Question about $8000 tax credit for first time home buyers? - first time home buyer new orleans
I am a thinking being first home first time with a 203k loan to buy and renovate my first house. (I live in New Orleans by the way) I've saved money, but not as much as I do. I heard the $ 8000 tax credit was extended until April 2010. My question is, is this something you should really push to do? In other words, his candidacy for the search and follow the process of buying a house, then they would not share with my own money first? I thought that would also in the appropriation of $ 8000, about $ 8,000 I spend my own money for a down payment, closing costs, etc. Also, after the tax credit would be spent, the balance is zero of course, money. Do you think it's a good idea for me to actively pursue the purchase of a house before I think I'm ready to just $ 8000 credit?
Friday, January 22, 2010
First Time Home Buyer New Orleans Question About $8000 Tax Credit For First Time Home Buyers?
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4 comments:
If you are motivated by tax credits and do not feel comfortable buying a house differently now, maybe I should go well with the production and maintenance.
Owning a home and renovation is a costly and stressful experience.
Tell him, and probably with good reason!
It appears that you have a lot of sense.
Wait until you're ready - The increase in house prices in the coming years, but is slow.
Moreover, house prices and tariffs, int almost nowhere to go, but - if you can make a 203K MTG, is probably the best time to buy
You can not borrow money to replace "" - if the house has cost you 20k to 180k and renovations, you will not be able to provide a loan for more than the price of the house (no down payment) mortgage-way real even less than 180K
Find a home, does not need to, renovations
I was there in the same situation, do not get all the money at once, using it in 3 payments of more than 3 years in your tax return, and if the houseis not more than $ 80,000 receive only 10%
Credit --
It seems that the "tax credit" for $ 8000, the 30th November is expired, has been extended.
The Wall Street Journal reports today that:
$ 8000 to first home buyers will continue until after the 1 July 2010,
Owners of existing homes will receive a credit of up to $ 6500 to buy a new house, when you at home at least five consecutive years. This does not apply to capital goods.
This is great news for the transport to the housing market.
It was an email sent to my office ancient societies in late October.
The bottom line is that you have time.
Do not hesitate to ask me questions. I am a lender in California.
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