0
Is the first time home buyer credit still in effect and if so how for how long?
Wiki User
∙ 14y ago
Yes, the first time home buyer's credit is still available, and will be so until April 2010 (http://www.federalhousingtaxcredit.com/).
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
I am planning to sell a home and I am financing the purchase. The buyer seems to meet the requirement for a first time home buyer tax credit but I can't find out if owner financing will qualify. I would prefer to make the sale with a quit claim deed ?
As long as the deed will be in the buyer's name they will quailify for the credit. The credit is for anyone purchasing a home (for the first time. There isn't a financing requirement. So in theory if someone wanted to buy a home outright with all of their own funds, then they would still qualify for the credit. However, if the person is still unsure, they should check with their tax professional. In fact, I would put a stiuplation in the contract and/or mortgage that you are not guaranteeing that they will qualify for the first time home buyer tax credit. Because if for so reason they don't, you don't want them coming after you for the credit.
Is there still a tax credit available to first time home buyers?
Yes. The first time home buyers tax credit has been extended through May 1, 2010. According to irs.gov if a home is under contract by May 1, 2010 and closed on by July 1, 2010 the first time buyer will receive an $8,000 tax credit.
Does a refinance in 2008 on a first house bought count as a first time home buy in 2008?
I am assuming you are looking for a first time home buyer credit. No this is a refinance not purchase. Closing Costs could possibly still be deducted on taxes but check with your tax advisor on that.
Does bankrumpcy for premarital debt affect my husbands credit?
Yes, if your husband has a bankruptcy before he got married it will still effect his credit.
How do you record letter of credit in accounting book?
Upon application of LC, on the buyer's books it still payable until the agreed time that the LC become due and demandable.
If a prospective buyer does not have good credit, is it still possible to qualify for a loan on a foreclosed property?
No, you are what your credit score is! You may get a loan with an enormous amount of interest on your loan. Also, a lot of banks that buy out the foreclosures want cash not credit. It depends on the company's policy and if you have a co-signer or not.
Can you have already owned a house and still receive the first time home buyer credit?
No, since you are not a first time home buyer. I tried that when I got a divorce and because my husband and I had bought a home I didn't qualify. Not necessarily true. 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 payments. I would check with a mortgage company in your state to see if there is a similar program available.
What are the legal repercussions to a co-buyer if the buyer lets a vehicle get repossessed?
They will be held legally accountable for any debt still owed and can be made a part of any litigation that might arise concerning the matter. Also a negative entry relating to the repossession will be entered on their credit report.
How do you sell a car if you have a loan on it but it is worth more than you still owe?
First subtract the amount owed on the vehicle from the value of the car. Sell the car for this amount, then have the buyer take over the loan. This involves paperwork with your current Dealership, DMV, and of course a bank or credit union.
Who sings the cover of If you only Had a Brain that was in that credit card commercial a fews years ago?
still has a direct effect on all of us
Does an assumed loan show up on the original borrowers credit report?
If the borrower formally assumes the note, another words the bank gives the ok to the new borrower, the bank can notify credit bureaus to delete that entry in credit report. If new buyer takes title "subject to" without the banks permission the original borrower will still show up in their credit report. because as far as the bank is concerned you are still responsible, no matter who pays the note.
Home Buyer Tax Credit: A Homeowner's Allowance?
Simply put, a home buyer tax credit is a form of allowance for those who purchased a home in the previous year. It may not necessarily be available to all homeowners, and there are caps and restrictions involved. The government may wish to issue the tax credit in an effort to encourage buying or to stimulate the market, such as with energy efficient homes or newly-built dwellings. Whenever the government grants a home buyer tax credit, there are varying terms and requirements. Typically, a home must be fully purchased during a specific time in the previous year, and most credits are subject to caps so the credit is given toward those who are not very well off and have purchased a home. There is also a maximum amount for which the credit is capped, so not all buyers can take full credit. Sometimes, a home buyer tax credit can be a tax deduction. This works differently than a credit though it can still provide savings for a qualified buyer. The deduction removes some money from the income of a taxpayer, which means that the amount that is taxed will be lower. By contrast, the credit will be directly sent toward the tax that is owed by the taxpayer, which lessens the amount that is sent to the government. Some home buyer tax credits may also be considered to be a refundable credit. Particularly in the lower side of the income spectrum, some may not even need to pay the government taxes. Depending on their income, the number of dependents and the amount of credits and deductions claimed, they may even receive a refund. A refundable credit can let the taxpayer receive the amount of the credit as they do not need to deal with the burden of paying taxes. Furthermore, some credits can only be used for a certain variety of purchases. For example, first-time home buyer tax credits will be given to the first-time home buyer, while repeat credits will be given to buyers who have previously owned at least one home before. Often, the home in question is required to be the main residence of the person who is claiming the credit, and it may not be applied toward any purchases which will be resold or that were purchased from relatives. Sometimes, credits can also be used to assist with a certain segment of the market, like green building, but cannot be used elsewhere.
