a GFE: Name, Property address, Estimated Property Value, Loan Amount, Income, and Social Security Number (Credit Report). Fees locked for 10 business days from issuance of GFE.  Designed to protect the consumer from [...]

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First Time Home Buyer Tax Credit Has Been Extended

Here are the Details of the extension of the 1st Time Home Buyer Tax Credit Definition First-Time Home Buyer: Someone who has not owned a principal residence during the three-year period prior to the purchase. 1.  Buyers will have to have a binding sales contract signed by April 30th, 2010 and close by June 30th, [...]

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How to Claim Your First Time Home Buyers Tax Credit

2009 was a very good year for the 1st Time Home Buyer.  Many of you out there purchased a home and now qualify for the 1st Time Home Buyer Tax Credit worth up to $8000, but how do you get it.  My first suggestion is to have you taxes done by a professional but for [...]

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