Congress voted Thursday afternoon November 5, 2009 to extend the $8,000 First-time Homebuyer Tax Credit and created an additional $6,500 credit for existing property owners looking to sell their home and buy another. The tax credit for both programs (first-time homebuyers and existing homeowners) … [Read more...]
May Home Sales Continue 2009 Climb, Off 14.6% for the Yea
CABR released the following press release about May Home Sales in Cincinnati. Home sales locally continued their upward climb last month, as Realtors sold 1,658 units. That’s a 19.8% improvement over April’s sales activity. The average sale price in May was $155,896, a 12.9% improvement over … [Read more...]
HUD Reversal: $8,000 First Time Homebuyer Tax Credit Clarification
I wanted to clarify the information that was released by HUD since the information they released last week was very generic. What I found out is that the proceeds of the $8,000 tax credit can only be used toward downpayment IF the 3.5% requirements have already been met. To clarify the $8,000 cannot … [Read more...]
Pending Home Sales Rise for Third Month in a Row
RISMEDIA reported record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator based on … [Read more...]
Homebuyer Tax Credit Questions Answered
Frequently Asked Questions About the Home Buyer Tax Credit As a follow up to my Guidance for the First time homebuyers entry a couple of months ago, I found a link to answer most of the questions buyers have about the 2009 tax credit. This credit is a caveat to many buyers in the Cincinnati Real … [Read more...]
$8,000 Tax credit cannot be used for down payment
The Arizona Republic ran a story about the fact that Federal officials on Monday reversing an earlier decision to allow first-time home buyers to use an $8,000 tax credit to borrow the down payment on a home. Lenders, home builders and real estate agents were in favor of the bridge loan … [Read more...]
Guidance for the first time homebuyer
If you are a first time homebuyer, here are a few guidelines for you to start to consider if you are thinking of buying a home in the next 6 months to a year. There are several steps to the home buying process that many people aren't aware of. 1. Tips for Obtaining Financing Be sure you are … [Read more...]
