Tag Archives for Homebuyer Tax Credit

Members of the U.S. military, Foreign Service and intelligence communities have another year to purchase a home and claim the home buyer tax credit. Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a […]

The April 30th deadline is just around the corner! [youtube=http://www.youtube.com/watch?v=CyB72M0ae4I] In order to claim the tax credit, Home buyers must sign a purchase agreement between November 30, 2009 and April 30, 2010, and close by July 1, 2010. As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our […]

To claim the credit as part of your 2009 return, you will need: The standard Form 1040 and Form 5405 for the home buyer tax credit. 1. First begin Form 1040. 2. Be sure to take note of your adjusted gross income, which you enter on lines 37 of the form. Form 5405 actually requires […]

Yesterday morning mortgage broker Venessa Ward of Pacific Residential Mortgage spoke to the Bella Casa Real Estate brokerage. She covered a lot of valuable information and I wanted to share some of the key points we learned from Venessa. Venessa provided this FHA loan scenario to illustrate how waiting to purchase will hit your pocketbook […]

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move. Somewhere like Berlin might whet your appetite. If so, check out JLL Residential Development Germany. 1. […]

This IRS video explains how to claim the Homebuyer Tax Credit on your 2009 or 2010 taxes, and the official paperwork you must submit. [youtube=http://www.youtube.com/watch?v=FEceiZW9e3w] Learn more about the Homebuyer Tax Credit, see FAQ’s and Sample Scenarios Download IRS Form 5405.

The Federal Housing Administration announced several changes to FHA insured loans this week. 1)  The upfront mortgage insurance premium will increase from 1.75% to 2.25%. For example: On a a $200,000 mortgage, a 1.75% mortgage insurance premium added $3,500 to the FHA loan, bringing the total loan amount to $203,500 that a borrower was required […]

Video tip from the IRS regarding the Homebuyer Tax Credit

These sample scenarios further explore the ins and outs of this valuable federal tax credit. Scenario 1: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. […]

You’ve heard about the expanded federal tax credit for first-time and repeat homebuyers, and now you have specific questions. Right? Here are several frequently asked questions related to the Homebuyer Tax Credit. Let us know if you have further questions and we’ll be glad to help you. Q. For existing homeowners, must the new house […]