Have you heard about the tax credit recently created to help first time home buyers or buyers that have not owned a home in over 3 years. This is only on FHA (Federal Housing Administration) loans and according to the secretary of H.U.D., home buyers will be allowed to use the $8,000 first-time homebuyer tax credit towards their DOWN PAYMENT on purchases financed by FHA loans. FHA will allow approved lenders, nonprofits, and government agencies to advance the funds in the form of interest free bridge loans that buyers would use for down payments. Buyers would repay the loans after they receive their tax refunds. More information is to come from FHA soon.
If you are interested in this new tax credit or have questions regarding real estate send me a email/comment and I will work to answer your question.
I was just reading an excerpt that gave reasons why a person should rent instead of buying a home. I agree with this statement to rent only for people first starting out in a new job or a new relationship. But realistically renting is like throwing your money away because you see no return on the money you pay out every month.
The United States tax policy rewards house buyers who borrow, not renters. The “dream of homeownership” gives hope and the goal of a future endeavor. When couples first wed they dream of starting a family and that dream of owning their first home.
I find it amazing that anyone would suggest that people should rent instead of ever buying, he must be an investor making money off people who are renting. It takes a special set of people to go out on the limb and purchase the property for others to rent.
I would like to hear what your thoughts are on whether it is time to Rent or Purchase a home. Whether you choose to rent or purchase a home I will be glad to assist you in your housing needs www.PattiMace.com.
The government has submitted a new program which offers $7,500 tax credit for first-time home buyers. While this is one of the most talked about measures in the upcoming new bill, it is also the most confusing. Simply, the government has created a monetary incentive, a tax credit for first-time home buyers, as a tool to stimulate the housing market. The tax credit will be 10% of the purchase price of a home, up to a maximum of $7,500. That means if the home costs more than $75,000 first-time home buyers (anyone who hasn’t owned a home in the last three (3) years) will receive the full $7,500 tax credit, this is not a new idea. Back in the 1970’s the government offered a similar program with one major difference: this new tax credit will have to be paid back over a period of 15 years, beginning two years after the credit is taken. Basically, the government is providing first time home buyers an interest-free loan up to $7,500 to help them buy a home! If the home owner happens to sell the home before the 15 years is up, the remaining credit is due upon sale from the profit of the home sale. However, and here’s the best part, if there is insufficient profit, after the sale of the home, then the remaining credit due is forgiven. You really have nothing to lose. There are, of course, income limits to qualify for this incentive. With this new tax credit and down payment assistance, you are finally in the driver’s seat in a buyer’s market with some of the best interest rates to date. Let me help you find your dream home.
Question – Can I write off all expenses on my home?
This is a MYTH: Home addistion, insurance cost, renovations, condo/HOA fees are not tax deductible like your property taxes and mortgage interest can be. Remember to always check with a tax advisor or a financial planner when determining what home related issues are deductible.
see you again soon,
patti -pattimace@pattimace.com or pattimace@sbcglobal.net
