Archive for the ‘VA Mortgage Loans’ Category

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

Every day that goes by, the First Time Home Buyer Tax Credit deadline gets closer. I know there are a lot of people that think the tax credit will be extended, but I am not one of them. Yesterday I received news that the House of Representatives passed a bill 416 to 0 to extend the tax credit for 6 months. I know this is what people have been expecting, but there is a twist, this only applies to services members that served a minimum of 90 days overseas in 2009. Read More

I just read an interesting article by Thomas Oliver in the Atlanta Journal Constitution about how Realtors®, Mortgage Bankers and Mortgage Brokers were all in favor of extending and/or expanding the First Time Home Buyer (FTHB) Tax Credit. I agree, I think extending it is a great idea. I think expanding it might be helpful, but am concerned about the increasing cost and am withholding judgment on that one. Read More

Now, the final chapter in this series, part 8. Who would you think it might be that would be a key person after the movers? Well, for a First Time Home Buyer that purchases their home before November 30, that would be the IRS and/or your tax preparer, so you can get your $8,000 tax credit in a timely manner. The IRS has a great section of questions and answers about the First Time Home Buyer Tax Credit so follow this link if you have any questions about it that I haven’t already covered. Read More

Almost done? You have been to closing and signed all of the papers with the escrow officer. Your Realtor® and Mortgage Advisor were probably both there to walk though the final steps with you. As a First Time Home Buyer you probably thought the process was extremely long and involved. The escrow officer gives you a list of the power company, cable company, garbage service, water and sewer so you are already to go, right? Read More

The person that you will probably never see as an Oregon First time Home Buyer but still plays an integral part in home purchase process is the Appraiser. It is possible that the mortgage advisor and/or the Real Estate Broker may also not see the appraiser as they do their job. Read More