Many buyers don’t know that if they purchase a home on or before June 1, 2009 they can claim this credit on their 2008 taxes. 

Some of you are saying to yourself “What if they’ve already filed 2008?”…no worries they can re-file or amend the return and get the $8,000 incentive right now!

 

I’ve been in some pretty deep discussion with a couple of CPA’s and the most aggressive of CPA’s will tell me that a buyer planning to purchase a home on or before June 1, 2009 could go ahead and file for the $8000 incentive when they go into contract to purchase the home.  And then quickly amend or re-file their 2008 returns in time to receive the stimulus money and use it for down-payment and closing costs….

 

First time home buyers, now it the time to make a

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In response to the Obama Housing Relief Plan - Virtually every major FHA investor has increased minimum credit score requirements for FHA loans to 620 middle score.

 I'm sure most of you are asking yourself why...well it will depend on who you ask as to how that's answered.I'll give you my 2 cents and you can take if for what it's worth.  As more information comes available I'll do my best to post.  I believe it's investors lashing back at the terms of the housing plan announced today earlier today.

First: it will allow for loan modifications via a Federal Judge - which indirectly forces loan servicers and mortgage holders to accept loan modification agreements.  Modifying terms of an original agreement causes that loan to loose value in it's…

Have you seen the provision in the Stimulus Package that was signed into law today? In the bill is an $8,000 tax credit for home buyers. This is an awesome time to buy a home with low mortgage rates a fairly soft market for home prices this is an unprecedented opportunity. Like all other opportunites there are time limits. The purchase could be made retroactive to Jan 1,2009 through Dec 1,2009. The new bill makes this a credit which is in essence the same as paying $8,000 in taxes( not a deduction) this is something you want to review with your CPA as there are income limits to quailfy for the full deduction.

The new bill allows you to use the credit and not have to repay the money as was the case prior to this new package as long as you do not sell for

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Sorry I’m sad to say the $15,000 tax credit didn’t make it on the final bill. 

However there is still good news!   Congress modified the current homebuyer tax credit by increasing it a little and ELIMINATING the repayment requirement. 

The new credit is $8,000 and is avaliable to buyers that have not owned a home in the last three years who purchase between Dec. 31, 2008 and November 30, 2009.

It is also retroactive to Dec. 31, 2008.  So those lucky new home owners that have closed in the last month or so can take advantage of this higher credit.

The $15,000 Home Buying Tax Credit: 6 Things to Know

A number of readers have written in asking for details about the home buyer tax credit amendment that was recently added to the Senate version of the economic stimulus package. The provision, introduced by Sen. Johnny Isakson, a Republican from Georgia, would provide a tax credit of as much as $15,000--or 10 percent of the home's price tag, whichever is less--to anyone buying a primary residence during a one-year period beginning on the date of enactment. After reading through your questions, here's a list of six things to know about the amendment.

1. I recently bought a home and qualified for the $7,500 new home buyer tax credit. Should this provision become

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On the Friday (2-6-09) evening news FOX 4 DFW did a story on what was deemed: "The Worry Free Mortgage" - a mortgage program that will pay your mortgage payments for you, if you loose your job.

Sounds great right?  It can be in the right situation but there are some things they didn't tell you...

First of all this in not a new program or part of a Government Sponsored Stimulus Package.  This type of Insurance product has been around for quite some time.  It is most notably remembered in the early 2000's when it popped up in California during the dotCOM bubble.

The program featured on FOX was a "single premium" insurance product.  Meaning there is a one time fee for the insurance and it covers a specified period of time, the one featured on FOX was for

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Another Speical Report From MBSRateWatch.com

The number one topic of conversation among borrowers and loan officers right now is: We hear that the government is working on a program that will make rates 4%.  Is this true and should I wait to lock in my loan?

The constant barrage of media coverage on this topic has only made it even more confusing for consumers.

So what is going on?

We have called our inside sources and our Washington D.C. contacts and have confirmed the following:1)   There are no provisions in the proposed stimulus bill that addresses mortgage rates2)   There is no official plan that has been put forth by the Obama administration or by any other government agency that addresses mortgage rates.Talks have been started with the Federal Reserve…

NEW YORK (CNNMoney.com) -- If you're thinking of buying a home, there could be a big bonus for you in the economic stimulus bill that's now before Congress.

Among its many provisions is a $7,500 tax credit for first time home buyers. The House passed the $819 billion stimulus plan, including this tax credit, in a vote late Wednesday. The Senate may vote on its version of the bill some time next week.

Technically, the stimulus bill is actually changing the terms of the $7,500 tax credit that was issued as a part of the Housing Recovery Act, which Congress passed last summer. That legislation required that the tax credit be repaid over 15 years, making it more of a no-interest loan. Not surprisingly, the measure had little impact on

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Everyone is hearing 4% interest rates in the news and the government is going to cram down interest rates to make housing more affordable....

Fact or Fiction?Well the government and the treasury want that to happen but have what they deem more important items on their agenda...Funny what's important to the people is not always important to big brother.

FACT #1: The government needs to pay for the numerous stimulus packages in some way, shape or form.  Printing money is not the answer! Raising taxes would be next (not going to happen real soon)...and...the next easiest way is to sell T-Bills.  That's what they are doing and they are doing it at an alarming rate.

FACT #2: T-Bills are a direct competitor for "Mortgage Backed Securities" (MBS's) which are…