Tagged : tax credit

Should You Buy After The Tax Credit Expires?

Hartanov Team

Thursday, April 29th, 2010 at 2:24pm. 119 Views, 0 Comments.

As the home buyer tax credit is set to expire the end of this week, many would-be Orange County home owners who miss the deadline may be asking themselves whether they should continue renting.The answer is YES. Buyers can still benefit from California's $10,000 tax credit for first-time buyers and those buying new construction.

While tax credits are strong incentives, the major benefits of homeownership are personal, not financial.

Owning offers a permanent home in which to build a life and family, opportunities to become part of a community, and flexibility in lifestyle. At the same time, while continuing to rent may or may not cost more in the short term, owning a home can save money over time – rents go up;…

Tax credits for First Time Home Buyers and Current Home Owners

Hartanov Team

Tuesday, December 15th, 2009 at 2:08pm. 236 Views, 0 Comments.

The $8,000 first-time homebuyer tax credit is extended

• Now, qualified first-time homebuyers would receive a tax credit of up to $8,000 if they sign a purchase contract by April 30, 2010, and close by June 30, 2010

• The home purchased must be their primary residence

• Buyer cannot have owned a home during the past three years

• Tax credit is up to 10 percent of the home’s value (not to exceed $8,000

• Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers)

• Buyers don’t need to repay the tax credit if they occupy the home for three years or more

• Members of the military who are serving overseas on “official extended duty” for a least 90 days during 2009 and the first…

Can You Use $8000 Tax Credit For Down Payment On Your Orange County Home?

Hartanov Team

Saturday, June 6th, 2009 at 4:44am. 193 Views, 0 Comments.

Buying an Orange County home and confused about the new $8,000 first-time-home-buyer tax credit program as it applies to your down payment on an FHA loan? You're certainly not alone, and here's the real deal: 

HUD has confirmed that the tax credit can be used toward the down payment on FHA loans, but you cannot replace the required 3.5% minimum. In other words, you still must put 3.5% down, but can then use the tax credit for additional down payment or for closing costs. You make use of the tax credit money by means of a bridge loan.

Some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers can monetize the tax credit upfront to cover all or part of their down payment. These programs are separate from the HUD…

Enticing Legislation For Orange County Home Buyers

Hartanov Team

Saturday, February 7th, 2009 at 6:05am. 176 Views, 0 Comments.

Changes to the Economic Stimulus Bill may be just what Orange County home buyers need to entice them to buy that home they have been considering for the past few months.  This legislation is sent to Congress and finally the President’s desk for the final signature.
Here are some of the things that this bill would do:

• Provide a direct tax credit to any one who purchases any home!
• Amount of the tax credit would equal 10% of the purchase price or $15,000, whichever is less
• Purchases must be made within one year of this legislation being enacted
• This tax credit would not to be repaid
• Taxpayers would be able to claim the credit on their 2008 income tax return
• This will only apply to the purchase of a principal residence
• The Credit would be recaptured if the…