There is a silver lining to all of this Bailout Business (thank goodness!) and it applies all First Time Homebuyers! In the recent stimulus package, Congress, and President Obama wrote in a $8000 Tax Credit for First Time Homebuyer's who purchase a home between January 1, 2009 and December 1, 2009 (that's right, the actual law says DECEMBER ONE, so you need to close by November 30, 2009!)
The actual Credit is $8,000 or 10% of the purchase price, whichever is less. It is a CREDIT. This is much different than a Tax Deduction. If your total tax liability came to $6,000, but you had $7,000 withheld from your payroll, you would normally receive a $1,000 refund. With this credit, your refund would total $8,000!! Now that's a DEAL!
The definition of being a "first time home buyer" means that you have not owned a home in the past 3 years. You have to stay in the home for at least 3 years, or you have to pay this money back! This is an important difference from the $7500 credit offered by Congress last year. The $7500 credit had to be paid back over 15 years with no interest - the 2009 version, does not. It does state, however, that you must live in the property for 3 years.
Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
You can apply for this credit using ANY mortgage loan program! If you are a Veteran, use your 100% VA benefits! You can purchase using FHA, maybe you would like to purchase a foreclosed property and "fix it up" with a FHA 203K loan... or maybe you want to live in a more rural area of NC? Then get a USDA 100% home loan!
The point is this - The Government is G-I-V-I-N-G you $8000! Don't waste this once in a lifetime opportunity to buy a home at ALL TIME LOW PRICES, get a loan with REALLY LOW interest rates and a $8000 gift back from the Government! The alignment of all of this is like Halley's Comet! Wow!
UPDATE! There might be an extension of the program - see more here!
If you are considering a purchase in NC, please call Steve and Eleanor Thorne, in Cary, NC 919-649-5058
If they have a full $8,000 credit should they not get he 8,000 plus the 1.000 for a total of 9.000?
Eleanor, thanks for getting the word out. It is an awesome offer for 1st time home buyers. I have a question; if 2 people purchased a home together - not married - how does the tax credit work?
Terry and Pam - here's a link to the actual IRS Form that allows you to calculate what you would actually be able to earn. It addresses the single filing and the married filing - but not if you are the Co-Owner of a property. I'm still looking for that!
http://www.irs.gov/pub/irs-pdf/f5405.pdf
Can't figure out how to edit my comment! I meant to say the form shows you how much of the credit you can take!
http://www.irs.gov/pub/irs-pdf/f5405.pdf
Eleanor - I have several folks walking the streets with pre-approvals hoping to cash-in on this very opportune time to buy a home.
I want my MTV........ ok so we rewrite the Dire Straights song to ...... I want by bailout
GO GO SCUBA SHOP
Hi Eleanor - Love the shooting star analogy. It really does seem to be that way, with the myriad of changes continuing to flow through the mortgage world.
Thanks for the info...I have been hearing a lot of different comments about how the credit will work.
Christopher
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
'
iam a viet nam "era " vet. trying to buy a house. i was told that with my pension a $70,000. loan would cost me $454.00 out of my pension. i put in a bid on a house that wae assessed at $188,000. the reo jump on my offer. the agent told me my va loan officer is only a broker. signed legal papers stating i was in escrow. icant find a direct lender who will lend me any loan i have a mid score of 512 fico and no establish credit. iam a homeless vet living off a pension of $1291.00 my mortgage pay7ments would be $454.00 YET i called direct lenders and i was told that if i was refinceing a house, credit doesnt matter......whats good for the goose is good for the gander. itsabout a home dwelling. whats up with that. i called the presendent of the united states, comment line and told them this problem i was told that they would pass this information on to the presendent. mean time no lender will give me a loan including u.s.d.a.502 loan guarentee for low income....if anyone can help me my e-mail adxdress is ldh91325@yahoo.com
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