Improvement Coming to Buyer Tax Credit?

Possible opportunity for 1st time buyers:

Capitalizing On the New Housing Stimulus
And the tax deduction, now signed into law, lets first-time buyers claim a credit worth $8,000, or 10 percent of the home’s value, whichever is less - on their 2008 or 2009 taxes. A big plus is the credit is refundable, meaning tax filers see a refund of the full $8,000 even if....

http://www.brokeragentsocial.com/art...using-stimulus

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is working on a plan that will permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered May 12 at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders would be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table. The plan isn't final; more details are expected in coming weeks.

Other Solutions for Today's Market

During his address, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

He and other speakers examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”

Source: NAR


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thank you jeff... good lord man... i would mess up some of those places with one get together... hahaha. i need more time to go through it. but thanks for posting it up jeff. appreciate it. i'll see what's up with my finances... hmm... maybe before the end of the year i can buy a new home.

how's the renter's market nowdays in diamond bar? i would rent my currently place out before i buy another one.

 

chino Hills is the ****....no j/k. But it is a great city, top rated in the US. The worst part of Chion hills is the police. If you car is imported or you say import car and they here you they will site you. Diamond bar is more import friendly and the cops aren't as bad, but the prices for homes is extremely high. Chino Hills houses are still high. Im looking at corona, where you can get a 2007 and home brand new for around 350k. Area is all new and seems pretty good. Ontario is like pomona, cheap houses but the area is not always the best. Some areas are good, others are really bad. Fontana like said earlier is way out there. Montclair is ok, mostly older houses as is upland, but upland is either way rich or way not. Just my 2cents

 

Rentals are abundant right now due to sellers holding off to let the market pick up. It depends on your location. Having a Walnut unified school district in Diamond Bar is in demand especially now that summer vacation is upcoming & families want their kids moved before school starts.

 

Hey guys,

sorry to revive an old thread...

so we just made a bid on a home in fontana, great looking area. currently there are others that made bids also. How does this work? the one with the highest bid wins?? is this like ebay? lol but we are willing to buy the house out right.

but they currently have tenants.. so how does this work? If we win, we can kick them out right? We're going to use this home as a tax shelter and to let our family rent there.

link to home
http://www.realtor.com/realestateand...9843915#Detail

my mother convinced me to buy one for myself as a tax shelter also added income, since i can qualify for "first time buyers" --anyone know a area that goes for $150,000?

 

shoot... we didn't win the house...