Comments on: Questions About The First Time Home Buyer Tax Credit

By: rerockstar

rerockstar — Wed, 03 Feb 2010 12:17:45 +0000

feel at home - I stripped the URL out of your post as it was misleading (it wasn't a blog post, but rather an advertisement/partner link for H&R Block). I did think your comment was relevant though, so I wanted to talk about that. If someone buys too much house, my first question would be, how? Banks are being much more strict with the amounts they're willing to qualify someone for and with the loan officer's and underwriter's feet to the fire, they are be being much more cautious of who gets the "Approved" stamp. That being said, the rules on the tax credit requires no re-payment as long as the homeowner lives in the home for three years. If they were to default in the first three years, they would be need to repay the full amount of their tax credit back to the IRS. If they foreclosed later than the three year mark, they would not need to repay the credit. .-= rerockstar´s last blog ..New Look For RErockstar’s iPhone Readers =-.

By: feel at home

feel at home — Wed, 03 Feb 2010 08:09:10 +0000

So, what happens now if someone buys too much house and ends up in foreclosure? Do they also default on the tax credit?

By: First Time Home Buyer Tax Credit: Renew, Extend, or Expand? | RErockstar.com

Fri, 09 Oct 2009 21:17:10 +0000

[...] First Time Home Buyer Tax Credit has created a bit of a stir in the real estate community recently as Congress continues to murmur [...]

By: rerockstar

rerockstar — Sat, 26 Sep 2009 19:56:11 +0000

Jessica – I have not heard of any problems like these from my clients or others I know. I’m curious if you can tell me what the document they are requesting is. I can understand your frustration if you’ve had to wait and wait and wait – no one wants to do that. Good luck getting what you need to receive your tax credit, as far as the documentation, if you used a real estate agent, try giving them a call to help you get what you need in order.

By: jessica

jessica — Fri, 25 Sep 2009 21:50:01 +0000

Actually, according to the IRS about 90% of people filing for this credit are being asked to provided additional documentation. I have waited 6 months and everytime I called they extended the amount of time till refunds would be sent out. After just receiving a notice in the mail to provide additional documentation I realized it will take forever. The documentation they are requesting is not in your closing documents….It needs to be obtained through your title company or elsewhere. Basically, your working hard to get this 8,000! They sure as heck don’t want to pay what the promised!

By: More Answers To Your First Time Home Buyer Tax Credit Questions. | RErockstar.com

Tue, 02 Jun 2009 16:02:10 +0000

[...] Questions About The First Time Home Buyer Tax Credit (rerockstar.com) [...]

By: rerockstar

rerockstar — Tue, 19 May 2009 22:06:53 +0000

Brandon - Thanks. There has been a lot of buzz about it lately, from Realtors®, NAR, consumers, and HUD. Unfortunately, as of right now, it is not possible to use the First Time Home Buyer Tax Credit as a down payment. HUD is apparently working on something, but pre-maturely announced it by releasing Mortgagee Letter 9-15 on their site (then pulling it). It's caused a big mess for many people as there is a lot of confusion. I have spoken about it several times, in fact one of my latest posts covers the story a bit: "Why the politics of NAR should matter to you." I also wrote about it here: "NAR, You Silly Old Goat...Why Would You Let This Be Emailed To Every Realtor® After Yesterday? And I've commenting like a madman on the realtor.org site as well as AgentGenius. I'm trying to get the word out to as many people as possible, so that no one winds up confused and disappointed. HUD says there is something coming, but for now, is not issuing a release date for the new information. Once I have it (and have it confirmed), I will post about it. Thanks for stopping by.

By: Brandon

Brandon — Tue, 19 May 2009 21:55:07 +0000

Great job keeping your readers up to speed on this. I’ve heard a lot of blog buzz lately that the credit can be used toward a down payment on FHA loans. Have you heard anything on that front?