Tag Archive | "tax-credit"
Complacency Can Cost Residents of Harleysville & Montgomery County Pennsylvania
Definition of Complacency: self-satisfaction especially when accompanied by unawareness of actual dangers Source: Merriam-Webster online dictionary We are once again experiencing a convergence of events that make this one of the best times to consider buying or refinancing your home – and may possibly be for our lifetime! Many Pennsylvania home buyers and those considering refinancing have been sitting on the fence because they are expecting mortgage rates to stay this low forever. Many buyers are assuming that Congress will pass another home buyer tax credit. This complacency could end up costing you tens of thousands of dollars if you wait too much longer! This may sound a bit dramatic but consider the following: Rates near historic lows again! In December of 2008 rates started to decrease to exceptionally low levels. This was fostered, almost entirely, by the government announcement a few months earlier that it would be buying mortgage backed securities (which are used as the basis for mortgage rates). This has kept the rates at an artificially low level. Consider a day in late May when the market panicked and rates jumped ¾% in one single day! This was a reaction to the government’s change in position that they would halt the buying of the securities soon and the result was that a lot of people who were expecting the low rates to last forever ended up with the reality of higher rates. Luckily, the rates calmed back down but this will happen again – it is just a matter of when – and when it does I believe that it will be unrealistic to stop the momentum of increased rates from that point forward. If you are thinking about buying or refinancing you should ask yourself what your reaction would be if you got caught on that day and how it would impact you and your finances. On a $200,000 loan this would equate to an added expense of over $34,000 over the life of the loan. That is a price tag of more than $1,000 per year for complacency! First Time Home Buyer Tax Credit Expiration! Although there is a hope that the First Time Home Buyer Tax Credit will be extended there is no guarantee. IF it is extended no one yet knows if it will extend with the same terms. Again, at some point, the tax credit will expire. If the current expiration date of November 30, 2009 holds then anyone buying a home after that time will have lost $8,000. If the credit does get extended, it will expire at some point. Some first time buyers are gambling on an extension but they should consider the risk of ‘waiting to see’. Again, a cost of $8,000 for complacency! The goal of this article is not to instill fear into anyone looking to buy or refinance but simply to illustrate that, without notice, both the low rates and the tax credit may disappear before you have an opportunity to take advantage of them. There is value in exploring your options now. You can always decide not to do anything but at least you will have explored the availability and benefits of these once in a lifetime opportunities. If you don’t examine your options now you may be one of those people who, years from now, looks back and says “You know, we really missed an historic opportunity”. The most important piece of this puzzle is to have help navigating the possibilities. First and foremost you must look at financing options and compare them against your goals. If you are looking to buy a home, please do yourselves a favor and get in touch with your Realtor as quickly as possible. Please see this article http://www.myfhamortgageblog.com/2009/09/first-time-home-buyer-tax-credit-set-to-expire-for-harleysville-and-montgomery-county-pa-buyers/ about important dates for the tax credit. Although time is ticking away, we have put some programs in place to alleviate some of the stress of timing for closing before the expiration of the tax credit but the most important aspect is that you get out there and find a house as soon as possible
Continue reading...Thanks to the FHA Mortgage in Montgomery County, Pennsylvania the Housing Market is Picking Up!
Tuesday, July 14, 2009
Did I hear correctly?
Continue reading...Can I Use The $8000 First Time Home Buyer Tax Credit As A Down Payment?
Tuesday, July 7, 2009
The $8000 First Time Home Buyer Tax Credit is available for anyone who has not owned a home in the last 3 years and may be used as a down payment in certain situations.
Continue reading...FHA Mortgage and Tax Credit a Winning Combination for Southfield MI First-Time Home Buyers
Sunday, May 24, 2009
FHA Mortgage and Tax Credit a Winning Combination for Southfield MI First-Time Home Buyers. The tax credit became available through President Obama’s economic recovery plan of 2009. This tax credit is available to anyone that has purchased a home between April 8th, 2009 and December 1st, 2009. Limited Time For Tax Credit The first-time home buyer tax credit rules differ between purchases made in 2008 and 2009. If you bought your home in 2008, it is not a true credit but a $7500 (or 10% of the purchase price, whatever is lower) interest free loan that is payable over the next 15 years in equal installments each year you file your taxes
Continue reading...$8,000 fash cash
Thursday, May 21, 2009
... enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment," said Shaun Donovan, ...
Continue reading...New Government Policy: Tax Credit as Mortgage Down Payment
Thursday, May 14, 2009
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Continue reading...Corporate Social Responsibility Weekly Recap (May 6 ‘ May 13, 2009)
Thursday, May 14, 2009
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Continue reading...FHA to allow use of tax credit for down payments
Tuesday, May 12, 2009
... enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment," Donovan said at ...
Continue reading...PRESS DIGEST-Australian General News - May 13
Tuesday, May 12, 2009
... rise in the number of first-home buyer loans helped increase the total number of home loans for March by 4.9 percent.
Continue reading...First-time homebuyer tax credit available as down payment
Tuesday, May 12, 2009
... consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to ...
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Saturday, October 17, 2009
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