Archive for the ‘$8000 tax credit’ Category
Homebuyer Tax Credit Extended Until The End of April 2010!
January 20th, 2010 | 
Author: AND…
New Tax Credit for Existing Homeowners
The first-time homebuyer’s tax credit has been extended to include home purchases made through April 2010. In addition to the tax credit, which provides up to $8000 to new homebuyers, the new legislation also offers a tax credit for existing qualified home owners!
Highlights of the new bill:
1. Deadline extended to April 30, 2010 (closing must take place by June 30, 2010)
2. Higher Income Limits: Buyers who earn up to $125,000 (single) and $225,000 (married) qualify, making more buyers eligible
3. First-time Homebuyers Eligibilty: Up to $8000 tax credit on home purchase (may not have owned a home for the last 3 years prior to purchase)
4. Existing Home owner Tax Credit And Eligibility: Up to $6,500 tax credit on home purchase (must live in the current primary residence for 5 or more consecutive years to qualify)
5. Types of Homes that Qualify: Homes with a purchase price of less than $800,000 qualify, including newly constructed or resale, and SF detached, townhomes or condos, provided the home will be used as a primary residence.
6. The New Bill Is Effective Nov. 6, 2009
Yale
Yale Roth is a Senior Mortgage Consultant and specializes in FHA Mortgages. Contact Yale at 561-350-7684 with any mortgage-related questions.
Related Posts:
Can I Use The $8000 Tax Credit For My Down Payment?
The answer is yes and no. You’re not able to apply the $8000 (or 10% of your purchase price) as your exclusive DP.
For an FHA loan…you need 3.5% of your own money down. You can apply the 8k or any portion of the credit over and above your own 3.5% down.
In a nutshell…you (the buyer) need some “skin in the game.”
Hope this helps!
Yale Roth is a Senior Mortgage Consultant and specializes in FHA Mortgages. Contact Yale at 561-350-7684 with any mortgage-related questions.
Related Posts:
Posted in $8000 tax credit | 
Tags: Contact Yale, DP, fha loan, fha mortgages, money down, mortgage, mortgage consultant, nutshell, purchase, purchase price, senior mortgage, tax credit, uadvance.info, yale roth | 
No Comments »
The $8000 Tax Credit – Explained
To my Mortgage and Realtor colleagues…here’s the $8000 tax credit explained in a nutshell…
It’s a dollar for dollar credit…so it’s like getting an actual check for $8000…Very cool!
To be eligible… you:
1. can’t have owned a primary residence within the last 3 years. If you and your spouse are buying and one of you have owned a primary residence within the last 3 years…you’re NOT eligible.
2. You GET 10% of the purchase price not to exceed $8000. So…if your purchase price is $50,000…you get $5000…If your purchase price is $200,000…you get $8000…the max…not the $20k.
3. If you live in the home LESS than 3 years you have to pay the credit back!
4. The cutoff date is Dec 1, 2009…so…NOW is a GREAT time to buy!
5. If you’re single and earn less than $75k…you’re eligible for the full credit…if you earn between $75k and 95k…a partial credit and over $95k…sorry…you’re not eligible
6. If you’re married and earn less than $150k…you get the $8000…between $150k and $170k…a partial credit and over $170…no $8000.
7. You can’t buy from your parents or kids…but you can buy from a sibling or cousin!
So…there you go…as I said…now’s a great time to buy…What would YOU do with $8000!
Best – Yale
Yale Roth is a Senior Mortgage Consultant and specializes in FHA Mortgages. Contact Yale at 561-350-7684 with any mortgage-related questions.
Related Posts:
No Personal Info Required
Takes 10 Seconds
- Pay Your Mortgage Off Early!
- Save Thousands Of Dollars!
|
|