OfflineHello everyone: My Question is that if you are a first time home buyer could the government stimulus plan tax credit be used to purchase a home that is in forelosure? I am a native of Las Vegas, and as you know we lead the nation in home foreclosures.
Also How do I go about doing this, and what is the first step into getting it done. I have ordered Dean's books have yet to receive them but was just curious as how to use the government to purchase homes.
I know that there are also free GOV grants out there for people who want to purchase property and repair them for sell. I lost my job about six months ago and is living with a friend, I just need a BAIL-IN to get my feet back in the door. Any help would be greatly appreciated.
Thank you in Advance'
$8000 tax credit (if that is what I think you are referring too) but I believe you will have to claim it in your tax return for 2009 taxes. Someone correct me if I'm wrong.
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Yes..8,000.00 and that's my understanding too. You need to claim it in your 2009 tax. Hey I am here in Las Vegas too. I know there are a lot of foreclosed houses here especially here in my Green Valley area. PM me and maybe we can form our team here in Las Vegas...dom
Thank you for the information.
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I understand that the Tax Credit can be used to purchase the property. I don't have all the details. Check with an accountant or mortgage loan officer.
Al
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Tax credit requires the property to be a primary residence and be a first time buyer. Single family, co-op, condo or townhouse. However you must stay as a resident in the property for 3 years. If you sell prior to 3yrs the entire 8k is reclaimed at sale. You have a income restriction of 75,000 gross. The tax credit should be done by Dec2009. Much success.........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
im not an accountant or tax advisor but my understanding of the 8k tax credit is that you can use it to purchase your new home has to be first time buyer and owner occupied and you have to stay in your home for 3 years also something i have heard many times at the credit union i work at is that it is 10% of your purchase price up to 8k and all you have to do is claim it in your tax your tax advisor is a great reasource to get tll the correct information.
best of luck
Hey,
This is here-say, But i heard to be first time buyer...You cannot have owned in the last three years,If you have not then you could apply.
Invest in yourself!
If you or spouse haven't owned a home(principal residence) in the three years prior to the purchase of the eligible property. Much success..........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Do single people still Qualify?
Yes Single people qualify. It is all based on you qualifing for a mortgage. It doesn't matter if you are single as long as your income and credit supports the home your purchasing. Your gross income not exceeding 75,000.00. Much success to you.........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Thank you!!
Your welcome! Look forward to your support as well. Much success........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
I was wondering..
I believe I have read that the tax credit can be applied to the down payment some how? Am I mistaken?
I cannot seem to find information regarding whether or not it is possible. If you (or anyone) knows for sure, one way or the other, I would greatly appreciate any input!
Thanks and good luck!
-Mike Hutchins