Archive for the ‘First Time Home Buyer Tax Credit’ Category

I don’t normally quote mortgage rates because it takes a lot of disclosure to do so and there are so many people out there that are quoting rates that they won’t deliver, but with the recent drop in the bond market, I am going to make an exception today. Today’s 30 year fixed rate for a conventional loan is at 4.500%/4.730% APR. Read More

One of my jobs as a Mortgage Advisor is to educate buyers and Realtors about some of the programs that are available to help people purchase a home. That is one of the reasons I have spent so much time on the First Time Home Buyer Tax Credit because it helps people that have bought their first home make some fix-its happen and gives them a cushion against emergencies. So, I am surprised when I find out that a particular program designed to help the housing industry is not played up as much as I feel it should be and that is the Neighborhood Stabilization Program (NSP). I am still finding people that have not heard of it. Read More

OK, according to the latest version of the Homebuyer Tax Credit, if you have owned a home consecutively for 5 of the last 8 years, you are eligible for a $6,500 tax credit if you purchase a new home, the move up buyer tax credit. In addition, if you haven’t owned a home for the previous 36 months, you are eligible for the $8,000 First Time Homebuyer Tax Credit. Read More

Homebuyer Tax Credit Update! Read More

I am afraid I have to eat my words. I didn’t think that Congress would have enough common sense to extend the First Time Home Buyer Tax Credit past the November 30 deadline, but it looks like they have. The Senate first passed the measure then the House followed suit and it is now up the the President to sign the extension into law. The $8,000 Tax Credit was not only extended, but expanded. To find out more about the new rules, check out this article from CNBC. Read More

Yes, it is still a question as to whether or not the Congress will extend the First Time Home Buyer Tax Credit. Hopefully we will know soon. Right now, we are waiting for the House to pass something and then for a conference committee to find common ground on what, if any, extension will be coming through and then for the President to sign the new legislation. Read More