In November, Congress extended and expanded the First-Time Home Buyer Tax Credit program to include a subset of “move-up” buyers — homeowners that have owned and lived in their home for 5 of the last 8 years. The credit ranges up to $8,000 per buyer. There’s now just 7 weeks...

Just one month after from blowing away Wall Street, December’s Existing Home Sales hit the skids, shedding nearly 17 percent and falling to a 4-month low. Don’t be alarmed, though. The plunge was expected. And not just because Pending Home Sales cratered last month. When November’s...

For many American homeowners, interest paid on a mortgage is tax-deductible in the year in which it was paid. Knowing that, eligible homeowners can increase their 2009 tax deductions just by making their January 2010 mortgage payment before the end of the year. By paying in 2009, the mortgage interest paid...

Obama signed the First-Time Home Buyer Tax Credit today. Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday. The up-to-$8000 tax credit’s expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010,...

The government’s First-Time Home Buyer Tax Credit program expires November 30, 2009 — a scant 60 days from today. Considering it can take up to 60 days to close on a home, first-time buyers have 2 weeks at most to find a home. Buyers not under contract by October 15 have little chance of...

What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this...

If you plan to use the First-Time Home Buyer Tax Credit program, time is running out.  The program expires November 30, 2009 and closing on a home can take up to 60 days. That leaves you 6 weeks from today to find a home and go under contract. The First-Time Homebuyer Tax Credit program was passed as...

The government’s First-Time Home Buyer Tax Credit expires December 1, 2009. If you expect to use the program in conjunction with a home purchase, therefore, you may want to consider yourself officially “on the clock”. Assuming a 60-day window between contract and closing, there are...

The First-Time Homebuyer Tax Credits – Cannot Be Used For The 3.5% Required Down Payment. •    Pursuant to 12 U.S.C. 1709(b)(9), the homebuyer’s downpayment required for eligibility for FHA insurance may not consist of any funds (including funds derived from a sale of the homebuyer tax credit)...

I am sure you have heard all the Hype about the new ability about Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment.  Not so FAST! As a lender on the Broker side I am all over this; I have queried multiple lenders and have included there response. In short not one lender has implemented...