October 18th, 2009 — Mortgage Loans
According to the FHA policy issued on May 11, 2009, home buyers interested in FHA mortgage loan can get a short-term “bridge loan” in order to take advantage of their 2009 First Time Homebuyer’s Tax Credit. This way the FHA borrowers can use the loan as a down payment on their homes. In short, this helps borrowers buying their first primary residence to get a tax break up to $8000. Well, the tax break can only be claimed for purchases made in the 2009 tax year, so if you have still not availed the opportunity, you can still avail it.
As per initial laws, banks could offer bridge loans to borrowers so they could use their IRS money as a down payment on an FHA home loan, but later it appeared to be forbidding banks from offering down payment assistance. The revised rules let the FHA home loan applicants apply for these bridge loans, but you cannot use the loans to meet the FHA’s minimum 3.5% down payment. You can use money for other expenses.
July 15th, 2009 — Home Buyer
Claiming 8000 tax credit is not too difficult. You can claim the tax credit on your federal income tax return. If you’re a first time home buyer, you better complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns.You won’t need any other application or form, and no pre-approval is required too.
Since, it’s so easy to apply for the tax credit, but in order to be successful, you must ensure that you possess the requirements. For this purpose, you’ll need to have a careful look at credit under the income limits and first-time home buyer tests.
July 15th, 2009 — Home Buyer
If you’re a first time home buyer, purchasing any kind of home a new one or some old, you’re eligible for the tax credit for sure. One of the top most requirement to qualify for the tax credit is that a home purchase must occur on or after January 1, 2009 and before December 1, 2009.
So, you’ve year 2009 only to avail this great ooportunity. The purchase date in case of tax credit is the date when closing occurs and the title to the property transfers to the home owner. Don’t miss this opportunity. For a detailed session with our representative, click here
