Ilyce

The rule that states a homeowner must have lived in their previous house for five consecutive years out of the last eight years, leaves qualifying for the $6500 home buyer tax credit open to interpretation. According to CCH, which are publishers of tax information, the 5-year period is supposed to be five complete years.However, the IRS has been approving the tax credit for a lot of people who maybe shouldn't qualify, so "5 consecutive years" may leave room for interpretation according to this reader.

The $6500 home buyer tax credit and the $8000 first-time home buyer tax credit is now only available to buyers who purchase their homes on or before June 30, 2010 but have a binding contract in place on or before April 30, 2010.

This buyer was too early to qualify for the $8000 first-time home buyer tax credit. The home buyer tax credit was created to help stabilize the real estate market after the housing bubble burst. A home buyer who purchased a house in 2007 was too early to qualify for the $8000 first-time home buyer tax credit. The $8000 first-time home buyer tax credit is only available to buyers who purchased their first homes in 2008 or through June 30, 2010.

For some first time home buyers the tax credit was in reality a loan and for others the tax credit was more like a gift.

Time is running out, you must have a binding contract signed on or before April 30, 2010.

Mortgage lender requirements are confusing brokers, buyers, and even the lenders who are giving the loans. The new world of mortgage financing requires very strict qualifications for the buyers, and brokers and lenders are having trouble keeping track of the rules. It's very hard to get mortgage financing right now, and some mortgage financing deals are falling through at the last minute because the lenders and brokers don't know what will make the buyer fail to fulfill the mortgage lender requirements. The result of these loan requirements is closing problems and a dry closing.

If you're underwater on your mortgage, the Obama Making Home Affordable program might be able to help you with a Home Affordable Refinance Plan. If you qualify, the Home Affordable Modification Program can have your lender refinance your loan. To qualify for the Home Affordable Modification Program you must be current on your loan, live in the house, the house must be a one to four family building and your loan must be serviced by Fannie Maw or Freddie Mac. Your options are limited with an underwater mortgage.

Ilyce released her new book "Buy, Close, Move In!" in April. The book shows people how to navigate the new world of real estate-- one that has changed drastically due to the housing and credit crisis. Ilyce recently went on Good Morning America in Arizona to talk about her new book.

Ilyce Glink Show Notes - April 18, 2010 - Investing, Co-op Sales, Commercial Real Estate. Today's news, your calls about investing, co-op sales, commercial real estate, credit cards, and whether the US government is planning the takeover of your 401(k). My new book, BUY, CLOSE, MOVE IN!, is out. Be sure to pick up your copy if you're buying a home to live in or invest in, or if you're thinking about refinancing. Also, the podcasts for HOW TO INVEST IN YOUR MONEY IN 2010 are ready. Check out the ThinkGlink.com store for details.

Ilyce Glink Show Notes - April 18, 2010 - Investing, Co-op Sales, Commercial Real Estate. Today's news, your calls about investing, co-op sales, commercial real estate, credit cards, and whether the US government is planning the takeover of your 401(k). My new book, BUY, CLOSE, MOVE IN!, is out. Be sure to pick up your copy if you're buying a home to live in or invest in, or if you're thinking about refinancing. Also, the podcasts for HOW TO INVEST IN YOUR MONEY IN 2010 are ready. Check out the ThinkGlink.com store for details.

Ilyce hosted her “How To Invest Your Money in 2010” in Atlanta last March. The feedback we received for it was overwhelmingly positive. For a report on that, and a book review from a Twitter friend read below.

Can you qualify for the $6500 home buyer tax credit or the $8000 first time home buyer tax credit if you're buying from a family member? The IRS originally said that you couldn't qualify for the home buyer tax credits if you bought your house from a family member. However, some of the rules have changed and you may be able to qualify for the home buyer tax credit, depending on from which family member you purchase your home.

Estate Planning: Who Will Inherit My House?
When thinking about estate planning, you should consider who will inherit your house. Do you want your spouse to inherit your house? If your spouse doesn't own the house with you, he or she may not inherit your house. A prenuptial agreement can help establish who owns the house and what will be done with the house. Consult an estate planning attorney to help determine what will happen with your house.