There are lots of different ideas about how Congress is going to address the First Time Home Buyer Credit which ends at the end of November.  The only thing that is clear is that the topic is being actively discussed in Congress .  On Monday I wrote about the Bloomberg article that reports the Credit… Continue reading The $7290 First Time Buyer Credit?

The Obama’s stimulus package has altered the the First Time Buyer Credit to be a true credit and not a loan that must be repaid.  The two images here show how the IRS defines who is and is not qualified to take the credit in 2008 and are taken directly from IRS Form 5045 for… Continue reading Who is a First Time Buyer According to the IRS?

HUD announced this week that last week’s announcement was null and void.  Reported here and most outlets regarding real estate, it was thought that qualified first time buyers would be able to use the $8000 credit as a part of their down payment. Lenders, home builders and real- estate agents had reacted favorably to the… Continue reading You Cannot use $8000 First Time Buyer Credit for Down

The National Association of Realtors estimates that an additional 350,000 people bought real estate this year because of the first time buyer credit.  Calculated Risk, in turn calculates that the cost of the $15.2B program was therefore $43,300 per additional house sold. That’s because 1.9 million people qualified for the credit. What seems harder to… Continue reading Should the First Time Buyer Credit be Extended?

Time is running out for the First Time Buyer Credit but Congress seems to be moving towards an extension. The possibility of writing an offer and closing on a short sale property before the deadline passed weeks ago.  The comfort zone for closing a “regular” sale has passed and gotten to the risk of not… Continue reading First Time Buyer Credit News Update

Just reported on MSNBC “Senators agree to extend homebuyer tax credit” Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry… Continue reading Senate Agrees to First Time Buyer Credit and Expansion

The Home Buyer Tax Credit is no longer front page news but that doesn’t mean it should be forgotten. Under the current rules, enacted in November, a first-time buyer or qualifying repeat buyer, must be in contract by April 30 and close on the property before July 1. The income limits changed from the original… Continue reading $8000 & $6500 Home Buyer Tax Credit Review

Is Buying a Home Right for me? Buying a home used to be the default American Dream. The real estate market crash/bursting of the bubble changed the market to some extent. Whereas buyers that could afford $300,000 wanted to spend $350,000, and often could, today’s buyer might be able for afford $300,000 and only be… Continue reading 5 Things To Consider When Buying a Home

The benefits of homeownership are undeniable, some even consider it to be the “American Dream”. Buying your first home can provide financial and emotional security, a sense of belonging, and an opportunity to build equity. Here at the Turner Team, we want to see you succeed financially and one way to do so is making… Continue reading The Benefits of Homeownership