Saturday, May 8, 2010
Sunday, March 7, 2010
HOME BUYER TAX CREDIT EXPIRING SOON!! TIME TO BUY!!
Homebuyer Tax Credit Expiring Soon
March 4, 2010
Potential home buyers still have time to take advantage of the $8,000 first-time home buyer, or the $6,500 repeat buyer tax credits, as long as they act quickly. The credits expire on April 30, 2010.
“It’s not too late to take advantage of the home buyer tax credit,” said National Association of Home Builders (NAHB) Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “There are plenty of existing homes on the market, and even though the move-in ready newly constructed homes inventory has dwindled, builders may still be able finish a home in time.”
The IRS provides an additional two months beyond the deadline to close the deal. Buyers who sign a sales contract by the April 30 deadline are still eligible if they close the sale of the home by June 30, 2010.
More people than ever before are eligible for a home buyer tax credit, NAHB estimates that close to 70% of all potential buyers should qualify for some form of a credit.
“First-time” buyers don’t have to be buying their first home ever; they are defined by the IRS as those who have not owned a principal residence in the past three years. Repeat buyers may be eligible for a new $6,500 credit, as long as they have owned and lived in their current home at least five consecutive out of the past eight years.
The current credits also increase the income limits, enabling single taxpayers with incomes up to $125,000 and married couples earning up to $225,000 to potentially qualify for a full credit.
“If you’ve been considering buying a home for any reason, the home buyer tax credit, in addition to historically low interest rates and competitive home prices, make it an ideal time to buy,” said Jones.
March 4, 2010
Potential home buyers still have time to take advantage of the $8,000 first-time home buyer, or the $6,500 repeat buyer tax credits, as long as they act quickly. The credits expire on April 30, 2010.
“It’s not too late to take advantage of the home buyer tax credit,” said National Association of Home Builders (NAHB) Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “There are plenty of existing homes on the market, and even though the move-in ready newly constructed homes inventory has dwindled, builders may still be able finish a home in time.”
The IRS provides an additional two months beyond the deadline to close the deal. Buyers who sign a sales contract by the April 30 deadline are still eligible if they close the sale of the home by June 30, 2010.
More people than ever before are eligible for a home buyer tax credit, NAHB estimates that close to 70% of all potential buyers should qualify for some form of a credit.
“First-time” buyers don’t have to be buying their first home ever; they are defined by the IRS as those who have not owned a principal residence in the past three years. Repeat buyers may be eligible for a new $6,500 credit, as long as they have owned and lived in their current home at least five consecutive out of the past eight years.
The current credits also increase the income limits, enabling single taxpayers with incomes up to $125,000 and married couples earning up to $225,000 to potentially qualify for a full credit.
“If you’ve been considering buying a home for any reason, the home buyer tax credit, in addition to historically low interest rates and competitive home prices, make it an ideal time to buy,” said Jones.
January brought job gains to Texas, but strong recovery may take more time | News for Dallas, Texas | Dallas Morning News | Dallas Business News
Tuesday, March 2, 2010
Gov't extends deadline for refinance program
By ALAN ZIBEL
AP Real Estate Writer
Latest News
Gov't extends deadline for refinance program
Lawmakers question Obama loan help effort
Rates on 30-year home loans rise to 5.05 pct
UK mortgage loans at 8 1/2 year low in January
Mortgage delinquencies tick higher in 4th-qtr 2009
Buy AP Photo Reprints
Your Questions Answered
Ask AP: Plane-bird collisions, health care reform
WASHINGTON (AP) -- The government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value.
The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.
The program allows borrowers who owe up to 25 percent more than their homes are worth to refinance to lower interest rates.
It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department.
© 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.
AP Real Estate Writer
Latest News
Gov't extends deadline for refinance program
Lawmakers question Obama loan help effort
Rates on 30-year home loans rise to 5.05 pct
UK mortgage loans at 8 1/2 year low in January
Mortgage delinquencies tick higher in 4th-qtr 2009
Buy AP Photo Reprints
Your Questions Answered
Ask AP: Plane-bird collisions, health care reform
WASHINGTON (AP) -- The government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value.
The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.
The program allows borrowers who owe up to 25 percent more than their homes are worth to refinance to lower interest rates.
It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department.
© 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.
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