What should a first time buyer know about buying a multi-family home?

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You need information on real estate, mortgage financing, home-repair, property management, and legal issues relating to real estate. This article below will give you great place to start: http://www.helium.com/items/942662-multi-family-think-multi
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What books would you suggest for the first time home buyer or anyone who just wants to learn more about the home buying process?

Try this: "THE FIRST TIME HOMEBUYER BOOK" - written by a professional working agent and really informative! Maybe one or more of these interesting books might help make the whole homebuying ordeal a little less stressful. The 106 Mortgage Secrets All Homebuyers Must Learn - But Lenders Don't Tellby Gary W. Eldred The 106 Common Mistakes Homebuyers Make (and How to Avoid Them), 3rd Editionby Gary W. Eldred How to Buy a Home When You Can't Afford It by Robert Irwin How to Save Thousands of Dollars on Your Home Mortgage, 2nd Edition by Randy Johnson Home Buyer's Checklist: Everything You Need to Know - but Forget to Ask - Before You Buy a Homeby Robert Irwin

What questions should a first-time home buyer ask during the open houses or home showings?

Buying a home can be a daunting experience. Here is some advice from Answers.com contributors on what to ask/do during home showings: . You can ask whatever you want, but they don't necessarily have to tell you the truth. Open Houses are a great way to see a house, not a great way to get info on it. Remember that in most states the real estate agent at an open house works for the seller. Usually you have the right to be represented by your own agent, and that's the person you should direct your questions to. It doesn't cost any more. Your agent has a reason to give you accurate information and help you find a good house. . First of all, you need to talk to at least 3 mortgage companies BEFORE you start looking for houses to discuss rates and estimated payments. It's always better to have an idea of what you can afford. There are also online payment estimators. In my experience, banks will preapprove you for more than you can really afford once you add in insurance and taxes. While it's fun to go look at million dollar homes, it will do nothing but frustrate you if you can't get a loan for even a quarter million dollar home. Yes, an agent can contact a mortgage company for you. Banks and credit unions usually have lower fees and commissions, though. . You should ask the sellers any and all questions that you may have regarding the foundation and any problems with the house. Ask about anything that concerns you but remember that unless you put it in writing as part of your offer the answer is not legally binding upon the seller. If the seller completes a seller's property condition report then you should have it written into the offer that the seller's property condition report survives the closing of the purchase & sale. . Ask the seller: What do you like most about the property and what do you like least about the property? Sellers will almost always lie when responding to this question, and it will give you a feel that there are issues relating to the property that the seller is concealing. Sometimes the seller give you a totally honest answer and even tell you what he or she don't like with the property. TRY to listen carefully to the seller, because sellers like to talk a lot about their property and in the process disclose more information than their broker would like them to. . Go into all closets and cabinets and look up at the sealing for fresh paint or brown spots, which is evidence of roof leaks. Flush toilets and turn on faucets which will reveal evidence of plumbing or septic issues etc. . After going through two property buying experiences I discovered that it is pretty difficult to find Realtors and Mortgage Brokers that are truly looking out for your well being 100% . Problems, such as city liens and delinquent personal property tax (missed by a title search) that a Realtor should know and address or informed us about, we found out a month or close to a year after owning the property. . An open house is more or less for the agent to gather leads. When you are shown a house and it is not YOUR agent be aware as with the above answer that they are not looking out for your best interest. It is always best to find a buyer agent. They will look out for your best interest. They will remember anything you say about how much you are preapproved for. . DO NOT CALL every agent listed on each house you are interested in looking at. Real Estate agents work on commission only. It is a waste of your time and theirs to come out to show you a house and then you sign with another agent. Yes, the agents are paid after closing, and the check given to their broker for their cut. Many people in the general public don't realize this. Would you want to work for nothing? . I highly recommend getting a buyer agent to show you any homes you are interested in. They may also help search for homes that fit your needs. The agent will ask you questions, talk with your mortgage company and get the seller's disclosure for you. If you are a first time home buyer, there are many advantages to having someone guide you through it. Once you have an agent and you want to go to an open house, take the opportunity to do it. Be sure you tell the agent holding the open house that you do have an agent and will be calling them if you like it. . You should find yourself a buyers agent to solely represent your interests, get referrals to 2 or 3 lenders and arrange your loan. Then have your agent search for property that matches the properties in your price range. Alternatively, you can research homes on the Internet for your agent to arrange visits to. It's a good idea to always use your agent to communicate to the sellers agent or to the seller. Don't go to an open house and express your interests to the other agent, they will want you to use their services. And when one agent represents both the buyer and seller there is an obvious fiduciary conflict on who the agent should be more loyal to. . Although one might be scared by the thought of a fiduciary conflict, the issues of conflict in representing both the seller and buyer on a price negotiation is worse. Also, if you do not have a buyer's agent giving you detailed advice on what has sold in the area in similar properties, you may overpay, not realizing the home is overpriced. . In Massachusetts, and perhaps other states, the agent holding the open house is working for the seller. If you ask that person to help you with the process and write up the offer, that person is still working for the seller, and is only assisting you with it, but does not represent you. Only if you sign something saying that person is your buyer's agent does that person work for you. In Massachusetts, if they are working for both, they are a dual agent. If the person helping you is a seller's agent, he/she can tell the seller any information about you that you tell, including personal and financial info, and that can be to your disadvantage in negotiations, and that person's purpose is to get the most money out of you to give to the seller. If you already have a buyer's agent and you enter an open house, put your agent's name on the sign in sheet, and perhaps give the agent the card of your buyer's agent. If you wish to make an offer, the seller's agent can then cooperate with your buyer's agent. The commission percentage is decided when the seller lists the property. If the seller's agent also handles the offer, the seller's company gets the whole commission. It is not less because it is handled by one company. If there is a buyer agent, the commission, same amount, gets divided between the two companies. . I would ask: when was the gas boiler last serviced and has it been regularly serviced tested, if there are trees overhanging the gardens, fences and gates, who is responsible for maintenance and pruning, look at the exterior gutters and fashia boards - when were these painted if at all, how old is the gas fired boiler, and consider if it may need replacing, if there have been replacement double glaze windows, are these still under guarantee. . The first thing you should ask when you are going to buy your own house or property and also you are just a first time home buyer is about the safety of the place, then next ask if the house already undergone on home inspection, then you need to ask also about the possible calamities that the house already experienced and of course do not forget to ask about the contract and price whenever you are decided to get the place. . If you are looking at a distressed home (repossessed or short sale) ask for an amount of repair money to be included to cover electrical, water heater, furnace, stove and roof deficiencies. Otherwise once the offer is accepted, you may be in a bind if your mortgage company will not give you a loan if the house has appraisal issues and the bank or FNMA will not repair them. Really, this is not for cosmetic issues, but rather house systems.

Can you purchase a home as a first time home buyer if you just filed for bankruptcy?

Answer . That is completely relative to the facts surrounding the bankruptcy. In a Chapter 7, the money you might use as a downpayment might belong to the bankruptcy estate until the case has been discharged. If you are in a Chapter 13, you will need permission from the trustee to incur the debt. And you also need a lender that is willing to lend you the money for the purchase, so you can see there are many factors that might change the answer to your question.. ans . You probably mean can you get a mortgage. That is at every lenders discretion. . New mortgage, new debt, an obligation to pay as agreed? Well, real tough - not impossible and certainly may depend on your downpayment. Especially with the concerns over subprime lending in todays market (which you by being in BK more than likely would be under most any view). You would have to expect that you would pay a very high interest rate, likely making it something even people with stronger financials wouldn't consider. if you filed C 13 make sure you discuss anything your doing with the BK trustee. Entering into a refinance or any financial contract without his explicit approval will end BK protection, and is sometimes prosecuted as fraud. Certainly, if it means you would have less disposable income to use toward your outstanding debt, he would have rightful objections. And consider....your in BK, presumably because you have more debt than you can pay, and you haven't been able to handle finances very well.....you cannot borrow you way out of debt, but even after clearing that in BK, you can sure find yourself in it again..

How should you buy a home if you are a first-time home buyer?

First and foremost educate yourself. Use your state's local housingauthority for free seminars in the steps of a home purchase andlearning about financing is key. You need to have a good sense ofyour income and the amount of money you can afford for the costs ofownership: mortgage, insurance, taxes and repairs. Once you havethe basic real estate knowledge, you can make better choices inchoosing your mortgage lender as well as your real estate agent. Choose a lender and get preapproved for an amount that they wouldlend you for a house. Many times you are approved for more of aloan than you can afford to pay monthly, so be cautious about yourprice range when you are looking. Being preapproved will make theoffer and sale process go smoother than if you are trying to buyand apply for a loan at once. You may need several thousand dollarsto pay for the application, prorated insurance and taxes, titleinsurance, termite inspection, home inspection as well as closingcosts. If you attend open houses, keep the preapproval and its amount toyourself. That realtor is not for you--they are the seller. If theyknow your top dollar, you may end up with less negotiating room. Call a real estate agent. Remember that fees for his/her serviceare paid by the seller. If you are a first time buyer with no home,you pay the agent nothing. He/she splits the fee of the agent whois working with the seller of the home you will buy. A good agentcan make appointments to see houses you have found as well as somethat may not have hit the market yet. They are also good atnavigating through all of the hoops if you choose a repo or shortsale home. I have also heard that some agents are called "buyer'sagents" meaning they have nothing to sell you; they only work withhomebuyers so there is no conflict of interest with them trying toput you into a home where they represent the seller also. When your title company calls and is ready for you to sign,make sure that you carefully read the form that shows all of thecharges that you and the seller will pay. Check that items you havepaid upfront and those that the seller should pay are correct. Thisdocument should come to you the day before signing. If it isincorrect, contact both the realtor and the title company.

What is the impact on a credit score of getting a car loan within a year of buying a new home as a first time car buyer and home buyer?

Answer . The time involved has little effect. It depends on your income to debt ratio. Higher income, lower debt is good, while lower income and higher debt is bad. It also depends on the total amount used of you current available credit.

Can a first-time home buyer have a co-signer?

Answer . \nYes, and no they do not need be on the title. But remember if you borrow money from the the cosigner make sure to get clear gift allotment numbers and make sure to find out asap if the bank needs the money to be aged or not.. Answer . \nyes!

I am NOT for a first-time home buyer. Where can I safely no scams look for grants to help buy a home?

I would wait to see what the "Lame Duck Congress" does. The National Association Of Realtors has been working hard to come up with solutions to our economic crisis and one of the suggestions they are lobbying hard for is:. Make the $7,500 first-time homebuyer tax credit available to ALL homebuyers and eliminate the repayment requirement.. They are also proposing that the Federal Government buys down mortgage interest rates to 4 1/2 % to stimulate home purchases (I don't think this measure has as much chance as the tax credit).. I think everyone agrees that measures have to be taken to stimulate home ownership - but the fact is that we do not need to get back into doing what got us into this in the first place - giving loans to people who can't afford it.

What advice should be given to a first-time home buyer when dealing with a mortgage broker and real estate agent?

Perhaps, some other colleague can contribute about Mortgage Brokers. I will endeavor to respond on the topic of my expertise: . Real Estate Broker/Agents . If you are the market for a real estate property, I think you owe it to yourself, and your loved ones, to know the difference between a traditional [seller's] broker and our [buyer's broker] services. . In other words: If you wouldn't use your spouse's attorney when filing for divorce, neither should you use a traditional [seller's] broker when buying real estate. . Why? . Just like your spouse's attorney, traditional [seller's] brokers have a legal obligation to other side's [seller's] best interest and not yours [the buyer]. . Unless agreed to [in writing] the traditional brokers mentioned above work for the seller's best interest and not the buyer's . . In other words, NOT using a buyer's -broker would be like using your spouse's attorney when filing your divorce. . Be sure that you Buyer-Broker can guarantee you they: . Will NEVER list properties for sale (or work for a broker who does!) . Will NEVER represent sellers . Will ONLY represent buyers like YOU . Will GUARANTEE YOU'LL SAVE MONEY . Finally, WILL find you the best home at the lowest cost! . Brought to you by: www.thefreenotary.com (718) FREE-NOTARY / 373-3668 . and Angel L. Cruz, New York City Licensed Real Estate [buyer] Broker

If your credit score is 588 make 70K and your a first time buyer should you wait to increase your score before purchasing a home?

Generally, you should work to improve your credit score whether buying a home or not. Other factors can/should weigh in here, such as the market (good time to buy now), programs such as the First-Time Homebuyers credit (currently in effect, it is $8,000 if you are below $75K individual income) which you might be able to use as a downpayment, any other downpayment money you could use, good reputation or history at your institution such as Credit Union, and Credit Unions typically allow lower down payments, along with FHA loans which are worth checking into. Your recent debt/credit is also a factor, if no larger loans recently this will look better for you.. The main thing is if you can get approval/financing, and can afford it, have the down payment, and can find a good property with a motivated seller... meaning if all the elements are there and you get a loan, you should do it. Find out. If you don't get approval, then you will know what you have to do. Either way, you can work toward improving the score.

Where is the best place to get a first time buyers home loan?

There are definitely a lot of programs available for those interested in receiving a home loan, especially for a first time home buyer. The best advice I can give is to find a mortgage company that you can trust and has an established reputation. I would suggest a mortgage company that is part of the LendRIGHT program (which represents the top 3% of community lenders in the United States). I would also recommend that the company you choose be a direct lender as well. These mortgage companies can offer programs and services that others cant; like direct in-house underwritten, FHA refinance programs, FHA 203K renovation loans, USDA rural housing loans, VA home loans, reverse mortgages, and other mortgage refinancing programs.

Can a first time home buyer have a co signer with collateral?

You need the down payment and the other fees. Your co-signer needs very good credit.

Who can be considered as a first time home buyer?

It i more likely that a first time home buyer is someone that has never bought a home before, either that means that you have never picked out the home or you have and someone else has paid for it. Either way that person would be a first time home buyer. Depending on what state you live in there are factors that could place you in the category of first time home buyer even if you have previously owned a home. In New Jersey, if you haven't owned a house in the last 3 years, you are considered a first time home buyer and are eligible for the First Time Home Buyer Program funded by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). This loan offers a below market, fixed interest rate and can even help with down payment. I would check with a mortgage company in your state to see if there are similar programs available.

What is a first time home buyer tax credit?

Tax Credit to Aid First-Time Homebuyers . If you were a first-time home buyer in 2008, you should know about and begin to plan for a new tax credit that was recently put into place.. Some details of the credit include:. The tax credit is applicable to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009. . The First Time Homebuyer tax credit will reduce the taxpayer's tax bill or will increase their refund, dollar for dollar. . The homebuyer tax credit will be paid to eligible taxpayers even if they don't owe any tax or the credit is more than what they owe. . This tax credit works almost like an interest-free loan in that it has to be paid back over a 15-year period. . This information was provided by: http://www.efile.com/tax-deduction/mortgage-deduction/first-time-home-buyer-tax-credit.asp

If you are married can you apply for a first time home buyers loan if your spouse owns home?

Yes, if you are not on the current loan and will be the primary borrower on the new loan you may qualify as a first time home buyer.

What should your credit score be for a first time home buyer?

"Should" is subjective. It depends on the type of loan you are attempting to get. FHA loans accept lower credit scores than traditional lenders. Traditional lenders have rate discounts at the higher levels, the best loans being found with scores over 800. Each lender is different. Some price everyone the same over 750, or 720. On average a score over 680 is desirable, although loans can be had with lower scores. Don't forget that lenders are now placing a greater weight on debt ratios and down payment levels.

If you sell your home to a first time home buyer is there any tax break when you buy your next home?

There are currently no federal programs that allow for you to receive a tax credit based on the fact that you sold the home to a first time home buyer. You should check if there are any state programs available.

Can you have owned a home and be a first time buyer?

In New Jersey, if you haven't owned a house in the last 3 years, you are considered a first time home buyer and are eligible for the First Time Home Buyer Program funded by the New Jersey Housing and Mortgage Finance Agency (NJHMFA) which offers a below-market, fixed interest rate and can help with your down payment.

Can you qualify for the 8000 first time home buyer tax credit if buying a duplex as a principle residence?

I would love to know the answer to this question! I find conflicting data everywhere.

How does the first time home buyers credit work?

The first time buyer credit for 2009 expires November 30, 2009. If you are involved in a Real Estate Transaction, you must close by that date in order to be eligible for the credit. A first time buyer is a buyer who has not purchased Real Estate in the last 3 years. If that is you, you are not automatically qualified for the first time buyer credit. There are certain criteria that you must fall under. The most helpful information is found on the IRS website: http://www.irs.gov/newsroom/article/0,,id=204671,00.html From there you will find links to Form 5405 which should be used to claim your tax credit. You will also be able to see the restrictions on the credit: . First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit: . Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009. . Applies only to homes used as a taxpayer's principal residence. . Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. . Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. . The question and answer section found here: http://www.irs.gov/newsroom/article/0,,id=206293,00.html The scenario section found here: http://www.irs.gov/newsroom/article/0,,id=206294,00.html Hope this helps. For more Real Estate Info/News/Fun Facts, visit my blog at www.wordpress.com/thomsonteam..

What is the tax credit for a first time home buyer for 2010?

The tax credit for 2009 ends November 30, 2009 - your transaction must close by that date in order to qualify for the credit. Currently, there is no official continuance of the credit. There are rumors that it will be continued into 2010, but no confirmation from the government yet. For more Real Estate info/stats/fun facts, visit my blog at www.wordpress.com/thomsonteam.

After you buy a house are you automatically qualified for first time home buyers credit?

Even if you are a first time buyer (or have not purchased in the last 3 years), you are not automatically qualified for the first time buyer credit. There are certain criteria that you must fall under. The most helpful information is found on the IRS website: http://www.irs.gov/newsroom/article/0,,id=204671,00.html From there you will find links to Form 5405 which should be used to claim your tax credit. You will also be able to see the restrictions on the credit: . First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit: . Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009. . Applies only to homes used as a taxpayer's principal residence. . Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. . Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. . The question and answer section found here: http://www.irs.gov/newsroom/article/0,,id=206293,00.html and the scenario section found here: http://www.irs.gov/newsroom/article/0,,id=206294,00.html are also very helpful. Hope this helps. For more Real Estate Info/News/Fun Facts, visit my blog at www.wordpress.com/thomsonteam.

When will i get my first time home buyers credit?

This will tell you what type of credit you're eligible for: http://thedailey.files.wordpress.com/2009/11/2009-homebuyer-tax-credit-changes.pdf and this will tell you how to file for the credit http://thedailey.wordpress.com/2009/10/20/filing-amended-tax-return-for-first-time-homebuyer-credit/.

Who do you call to get the status of your refund for first time buyers home?

Here's the link to the IRS website for details but I've also cut and pasted the info here for your use and review. Thank you:) http://www.irs.gov/newsroom/article/0,,id=204671,00.html New Legislation New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law: . Extends deadlines for purchasing and closing on a home. . Authorizes the credit for long-time homeowners buying a replacement principal residence. . Raises the income limitations for homeowners claiming the credit. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009. General Information Homebuyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time homebuyer credit. The credit: . Applies only to homes used as a taxpayer's principal residence. . Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. . Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405 , which you file with your original or amended tax return. For 2008 Home Purchases The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year. For 2009 Home Purchases The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1. For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase. First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options . Questions and Answers More information is available in the question and answer section . Related Items . IR-2009-83 , First-Time Homebuyer Credit Provides Tax Benefits to 1.4 Million Families to Date . The American Recovery and Reinvestment Act of 2009: Information Center . Thank you- Tiffany Saunders-Licensed in KS & MO Re/Max Results- Foreclosure, Short Sale, REO, Residential & Land Specialist (816) 728-0724 cell (816) 285-2352 fax www.RealtorinKansasCity.com TiffanySaunders@ReMax.net

Do you still get the first time home buyers credit if you buy a home in a different state?

Here's the link to the IRS website for details but I've also cut and pasted the info here for your use and review. Thank you:) http://www.irs.gov/newsroom/article/0,,id=204671,00.html New Legislation New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law: . Extends deadlines for purchasing and closing on a home. . Authorizes the credit for long-time homeowners buying a replacement principal residence. . Raises the income limitations for homeowners claiming the credit. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009. General Information Homebuyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time homebuyer credit. The credit: . Applies only to homes used as a taxpayer's principal residence. . Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. . Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405 , which you file with your original or amended tax return. For 2008 Home Purchases The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year. For 2009 Home Purchases The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1. For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase. First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options . Questions and Answers More information is available in the question and answer section . Related Items . IR-2009-83 , First-Time Homebuyer Credit Provides Tax Benefits to 1.4 Million Families to Date . The American Recovery and Reinvestment Act of 2009: Information Center Feel free to contact me:) Tiffany Saunders-Short Sale, Foreclosure, REO Residential & Land Specialist Licensed in MO & KS Re/Max Results 816 728-0724 mobile 816 285-2352 fax www.RealtorinKansasCity.com

When does the first time home buyers tax credit end?

You must have bought --- or entered into a binding contract to buy --- a principal residence on or before April 30, 2010 . . If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before Sept. 30, 2010 . Go to the IRS gov website and use the search box for First-Time Homebuyer Credit

I claimed the first time home buyer tax credit what should i expect on this year's taxes?

Its an 8000 dollar tax credit. that's the max you can get. its 10 percent of what you paid. So if your house was 50,000 you get 5,000 in tax credit. So take the amount you paid x .1

Do I qualify for the first time home buyer tax credit?

Sorry for the one-liner question, did not know how to add all the details in the question itself. Here they are: We purchased out first home on October 15th; we file under married filing jointly status, and our combined income is above the 150,000$ limit (that was in effect before Nov 6 2009) but below the 225,000$ limit (for home purchased after Nov 6 2009). Do you know if there is any way I can claim any tax credit for our home purchase? Not knowing that congress was going to increase the income limit for the second tax credit extension, I decided to go ahead with house closing on Oct 15th w/o waiting for the new extension to start, now it just seems a bit unfair that I cannot get any tax credit just because I purchased the house 3 weeks before Nov 6th!

Do i still qualify for first time home buyers taxes?

You are the only one that has all of the information that would be needed for you to determine if you meet the FTHBC rules. Go to the IRS gov web site and use the search box for First-Time Homebuyer Credit Taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010. General Information Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit: . Applies only to homes used as a taxpayer's principal residence. . Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. . Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. Questions and Answers More information is available in the question and answer section . You can clck on the below related link

When did the first time home buyer credit expire?

You must have bought - or entered into a binding contract to buy - a principal residence on or before April 30, 2010 . If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before June 30, 2010 .

Do you qualify for first time home buyer if you bought from parents?

No you cannot take the credit when you buy your home from a close relative. This includes your parents.

Resident of new york buying a house in Ca do you qualify for the first time home buyer credit?

If it is your main home primary residence and you meet all of the rules that have to be met for this purpose. . You must have bought --- or entered into a binding contract to buy --- a principal residence on or before April 30, 2010 . . If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before June 30, 2010 . Go to the IRS.gov website and use the search box for First-Time Homebuyer Credit

How to buy an ipod for first time buyers?

Go to a nearby apple store and ask someone who works there to help you select one.

Can a mobile home be a first time buyers home?

It makes an excellent first home, - but if you are asking about taxation or benefits as a 'first home' you'd have to ask your provincial or state department that deals with that. - - You don't say where you are - it's always helpful to do so.

Where should a first time home buyer go for advice?

Talk to friends and co-workers about realtors in your area and then talk to a few. Check your local library for books and articles on finding a Realtor. After your initial research, you should find a mortgage company that has a solid reputation in your area. Try to find a company that is part of the LendRIGHT program (which represents the top 3% of community lenders in the United States) and a direct lender. Direct lending mortgage companies are able to offer programs and services that others can not. These programs include but are not limited to: . First-time home buyer loans . FHA loans and FHA refinance programs . FHA 203K renovation loans . USDA Rural Housing loans . VA home loans and VA refinance loans . Mortgage refinancing options Once you find a trusted mortgage company I would consult with a loan officer about your loan choices.

What should a first time home buyer be careful of when house shopping?

Get a licensed real estate broker in their area to get the latest prices on the homes they are interested in. Look at several before deciding and make sure you have financing in place before you start looking.

What are some advantages of loans to first time home buyers?

1. The loan priving company does a valuation of the property before providing the loan. This helps the buyer know whether he is paying the fair price of the property. 2. The buyer doesn't have to pay rent for accomodation, so a portion of the mortgage payments help save rental costs. 3. Some countries (eg. India) have favorable tax laws on home loan principal and interest payments. The tax savings can be quite beneficial. 4. Good mortgage repayment record helps the buyers improve their credit history, which helps in getting higher loans in future. 5. The buyers, if staying in the mortaged property, can undetake home improvements according to their needs. This is not possible in a rented accomodation. 6. The buyer can take top-up loan against the property if the need arises. 7. Towards the retirement years of life. The buyers can go for reverse mortgage to support retirement years. 8. Brings stability in life, one may have to switch rental accomodation every 2-3 years for various reasons. 9. A home loan is a good loan as the price of the home generally appreciates over time. This is more prudent than taking loan for an asset (eg. car) whose value depreciates over time. 10. While the rental cost keep on increasing as years pass by. The home loan instalments stay more or less constant. Assuming a steady increase in income, home loan instalments' proportion to income keeps falling steadily. Regards Anuj Paul Gosain

What happens with first time home buyers?

The question is pretty vague, but I will try to provide you adetailed answer. The most important thing about buying a home for the first time ischoosing the right mortgage program. Most of the times when a home buyer starts his house hunt, he goeslike "well, I have saved money for years and i can buy whicheverhouse I want." But that is not how things work here. You cannot afford to spend all your money on buying a home anddeplete your budget when it comes to paying bills, home repairs andother monthly costs. How to avoid this this situation? Go to a mortgage lender. He will determine youractual financial situation and help you choose the house that suitsyou best. One more thing, when you consult a lender, you will often hear" you either pay 20% down payment or we wont grant you anyloan. " This is not true! There are several first time home buyer loan programs ( FHA, VA, USDA, Conventional 97 ) that provide you loan forlow or no down payment at all. Then there are programs like VA, USDA which give you an option ofloan with zero down payment. However, both these loans are limitedto a particular class each. (VA for US military veterans and USDAfor those looking for a property in Rural/Suburban areas). On the other hand, FHA and Conventional 97 loan are accessible toanyone for a small down payment. FHA requires 3.5% whileConventional 97 Loan requires a down payment as low as 3%. So when you start you house hunt, determine you financial conditionand go for the loan that suits you best, rather than spending allyour savings on a "Dream Home" that will leave you with a depletedbudget.

What are some tips for first time home buyers?

There are a number of tips for first-time home buyers. This includes talking to people who have purchased homes and learning about the process, making a large down-payment, and looking at the budget and what is affordable.

How do the first time home buyer plan work?

The Home Buyers' Plan (HBP) is a program thatallows you to withdraw up to $25,000 in a calendar year from yourregistered retirement savings plans (RRSPs) to buy or build aqualifying home for yourself or for a related person with adisability.

What are typically the terms of first time home buyers' loans?

The typical terms of the first time home buyers tend to be approximately 25 years. The deposit currently runs at approximately 10%, although some lenders may go as low as 5%.

Where can first time home buyers find home loan quotes?

There are many options for first time home buyers when looking for quotes on home loans on the web. Sites like Bank Rate, the government's Housing and Urban Develpment, and Quicken Loans are all good resources.

What programs are available to help first time home buyers?

The United States Department of Housing and Urban Development has a site set up to assist first time home buyers. Check them out at the government web site for your state.

What does one do when they are a first time home buyer with bad credit?

There is information available on the internet that suggests that first time buyers with bad credit need not worry about their bad credit causing issues as they may be a good candidate for a federal mortgage payment plan.

Where can one find first time buyer home loans?

There are many banks where one can find a loan for first time buyers, including Chase Bank, Wells Fargo Bank, US Bank, The Fannie Mae Foundation, and The Federal Savings Bank.

What should a first time home buyer look for in a mortgage loan?

The most important thing that a first time home buyer should look for in a mortgage loan is that it works for the person who is getting the loan. It's always smart to ensure that it's a reasonable amount and time, in order to fully pay off the mortgage when planned.

Where can a first time home buyer find advice about loans?

First time home buyers can find advice about loans when they log on the website of the Brelteam. There is information about financing, how to determine their needs and options, house hunting and how to make offers.

Where can first time home buyers find information about programs?

The home buyers can find the informations about the programs from the real estate agents or from the newspaper. They can also acces the Sellings sites.

What are some tips for a first time home buyer?

There are many tips for first time home buyers. First, make sure you have a down payment and are approved for a mortgage. Then find a real estate agent to help you locate your dream house. Remember, do not look at cosmetic things, walls can be painted, rugs can be removed, it is more important to have a good location, school system, and a home that will pass inspection.

What is first time new buyer home loan?

A first time new home buyer loan is a loan that is specifically targeted to first time home buyers. Some advantages of a first time home buyer loan include lower down payments, lower interest and lower fees, depending on the company offering the product.

Where can one get a loan for first time home buyers?

First time home buyers have many options when seeking a home loan. Some online resources include Quicken Loans, VA Mortgage Center, Realtor, and HUD.