$8000 First Time Home Buyer Tax Credit and $6500 Repeat Home Buyer Tax Credit Require Tax Forms To Be Submitted
The new and expanded home buyer tax credits now require additional documentation to obtain the tax credit after buying a home. Whether you are a first time home buyer or a repeat home buyer, you will need documents to go along with your federal income tax return.
To obtain the $6500 home buyer tax credit, you must comply with certain time restrictions: you must have lived in the prior home a full five years prior to the date of purchase of your new home. You must also qualify on the other terms of the home buyer tax credit. If you are short on the time that you lived in your prior home, you won't qualify for the $6500 home buyer tax credit.
Ever wonder what is going on a lenders' back offices? Does one side of the bank know what the other side of the bank is doing? If you have applied for a loan modification under the Obama Making Home Affordable Plan, you might be surprised to find out that the collection department of the lender doesn't know anything about your loan modification. How do you handle the collections' department when confronted by them.
Clark Howard Show Notes - November 25, 2009; Happy Thanksgiving. Ilyce's Annual Turkey Recipe; Consumer spending rose in October; U.S. jobless claims fall slightly; New Home Sales Rise; Mortgage Rates Match 50-year low; Black Friday Deals of the Day; FREE BOOKS/EBOOKS. Ebates.com; blastoffnetwork and ebates
Ilyce Glink Show Notes - November 22, 2009. Hard to believe it's Thanksgiving Week. I'll be filling in for Clark Howard Wednesday, Friday and next Monday. On today's Ilyce Glink show, we looked at the stock market pullback this week, the housing and unemployment numbers, Ilyce's Turkey Recipe, 401(k)s and Roth 401(k)s, Ilyce's refinancing deal, and other financial and real estate topics. We also answered your questions about money and real estate. FREE BOOKS, EBOOKS, AND OUR NEXT EVENT IN ATLANTA. Be sure to sign up for the free weekly newsletter and follow Ilyce on Twitter @Glink.
On today's Ilyce Glink Show, we looked at the stock market pullback this week, the housing and unemployment numbers, Ilyce's Turkey Recipe, 401(k)s and Roth 401(k)s, Ilyce's refinancing deal, and other financial and real estate topics. We also answered your questions about money and real estate. Listen here or download the podcast from iTunes. Check Ilyce's blog for more show notes and helpful links. Don't forget to tune in the week of Thanksgiving when Ilyce fills in for Clark Howard on Wednesday, Friday and the Monday after Thanksgiving.
When you're refinancing your mortgage, how much should you be paying in refinance fees? It can be hard to tell what fees you're paying to the lender, what is prepaid interest, and what are the other costs of the loan. Refinance fees, especially for prepaid interest, can add up to the closing costs of refinancing your loan. Have your lender explain exactly what all the refinance fees are going toward before you make any decision about refinancing or canceling your refinance.
Can you qualify for the 8000 tax credit for first time home buyers if you are buying a house with a partner? if you're not married you can probably still claim the first time home buyer tax credit on your tax return, even if your partner doesn't qualify for the first time home buyer tax credit. Ask a tax professional for help to make sure you maximize the benefits of the 8000 tax credit for first time home buyers. Also, when buying with a partner, it's usually for the best to draw up a partnership agreement about how the home will be purchased.
The home buyer tax credit extension that opened up a home buyer tax credit to trade-up buyers, not just first time home buyers, has caused some confusion over the rules for the home buyer tax credit. The start date has been a big point of concern for the home buyer tax credit extension. Officially, home buyers must close after November 6 to qualify for the home buyer tax credit extension. RV and mobile homes have also caused some confusion. Read below for some of the IRS answers for the home buyer tax credit extension.
Today, bank requirements for a loan are stricter for new home equity lines of credit than they were just a few years ago. Banks and lenders are tightening the requirements for home equity lines of credit and other personal lines of credit to make sure their funds are safe.
Now, banks might require higher credit scores, more equity in your home, and other strict requirements before they will give you a line of credit. However, if you shop around, you may be able to find a bank willing to give you a home equity line of credit.
