DEEPER KEMICAL
07-28-2009, 10:05 AM
Does anyone know the restrictions on first time home buyers to receive the credit of $8,000 for a couple (4,000 if filing separately)
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Mothahen
07-28-2009, 11:05 AM
Does anyone know the restrictions on first time home buyers to receive the credit of $8,000 for a couple (4,000 if filing separately)
Honestly talk to an accoutant regarding that.
Honestly talk to an accoutant regarding that.
browneyedgoil
07-28-2009, 12:47 PM
Federal Housing Tax Credit for First-Time Home Buyers: Home (http://www.federalhousingtaxcredit.com/2009/index.html)
are we back to the point where u can purchase w/o putting 20% down??? i
are we back to the point where u can purchase w/o putting 20% down??? i
DEEPER KEMICAL
07-28-2009, 02:00 PM
Federal Housing Tax Credit for First-Time Home Buyers: Home (http://www.federalhousingtaxcredit.com/2009/index.html)
are we back to the point where u can purchase w/o putting 20% down??? i
Yes
are we back to the point where u can purchase w/o putting 20% down??? i
Yes
Mothahen
07-28-2009, 02:38 PM
Yes
I spoke to my accountant and he said it is NOT a guaranteed 8k the more you make the less you get (anything over 75K) :shuffle
I spoke to my accountant and he said it is NOT a guaranteed 8k the more you make the less you get (anything over 75K) :shuffle
DEEPER KEMICAL
07-28-2009, 02:41 PM
I spoke to my accountant and he said it is NOT a guaranteed 8k the more you make the less you get (anything over 75K) :shuffle
thats what i was afraid of.
damnit
thats what i was afraid of.
damnit
Mothahen
07-28-2009, 02:44 PM
thats what i was afraid of.
damnit
Like I suggested when it comes before tax time talk to an accountant.
damnit
Like I suggested when it comes before tax time talk to an accountant.
DEEPER KEMICAL
07-28-2009, 02:45 PM
Like I suggested when it comes before tax time talk to an accountant.
i was going to make an ammendment to my 2008 taxes as soon as we close in a month. get that cash quick!
i was going to make an ammendment to my 2008 taxes as soon as we close in a month. get that cash quick!
Mothahen
07-28-2009, 02:47 PM
i was going to make an ammendment to my 2008 taxes as soon as we close in a month. get that cash quick!
I dont think that is possible but I am not a CPA.
I dont think that is possible but I am not a CPA.
DEEPER KEMICAL
07-28-2009, 02:49 PM
I dont think that is possible but I am not a CPA.
ill find out and let ya know. hopefully we can. my realtor said we could so i dono
ill find out and let ya know. hopefully we can. my realtor said we could so i dono
Mothahen
07-28-2009, 02:52 PM
ill find out and let ya know. hopefully we can. my realtor said we could so i dono
Yes please do thanks :heythere
Your realtor told you....I dont know they will say anything to get the deal done :disgusted
Yes please do thanks :heythere
Your realtor told you....I dont know they will say anything to get the deal done :disgusted
DEEPER KEMICAL
07-28-2009, 02:53 PM
lol this is true.
did you close yet?> you have to close by nov 31 to qualify
did you close yet?> you have to close by nov 31 to qualify
Mothahen
07-28-2009, 02:54 PM
lol this is true.
did you close yet?> you have to close by nov 31 to qualify
oh yes we closed late march and it was probably the most stressful time in our lives. this is how i know we can marry each other we did not kill each other during this process.
it got to the point our realtor refused to talk to me :shuffle
did you close yet?> you have to close by nov 31 to qualify
oh yes we closed late march and it was probably the most stressful time in our lives. this is how i know we can marry each other we did not kill each other during this process.
it got to the point our realtor refused to talk to me :shuffle
DEEPER KEMICAL
07-28-2009, 02:56 PM
oh yes we closed late march and it was probably the most stressful time in our lives. this is how i know we can marry each other we did not kill each other during this process.
it got to the point our realtor refused to talk to me :shuffle
wow lol thats how our first venture was. that fell through. we are buying straight from a builder so theres no issues (so far) lol
it got to the point our realtor refused to talk to me :shuffle
wow lol thats how our first venture was. that fell through. we are buying straight from a builder so theres no issues (so far) lol
Mothahen
07-28-2009, 02:59 PM
wow lol thats how our first venture was. that fell through. we are buying straight from a builder so theres no issues (so far) lol
House 1- We put an offer on one house and supposedly had the "in" with the Seller attorney....that fell thru.
House 2- IT was a short sale.....shit got dragged out for over 4 months until I feel thru 3 days before the closing.
House 3- is the one we live in.
GOOD LUCK!!
House 1- We put an offer on one house and supposedly had the "in" with the Seller attorney....that fell thru.
House 2- IT was a short sale.....shit got dragged out for over 4 months until I feel thru 3 days before the closing.
House 3- is the one we live in.
GOOD LUCK!!
DEEPER KEMICAL
07-28-2009, 03:03 PM
thats good news!
our first venture, the seller wanted to charge us 5,000 more because we asked for a 2 week closing extension. so we pulled our offer completely
our first venture, the seller wanted to charge us 5,000 more because we asked for a 2 week closing extension. so we pulled our offer completely
Mothahen
07-28-2009, 03:06 PM
thats good news!
our first venture, the seller wanted to charge us 5,000 more because we asked for a 2 week closing extension. so we pulled our offer completely
WTF :yourcrazy
5,000K for two weeks.....we had like 5 weeks of extensions cause the banks were so backed up :wallbang
But once you are in there and it is yours...not better feeling. :agree
our first venture, the seller wanted to charge us 5,000 more because we asked for a 2 week closing extension. so we pulled our offer completely
WTF :yourcrazy
5,000K for two weeks.....we had like 5 weeks of extensions cause the banks were so backed up :wallbang
But once you are in there and it is yours...not better feeling. :agree
DEEPER KEMICAL
07-28-2009, 03:06 PM
yea deff no bad feelings. everything works out for a reason. we caught some bad breaks, but this house we are closing on is our dream house.
Mothahen
07-28-2009, 03:09 PM
yea deff no bad feelings. everything works out for a reason. we caught some bad breaks, but this house we are closing on is our dream house.
As is ours......good luck!!!!
As is ours......good luck!!!!
PeANuT
07-28-2009, 03:27 PM
I'm almost certain I'm going to miss out on this deal.. I was close but I really dont have it in me to go out and make a purchase right now. It seems like a lot of work and decisions that I just dont feel like doing at this exact point in time. Really a shame though, I'm sure I'd qualify so its really a waste if I dont take advantage. :disgusted
Mothahen
07-28-2009, 03:29 PM
I'm almost certain I'm going to miss out on this deal.. I was close but I really dont have it in me to go out and make a purchase right now. It seems like a lot of work and decisions that I just dont feel like doing at this exact point in time. Really a shame though, I'm sure I'd qualify so its really a waste if I dont take advantage. :disgusted
Rach if you are not in it 250% then don't bother it becomes your whole life. Don't just buy a place for the 8K rebate if you are questioning it in the slightest
Rach if you are not in it 250% then don't bother it becomes your whole life. Don't just buy a place for the 8K rebate if you are questioning it in the slightest
berniec
07-28-2009, 03:34 PM
I spoke to my accountant and he said it is NOT a guaranteed 8k the more you make the less you get (anything over 75K) :shuffle
if you make over 75k and file single it starts going down, over 90 i think and you get nothing. If you are filing married i think you get 8k unless the combined income is over 150 then it starts goign down.
if you make over 75k and file single it starts going down, over 90 i think and you get nothing. If you are filing married i think you get 8k unless the combined income is over 150 then it starts goign down.
DEEPER KEMICAL
07-28-2009, 03:35 PM
if you make over 75k and file single it starts going down, over 90 i think and you get nothing. If you are filing married i think you get 8k unless the combined income is over 150 then it starts goign down.
last year, it was 7,500 and you had to repay this. this is a no-repay loan, which is nice.
last year, it was 7,500 and you had to repay this. this is a no-repay loan, which is nice.
berniec
07-28-2009, 03:35 PM
i was going to make an ammendment to my 2008 taxes as soon as we close in a month. get that cash quick!
the tax credit is for 2009 taxes, you can't get it until you file this coming year.
the tax credit is for 2009 taxes, you can't get it until you file this coming year.
berniec
07-28-2009, 03:36 PM
last year, it was 7,500 and you had to repay this. this is a no-repay loan, which is nice.
nice if you qualify and can get it. i'm SOL...maybe i should just get married to somebody b4 November lol :booted
nice if you qualify and can get it. i'm SOL...maybe i should just get married to somebody b4 November lol :booted
DEEPER KEMICAL
07-28-2009, 03:40 PM
nice if you qualify and can get it. i'm SOL...maybe i should just get married to somebody b4 November lol :booted
if you are SOL on qualifying for this 8,000 then you obviously make over 90K and very NOT SOL. LOL
if you are SOL on qualifying for this 8,000 then you obviously make over 90K and very NOT SOL. LOL
berniec
07-28-2009, 03:43 PM
if you are SOL on qualifying for this 8,000 then you obviously make over 90K and very NOT SOL. LOL
loll
ya but realistically, making 90k in the NY area and making that same amount in says Florida are two VERY diff standards of living. It bugs me this credit, and moreso the cutoff for it, are not adjusted for cost of living in various areas just like the amounts of what are considered 'conforming' mortgages are.
loll
ya but realistically, making 90k in the NY area and making that same amount in says Florida are two VERY diff standards of living. It bugs me this credit, and moreso the cutoff for it, are not adjusted for cost of living in various areas just like the amounts of what are considered 'conforming' mortgages are.
DEEPER KEMICAL
07-28-2009, 03:46 PM
I agree. WE both will just have to settle with less. But less is better than nothing. Every bit helps
berniec
07-28-2009, 04:28 PM
I agree. WE both will just have to settle with less. But less is better than nothing. Every bit helps
very true. As it stands anyway, we were already lucky enough to be in positions to be able to get places while prices were down and mortgages aren't being given out to anybody but the most qualified!
very true. As it stands anyway, we were already lucky enough to be in positions to be able to get places while prices were down and mortgages aren't being given out to anybody but the most qualified!
DEEPER KEMICAL
07-28-2009, 04:34 PM
very true. As it stands anyway, we were already lucky enough to be in positions to be able to get places while prices were down and mortgages aren't being given out to anybody but the most qualified!
I concur. Bravo to us
I concur. Bravo to us
Lance Burkhart
07-28-2009, 05:15 PM
i thought 75k was the max
berniec
07-29-2009, 01:59 PM
i thought 75k was the max
it begins to phase out at 75k, see Federal Housing Tax Credit for First-Time Home Buyers: Frequently Asked Questions (http://www.federalhousingtaxcredit.com/2009/faq.php#6)
# If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
# Can you give me an example of how the partial tax credit is determined?
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
it begins to phase out at 75k, see Federal Housing Tax Credit for First-Time Home Buyers: Frequently Asked Questions (http://www.federalhousingtaxcredit.com/2009/faq.php#6)
# If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
# Can you give me an example of how the partial tax credit is determined?
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
Lance Burkhart
07-29-2009, 04:53 PM
it begins to phase out at 75k, see Federal Housing Tax Credit for First-Time Home Buyers: Frequently Asked Questions (http://www.federalhousingtaxcredit.com/2009/faq.php#6)
# If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
# Can you give me an example of how the partial tax credit is determined?
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
so 95K and you dont qualify, basically....
# If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
# Can you give me an example of how the partial tax credit is determined?
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
so 95K and you dont qualify, basically....
berniec
07-29-2009, 05:57 PM
so 95K and you dont qualify, basically....
correct
correct
Lance Burkhart
07-29-2009, 06:53 PM
Rach if you are not in it 250% then don't bother it becomes your whole life. Don't just buy a place for the 8K rebate if you are questioning it in the slightest
sadly lots of people are gonna buy just to get the rebate...so foolish!
sadly lots of people are gonna buy just to get the rebate...so foolish!
joeydollaz
07-29-2009, 10:46 PM
this year i got $7500 additional in my return :yeahbaby best year ! i had no idea i was getting it too. next year will be kinda sad LOL
Penelicious
08-03-2009, 10:08 AM
Hubby and I are trying to buy something as we speak. We found something that is perfect for us and is affordable and will hopefully get us a good return someday. However, I am scared to death about getting approved for a mortgage. :chatterin
Anyone have any good brokers we can speak to?
Anyone have any good brokers we can speak to?
DEEPER KEMICAL
08-03-2009, 10:09 AM
Hubby and I are trying to buy something as we speak. We found something that is perfect for us and is affordable and will hopefully get us a good return someday. However, I am scared to death about getting approved for a mortgage. :chatterin
Anyone have any good brokers we can speak to?
Bernie C has a good guy you can talk to. He helped us out in our first venture that fell thru from the seller's end. Good thing too.
Where are you looking. We just picked out the bedroom set last night. Spending so much $$ before we even move in is probably not smart LOL
Anyone have any good brokers we can speak to?
Bernie C has a good guy you can talk to. He helped us out in our first venture that fell thru from the seller's end. Good thing too.
Where are you looking. We just picked out the bedroom set last night. Spending so much $$ before we even move in is probably not smart LOL
Penelicious
08-03-2009, 10:11 AM
Bernie C has a good guy you can talk to. He helped us out in our first venture that fell thru from the seller's end. Good thing too.
Where are you looking. We just picked out the bedroom set last night. Spending so much $$ before we even move in is probably not smart LOL
:chuckle
We are already picking out a dining room table and we don't even have an offer in yet :hitting
We are looking in Astoria/East Elmhurst at condos. We contemplated a house in Flushing area, but we found a great deal here in our area and are hoping to nab it quickly!
Where are you looking. We just picked out the bedroom set last night. Spending so much $$ before we even move in is probably not smart LOL
:chuckle
We are already picking out a dining room table and we don't even have an offer in yet :hitting
We are looking in Astoria/East Elmhurst at condos. We contemplated a house in Flushing area, but we found a great deal here in our area and are hoping to nab it quickly!
DEEPER KEMICAL
08-03-2009, 10:13 AM
Thats how the market is. If you see a good deal now, you need to jump on it asap.
Best of luck! Hope everything works out!
Best of luck! Hope everything works out!
Penelicious
08-03-2009, 10:14 AM
Thats how the market is. If you see a good deal now, you need to jump on it asap.
Best of luck! Hope everything works out!
Where did you guys find a house?
Thanks so much!!!! I hope it works out for you too!!
Best of luck! Hope everything works out!
Where did you guys find a house?
Thanks so much!!!! I hope it works out for you too!!
DEEPER KEMICAL
08-03-2009, 10:16 AM
Where did you guys find a house?
Thanks so much!!!! I hope it works out for you too!!
We found one in Manalapan, NJ. Brand new townhouse. We lucked out BIG TIME. I made a thread about it. We caught some bad breaks this past year, and its felt so good to catch a good one. We looked in the development when we first started looking like last year. IT was too high at that point. We came back last month, price was reduced WITH a full finished basement. We couldnt pass it up.
Thanks so much!!!! I hope it works out for you too!!
We found one in Manalapan, NJ. Brand new townhouse. We lucked out BIG TIME. I made a thread about it. We caught some bad breaks this past year, and its felt so good to catch a good one. We looked in the development when we first started looking like last year. IT was too high at that point. We came back last month, price was reduced WITH a full finished basement. We couldnt pass it up.
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