Tagged : buying a home

Home Buyer Tax Credit: Only 60 Days Left!

Phil Boren

Tuesday, March 2nd, 2010 at 10:40am. 314 Views, 0 Comments.

Home buyers only have 60 days left to claim the home-buyer tax credit of up to $8,000.  The new deadline is April 30th and the revised plan also provides a new credit of up to $6,500 for buyers who do not qualify as "first-time" home buyers.  You can get more details using our Home Buyer's Guide, but here are a few facts:

• To qualify for the tax credit, the home must be contracted for by April 30, 2010 and the deal must close by June 30, 2010.
• Home buyers who have not owned a home for at least 3 years prior to closing are eligible for a federal tax credit of 10% of the purchase price, up to $8,000.  Remember: This is a tax credit - not a tax deduction; the credit is much more valuable.
• "Other" home buyers are also eligible for a federal tax credit up to…

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Home Buyers Have 77 Days Left For Tax Credit

Phil Boren

Friday, February 12th, 2010 at 5:15pm. 260 Views, 0 Comments.

Home buyers have 77 days left to claim the federal tax credit of up to $8,000.  The new provisions extend the deadline to April 30th and also provide a new credit of up to $6,500 for buyers who do not qualify as "first-time" home buyers.  You can get more details on our website, but here are a few facts:

• To qualify, the home must be contracted for by April 30, 2010 and the deal must close by June 30, 2010.
• First-time buyers, or buyers who have not owned a home for at least 3 years prior to closing, are eligible for a federal tax credit of 10% of the purchase price, up to $8,000.
• "Other" buyers are also eligible for a tax credit up to $6,500, provided they have owned their current home for 5 out of the previous 8 years.  There is no requirement that…

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FHA Loans Getting More Expensive

Phil Boren

Thursday, January 21st, 2010 at 1:34pm. 402 Views, 0 Comments.

The Federal Housing Authority, or FHA, is changing the rules on FHA loans, and these rule changes will make the loans more expensive.  Traditionally, borrowers with less-than-stellar credit and/or less than 10% down would turn to an FHA loan.  A lender could approve the loan under FHA guidelines, with as little as 3% down.  While the amount down was recently raised to 3.5%, these new changes are far more significant.  The FHA basically charges for this insurance in 2 ways - an up-front fee (MIP) and an annual fee, both of which the borrower pays.

Starting in the Spring or early Summer (no exact date was given), the new FHA guidelines will include the following provisions:

• If the buyer's FICO score is below 580, the minimum down payment requirement will…

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