Tag: first-time buyer credit

Brandon Nicely Recaps the First-Time Buyer Credit

From Brandon: As we wind down to the expiration – again – of the first-time buyer credit, I thought it would be a good chance to recap some of the questions we keep hearing in my office regarding the credit.  Don’t wait until the last few days to get serious … If you’re looking at taking advantage of either the $8000 first-time buyer credit or the $6500 move-up credit, you must meet these guidelines: Must sign a contract by close of business on April 30th 2010 and close by close of business on June 30th 2010 Must be your Primary …

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Like It Or Not, The Home Buyer Tax Credit Becomes Law

Well, I’m admittedly many hours late on this, but as of this post it’s being reported that the President has signed H.R. 3548, the bill that deals with, among other things, an extension to the first-time buyer tax credit that was put in place earlier this year. I’m asuming that most people don’t care about the gobbly-goop of the bill, nor do they care about the particulars of the Special Amendment that deals directly with the tax credit extension.  If you do, you can read it in its’ entirety here, and find the Special Amendment here.  For everyone else, here …

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How To Apply For The First-Time Buyer Credit

I had a teacher in high school, Mr. Smith, who had a saying that’s stuck with me.  I remember little from his government and US history class but this phrase: Porkchop porkchop greasy greasy, man that test was easy easy! Why do I remember that?  Who knows.  But it was the first thing I thought of when I found the form first-time buyers need to recoup their tax credit in 2009.  Finally, something government-related is easy – Mr. Smith would be so proud. The first-time buyer credit is set to expire a month from now, assuming the White House doesn’t …

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Senate Close To Extending Tax Credit Deal?

It looks like it, but this has been a very fluid situation over the last few days.  I’ve not posted over the last couple of days about it, because it keeps changing so much that it makes it hard to keep up.  Here’s the latest, as of 1:00pm on Thursday 10/29/09 $8,000 Home Credit Still In Play Extension of home buyers’ credit has wide senate support Obama admin urges Congress extend homebuyer credit Home Buyer Credit Gets New Life Truth of the matter is, no one knows what the final outcome will be, but if I had to bet, the …

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$8000 First-Time Home Buyer Credit Has An Expiration Date

That’s right, the first-time home buyer credit has an expiration date, and it’s rapidly approaching. My web designer doesn’t like it when I get real fancy and install too many things on this site, as I have a tendency to break things and make more work for everyone, but I did add a ticker to the right side of the blog a few days ago that I wanted to point out.  It looks like this: Get the <a href=”http://www.widgetbox.com/widget/countdown-pro” mce_href=”http://www.widgetbox.com/widget/countdown-pro”>Countdown Creator Pro</a> widget and many other <a href=”http://www.widgetbox.com/” mce_href=”http://www.widgetbox.com/”>great free widgets</a> at <a href=”http://www.widgetbox.com” mce_href=”http://www.widgetbox.com”>Widgetbox</a>! Hard to miss, right?  It’s …

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Buyers – The First Time Buyer Credit Can Now Be A Downpayment

I’ve written a few times here on the blog now about the First Time Buyer Tax Credit, and one of the things that kept getting thrown about was whether the credit could be used as a downpayment. For the longest time, the answer was no, but recently that’s all changed – kind of. At the National Association of Home Builders Spring Board of Directors meeting (could they come up with a longer phrase?), HUD Secretary Shaun Donovan (he looks kind of mean, doesn’t he?) made the announcement that for buyers able to utilize the First Time Buyer Tax Credit, the …

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First-Time Buyer Credit Hits A Three-Letter Roadblock

I thought it was probably too good to be true. Wednesday, I wrote that there was talk going around the Interweb that FHA was going to allow the $8000 credit that applies to first-time home buyers to be used as a downpayment at closing, but that lenders were telling me they weren’t quite sure of that yet.  Thursday, the Office of Management and Budget confirmed they were putting the brakes on that for now. FHA loans are popular with buyers because they only require a downpayment of 3.5%, but right now FHA rules state that the money for a downpayment …

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