Tax Credit

First-Time Home Buyer Tax Credit Extension – There May be New Life

The Senate reached a tentative agreement to extend the First-Time Homebuyer Tax Credit.  But passage is still not a guarantee. Under the proposed terms, it would extend the existing credit for first-time home buyers (up to $8,000), and would offer a new credit of up to $6,500 for some existing homeowners.  The reduced credit would be available to all [...]

Read Full Article & Comment →

Your Credit Report May Be Under Surveillance as November 30 Approaches

Are you trying to close your mortgage loan before November 30, 2009 to qualify for the first time home buyer tax credit? Did your mortgage consultant warn you about your credit and your credit score?  You can bet your loan that lenders will pull your credit report again before you close that loan.  If anything [...]

Read Full Article & Comment →

Borrower Alert: HUD Has Suspended Taylor Bean Whitaker (TBW) From Closing FHA Loans

The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages.  See press release. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is [...]

Read Full Article & Comment →

Doors Will Soon Close on the $8,000 First Time Home Buyer’s Mortgage Tax Credit

News Flash!!  Are you still waiting/hoping/sleeping about buying a home and getting that $8,000 tax credit in your pocket?  Time is running out.  In order to get that chunk of dough, your mortgage loan must close by December 1, 2009.  No ifs, ands or buts. Click to Share on Facebook

Read Full Article & Comment →

Why Homebuyers Are Taking a Big Risk Waiting for Lower Prices

Wanting to lie in wait for near give-away home prices along with a fear of overpaying for property is in the minds of more than a few prospective homebuyers.   But just like trying to time the bottom of the mortgage market is a lose-lose deal, so is the timing of home prices. Click to Share [...]

Read Full Article & Comment →

$15,000 Home Buyer’s Tax Credit for all Homebuyers – With No Income Limit

With help still needed to heat up home sales, the $15,000 tax credit is once again under the microscope.   If successful, the credit would be extended to ALL homebuyers, not just first-time homebuyers.  In addition, there would be no income limit.   Regardless of income, the credit could be claimed. The goal is to both drive [...]

Read Full Article & Comment →

HUD Approves Use of First Time Homebuyer Tax Credit as Advance for FHA Loans

Good news. This will be a major benefit to help many first time homebuyers. I posted an article about this earlier. HUD has been working on the mechanics behind how to allow buyers to use the tax credit as an advance when they buy their first home. As the bill was initially passed, a tax [...]

Read Full Article & Comment →

First-Time Homebuyer Tax Credit Expires November 2009 !!

This is a quick post that I wanted to STAND OUT. During all the hustle and bustle of the summer, don’t forget the First-Time Homebuyer Tax Credit Expires November 2009.  Some people have the foggy idea it lasts until December 2010.  I don’t know where that info came from.  But here are the facts. Click [...]

Read Full Article & Comment →

Many States Already Allowing First-Time HomeBuyers to Use Tax Credit as Down Payment

The Federal Housing Administration (FHA) has plans to allow first-time homebuyers to use the $8,000 tax credit as a down payment.  FHA guidelines will be released soon.  (See this post for more info.) But about 12 states have already started such a program by making bridge loans available to borrowers who are eligible to claim the First-Time Homebuyer Tax [...]

Read Full Article & Comment →

Next Entries →