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Answers (13)
- Kim Millan, "wgakimm"
- Contributions:13
Remember it is a CREDIT. Reduces your taxable income by 8k maximum and depending on your income, tax braket, deductions etc, that amount will vary for different inividuals. If you go to
http://www.irs.gov/newsroom/article/0,,id=204671,00.html
you can info from the source. It needs to be a closed transaction before you apply for the credit.
http://www.irs.gov/newsroom/article/0,,id=204671,00.html
you can info from the source. It needs to be a closed transaction before you apply for the credit.
- revjmliles
- Contributions:4
'Ight. DID not realize the tax credit was extended until April 30th 2010- what a relief and blessing (if that's your thing). You gentleman have been a lot of help. A LOT I'm so excited to be even this much closer (i.e. obtaining great and helpful information from so many professionals!) to one of my life-long dreams.
I took my first step and requested to speak to the company that has rented to me for the last few years about purchasing my first home. Someone is going to call me tomorrow and set up a meeting.
Thanks again, gentleman!
-jeré
I took my first step and requested to speak to the company that has rented to me for the last few years about purchasing my first home. Someone is going to call me tomorrow and set up a meeting.
Thanks again, gentleman!
-jeré
- Jason Bonas, "Jason Bonas"
- Contributions:214
Revjmiles,
the reason it wasn't suggested was simply because those agents unfortunately didn't know or understand how it could be done. When I speak to first time buyers and talk about choosing an agent I always suggest that they work with an agent in the area whose main focus is 1st time buyers. Agent x may list 10 houses a month. So he may be the guy to help you sell but not necessarily the guy to help put together your 1st purchase. I know of top producing agents who still can't explain the $8k does it mean they are bad agents no. Their client base doesnt make use of it very often so they never bothered to learn the full details of it.
When you have a specific health problem you go to a specialist ;)
in my area the are about 7 different grant/ 1st time buyer systems that i primarily deal with (there others I alway say choose the one that best suits your needs and plans) .
-they have income guide lines*
-condition restrictions
-credit score minimums (but there are programs that will take 1st buyers with scores as low as 520)
-price restricitons or regulations*
-residency restrictions (you can't rent out your home for a certain period must be primary residence for "x" years)*
-resale restrictions (how long before you can sell)*
-some have combination restrictions (you may be able to combine multiple grants or funding sources to increase your gifted down payment)
and
-location restrictions (different areas are funded by different programs)
but the 8K also carries similar restrictions*
- Joe Grzesiak, "FairfaxJoe"
- Contributions:103
- revjmliles
- Contributions:4
Well, obviosly then I will have to wait. I've been looking for quite some time and never had an agent brought up the tax credit- thanks agents, you know who you are. I even had one woman retire from the agency during our relationship and pass me off to another, who STILL did not mention this. Keep in mind, again OBVIOUSLY my first buying experience...why didn't any think to suggest grants, the tax credit or borrowing against?
My situation: I want a house somewhere in the ballpark of 118-130k. I've found several nice ones that I am going to/ or have viewed. I pay 800 for rent. The rest of my bills total around 600mnth, I'm not late on my payments, nor have I ever missed any, but I have had a bankruptcy in the last 5 years due to being...a little girl who got married too early and was bullied into taking the bills etc. by his parents. ARGH. I have very little to put down, but I am up for a promotion and have some other artistic venues of cash flow. I'm also remarrying very soon, but alas- better than mine credit but still not great. We could easily afford a house payment etc. and stop throwing away 800 a month and put it towards an investments, but how is that possible for two kids with bad credit history?
What should I do? Where should I go? Grants? What about all the stipulations? Any specific advice, gentlemen?
My situation: I want a house somewhere in the ballpark of 118-130k. I've found several nice ones that I am going to/ or have viewed. I pay 800 for rent. The rest of my bills total around 600mnth, I'm not late on my payments, nor have I ever missed any, but I have had a bankruptcy in the last 5 years due to being...a little girl who got married too early and was bullied into taking the bills etc. by his parents. ARGH. I have very little to put down, but I am up for a promotion and have some other artistic venues of cash flow. I'm also remarrying very soon, but alas- better than mine credit but still not great. We could easily afford a house payment etc. and stop throwing away 800 a month and put it towards an investments, but how is that possible for two kids with bad credit history?
What should I do? Where should I go? Grants? What about all the stipulations? Any specific advice, gentlemen?
- Steven Blackwood, "Steven Blacklwood"
- Contributions:257
It depends on the state you reside or where you are purchasing a home. 13 States have facilitated a bond through their local government which allow them to provide you the money, in advance, and they get it returned with your credit.
Unfortunately, Arkansas is not one of those states.
We do, however, have other programs that will allow you to receive assistance with your down payment and closing costs.
One is in the form of a grant (does not require repayment) and the other is an actual loan (legal and acceptable to all loan types and the payment is included in your monthly mortgage payment). This is a great option for those whose ratios can handle it.
Also, there are other loans that do not require a down payment.
Local experts are best to assist you with your acquisition options and strategic approach to your purchase.
How you buy is equally as important as what you buy and can, over time, save or cost you far more than the actual price you pay for the property.
I hope this helps.
Best of Luck to you!
EVERYONE should be taking advantage of these incredible Tax Credits while they last.
Unfortunately, Arkansas is not one of those states.
We do, however, have other programs that will allow you to receive assistance with your down payment and closing costs.
One is in the form of a grant (does not require repayment) and the other is an actual loan (legal and acceptable to all loan types and the payment is included in your monthly mortgage payment). This is a great option for those whose ratios can handle it.
Also, there are other loans that do not require a down payment.
Local experts are best to assist you with your acquisition options and strategic approach to your purchase.
How you buy is equally as important as what you buy and can, over time, save or cost you far more than the actual price you pay for the property.
I hope this helps.
Best of Luck to you!
EVERYONE should be taking advantage of these incredible Tax Credits while they last.
- Jason Bonas, "Jason Bonas"
- Contributions:214
link explaining the pre fund
i am aware that this varies by state
check with an agent who specializes in 1st time buyers for your area or a lender to find out if your area does
I don't know about Ark or your individual situatio
- CarrieDawson
- Contributions:8
No, you can't use the $8000 first time home buyers tax credit as your down payment.
- Jason Bonas, "Jason Bonas"
- Contributions:214
there are first time buyer programs that all buyers to purchase with less than $1400 out of pocket (there are however a lot of stipulations behind them... )
- Michael Emery, "MikeEmery"
- Contributions:7283
If you don't have at least 3.5 percent down (FHA) cash in your hand you aren't going to be buying nothing.
There were programs that allowed you to borrow against a portion of the tax credit for CLOSING COSTS. If you don't have a down payment you will be hard pressed to get a loan.
If you find a lender willing to perform this miracle of finance, I urge you to share it with the readers of Zillow.
There were programs that allowed you to borrow against a portion of the tax credit for CLOSING COSTS. If you don't have a down payment you will be hard pressed to get a loan.
If you find a lender willing to perform this miracle of finance, I urge you to share it with the readers of Zillow.
- Jason Bonas, "Jason Bonas"
- Contributions:214
IF you had chosen to buy earlier you could have done what is known as a"pre fund" loan where the banks would let you use up to $5000 of the 8k as a down payment or for closing. At this point you would be the luckiest person on the planet to, find a suitable home, find a mortgage, get all the papers done and inspections etc in order to make the deadline.
your state would also have to be one that participates in the prefund programs
your state would also have to be one that participates in the prefund programs
- revjmliles
- Contributions:4
thats so weird. every website i've come across as said "yes"
- Michael Emery, "MikeEmery"
- Contributions:7283
No.
And chances are if you are asking this question now, you are too late. The tax credit disappears at the end of this month and you would have to be in escrow within days to close by the end of the month.
And chances are if you are asking this question now, you are too late. The tax credit disappears at the end of this month and you would have to be in escrow within days to close by the end of the month.
How do I use the 8000.00 first time buyers tax credit as my down payment. There a way to swing it?
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