Your main home is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence. When I heard about the credit I was somewhat aggrevated but stop and think for a minute…before this legislation came out in , how much of a credit were you going to get for being a first-time homebuyer?
Because of it, my husband and I were able to get alot done with our house. Two days later and I would have qualified for the NON-repayment credit!? I was considering upgrading homes if that would have been the case. We need our Republican majority back…. Your email address will not be published.
Advertiser Disclosure. About Archives Contact. Posted by Madison on February 19, Here is additional information on the credit: It applies to homes purchased January 1, through November 30, You must keep the home for three years.
The credit is refundable. You cannot have owned a home for the past 3 years. Get your biggest tax refund, guaranteed. What a bunch of crap! Harvey, kathy, i have the same question i am in same circumstance.!????? Well… I understand some of your frustrations, but that is just how things go sometimes. As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge.
The mechanics of the new program, according to NAHB economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS. Homebuyers must still come up with FHA's mandatory downpayment of 3.
The initiative also authorized downpayment help programs already offered in Colorado, Missouri, New Jersey, Pennsylvania, Tennessee, Washington and other states. There are also non-profit groups, such as ones affiliated with the National Home Ownership Programs for the community organizer NeighborWorks America, that offer bridge loans for downpayment assistance that will be repaid with the tax credits.
Under the state and non-profit programs, the tax credit can provide the entire downpayment; there's no requirement that homebuers put 3. The first state to launch such a plan was Missouri, which rolled out its Missouri Housing Development Commission Tax Credit Advance Loan program on January 14 -- a month before Congress approved the stimulus package. Since then, Missouri has approved applications by more than borrowers and closed on of them.
Q: When must I pay back the credit for the home I purchased in ? A: Generally, there is no requirement to pay back the credit for a principal residence purchased in If I claim the first-time homebuyer credit for a purchase in and stop using the property as my principal residence before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it? If, within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit.
Repayment of the full amount of the credit is due at that time the income tax return for the year the home ceased to be your principal residence is due. In addition to all the programs, HUD funds approved housing counseling agencies throughout the country that can provide advice on many housing-related topics, including buying a home. Use this map to find one in your state.
If you are interested in a foreclosure-related property, reach out to a licensed real estate agent who will be able to advise you on when the property may be available for purchase. The down payment and closing costs are low. The FHA doesn't lend money to people. It insures mortgage loans from FHA-approved lenders against default.
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