I am in Salt Lake City this week -- and guess what? They have foreclosure homes for sale just like Arizona does. If you are looking to purchase a Salt Lake City foreclosure home, or a foreclosure or short sale home anywhere in the country and were planning on taking advantage of the $8000 tax credit your deadline is coming fast. In fact, the deadline for signing on the bottom line of your … [Read more...]
8000 Tax Credit Extension and Expansion
I think I might be the last blogger to cover the recent 8000 tax credit extension and expansion that was passed... but better late than never. $8,000 First-time Home Buyer Tax Credit Details The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year … [Read more...]
Will The $8000 Tax Credit Be Extended?
Will the$8000 tax credit for first time home buyers be extended? Yes. What the heck - with the start of the football season, I am in a betting mood and this seems like as good of a bet as any. Now, keep in mind -- it is just a prediction, because believe it or not... no one from Washington actually calls me and asks for my opinion about these kinds of things - no matter how many … [Read more...]
$8000 Tax Credit Coming To An End
The $8000 tax credit is coming to an end. If you are thinking of buying a home and taking advantage of the $8000 tax credit, you will want to actively get into the process of searching for a home as soon as possible. You might not have as much time as you think - because the process of buying a home has been stretched out recently due to market conditions (here in Phoenix) as well as the time … [Read more...]
Are Any Lenders Doing The 8000 Tax Credit Monetization?
Are you a loan officer reading this blog? Welcome. Pull up a chair today and feel free to show us your mortgage expertise. Flex your mortgage muscles if you will. Feel free to advertise right here on this post with your name, contact information, picture – pretty much whatever you want – if you are actually able to help people “monetize” the 8000 tax credit. Based on the number of times … [Read more...]
Monetizing 8000 Tax Credit for New Home Buyers: Popular Questions and Answers
It seems to me like pretty much anyone who is using the FHA loan program to buy a house is probably asking their loan officer: "What is this I hear about being able to monetize my tax credit so I can use it for closing costs and down payment?" So I thought I would post some of the most frequently asked questions and answers as provided by NAHB.org: 1. What exactly does “monetizing” … [Read more...]
New Home Buyer Tax Credit Monetization Plan: How Much Will It Cost?
In my opinion, one of the nice things HUD did in their recent mortgagee letter (2009-15) regarding the use / monetization of the new home buyer tax credit is that they specifically laid out how much “it should cost” the consumer. According to the Official Mortgagee Letter (2009-15): “Any costs attendant to the purchase of the tax credit are to be nominal and discounting the anticipated credit … [Read more...]
New Home Buyer 8000 Tax Credit Down Payment: Answers To Questions
Yesterday HUD issued Mortgagee Letter 2009-15 which gave official guidance on how exactly you can turn the 8000 Tax Credit for new home buyers into cash to help you cover your closing costs and possibly part of your down payment. Home Buyer Tax Credit Monetization: How To Claim The 8000 Tax Credit While many people have many questions, I decided to cover the most popular ones that I hear. … [Read more...]
8000 Tax Credit Bridge Loan: Bridge To Where?
You remember the feeling. Remember back in high school when your teacher announced a pop quiz and you didn't study the night before because you were hanging out at your friends house watching the A-Team? You know the feeling and you can describe it in two words. (hint: the first word is "Oh") That is how I felt yesterday when I learned about the possibility of the 8000 tax credit being … [Read more...]