Posts Tagged ‘$8000 tax credit’
Wednesday, March 3rd, 2010
Homebuyers have 58 days to obtain a written, binding contract to qualify for the housing tax credits. First-time buyers and buyers who have not owned a primary residence for the past 3 years qualify for an $8,000 tax credit (or 10% percent of the sales price, whichever is less) so long as they are under contract by April 30, 2010 and close on the home by July 1, 2010. Homebuyers who have owned a primary residence consecutively for 5 of the previous 8 years qualify for a $6,500 tax credit. The home being purchased in either scenario must be a primary residence.
Income limits are very generous for those who buy between now until April 30, 2010:
- $125,000 – single (Additional $20,000 phase out)
- $225,000 – married (Additional $20,000 phase out)
While the $8,000 tax credit is getting a lot of use, Realtors are seeing very few existing homeowners taking advantage of the $6,500 tax credit.
The housing tax credits were extended under the H.R. 3548 Worker Homeownership and Business Assistance Act of 2009
DHW asks: Will you take advantage of the housing tax credits?
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Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, Housing, housing credit extension, realtors, tax credit, worker homeownership and business assistance act of 2009
Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing, housing tax credit, housing tax credits, realtors, tax credit extension | 1 Comment »
Wednesday, January 13th, 2010
Buyers hoping to take advantage of the housing tax credits will need to have a written, binding contract in effect by April 30, 2010. Buyers will have until July 1, 2010 to close.
There are exceptions for certain armed service, intelligence service and foreign service personnel.
DHW asks: Will you take advantage of the housing tax credits?
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Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing, housing tax credit, housing tax credits, tax credit extension | 1 Comment »
Saturday, November 28th, 2009
Before you know it, we’ll be saying goodbye to the beloved housing tax credits that brought new life to sales markets around the country. Here are some helpful links for first-time buyers seeking an $8,000 tax credit and for those taking advantage of the $6,500 tax credit.
The $8,000 Tax Credit (this link is provided by the National Association of Home Builders. However, you do not need to buy a new home to qualify for the tax credit)
The $6,500 Tax Credit
DHW asks: Will you take advantage of the Housing Tax Credits before they expire?
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Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, housing credit extension guidelines, housing tax credit | 1 Comment »
Monday, November 23rd, 2009
From the AP:
“Home sales far exceeded expectations last month, surging to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit.
The National Association of Realtors said Monday that home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September.”
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Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, first time homebuyers, home sales, homebuyers, realtors, tax credit extension | 1 Comment »
Monday, November 16th, 2009
A survey released last week by Move.com, a real estate website, shows 1 in 5 Americans plan on purchasing a home within the next year. The survey also revealed these buyers are most likely to be 34 years of age or younger and live in the South or West.
It should be noted this survey was taken before the housing tax credit extensions were announced.
DHW asks: Do you intend to buy a home within the next year?
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Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing Article, americans, home sales, homebuyers, south, west | 1 Comment »
Sunday, November 15th, 2009
The Capital published an intriguing article addressing the potential side-effects of expanding the housing tax credits beyond first time homebuyers. The article raises some fair questions with regard to existing homes needing to be liquidated so that current homeowners can take advantage of the housing tax credits now afforded to them. The Capital article focuses on housing inventory in D.C. and its surrounding area. However, this potential side-effect could present itself in other parts of the country.
DHW asks: Do you think expanding the housing tax credits beyond first time homebuyers will increase housing inventories?
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Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing Article, The Capital, first time home buyer, first time home buyers, first time homebuyers, housing inventories, housing inventory, housing tax credit, housing tax credits, inventory | 1 Comment »
Saturday, November 14th, 2009
Lawrence Yun, chief economist for the National Association of Realtors, predicted on Friday that home prices will rise in 2010. If his prediction holds true, home prices will see their first increase in four years.
Yun pointed to the current price-income ratio of 2.4 as evidence of pent-up demand in the market. The price-income ratio accelerated from a norm of 2.6 in 1984-2001 to 3.3 in 2005. This means the price-income ratio has dipped below its pre-bubble rate.
The housing tax credit extension is also seen as a contributing factor to rising homes prices next year.
DHW asks: Do you think home prices will rise in 2010?
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Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing, Housing Article, home prices, home sales, home value, housing tax credit | No Comments »
Thursday, November 12th, 2009
Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, Builders, buyers, congress, employment, extension, fannie mae, FHA, fha 203 k, fha 203 k streamlined mortgages, fha 203k, fha 203k rehab, fha 203k streamlined mortgage, fha approval, fha approved condo, fha approved condos, fha cash reserves, fha limits for my area, fha limits in my area, fha loan limits, fha reserves, fha's reserve funds, first time buyers, first time homebuyers, foreclosure, freddie mac, guidelines, home buyers, home sales, home seller, home values, homebuyers, Housing, housing credit extension, housing news, housing prices, housing report, lender, loan, mortgage, Obama, President, president barack obama, President Obama, Real Estate, real estate news, reserve funds, Sales, seller, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in FHA, Housing Article, foreclosure, rehab loan | 1 Comment »
Thursday, November 12th, 2009
U.S. foreclosures sank for a third consecutive month in October, down 3% from the previous month. However, many feel this trend will not continue. Foreclosure notices were curtailed in many states due to temporary, legislative intervention. CNBC reported Nevada foreclosures “dropped 26 percent from the previous month because of new legislation requiring mediation before initiating foreclosure proceedings.” Illinois had similar legislation, but foreclosure notices skyrocketed there 56% in October from the previous month.
States leading in foreclosure:
- Nevada
- California
- Florida
- Arizona
- Idaho
DHW asks: Are foreclosures down in your area?
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Posted in Housing Article, foreclosure | No Comments »
Wednesday, November 11th, 2009
In a CNBC interview this morning, Realogy CEO, Richard Smith, called on FHA to increase its minimum required down payment of 3.5%. Mr Smith suggested the ‘risk profile’ will have to change to stave off foreclosures. This argument only perpetuates the myth that those who put less money down are somehow less attached to their home than those who put down a significant amount. Mr Smith should have taken the opportunity to call on the administration and Congress to cure the real problems that cause mortgage delinquencies.
The Urban Institute, a Washington D.C. based think tank, issued a study recently that revealed some interesting, though not surprising, data. Those who put little or no money down tend to be more poor than those who put, say, 20% down. They are also less likely to have health insurance. Someone who has health insurance is more likely to miss less work due to an illness than someone who has no insurance. This is only one example cited in the Institute’s report.
Although many pundits, including Mr Smith, suggest the nation’s recovery is tied to housing, it is not. It is tied to job creation. You cannot have a 10% unemployment rate and expect to have a stabilizing housing market.
Reology is the world’s largest brokerage operator. They own Coldwell Banker, Century 21, Better Homes and Gardens Real Estate and ERA.
DHW asks: Do you think the FHA should increase its minimum required down payment?
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Posted in 203k, Editorial, FHA, Housing Article, foreclosure, health insurance, realogy | 1 Comment »