There are a number of low priced houses available throughout California at the present time. To take advantage of this situation and to assist taxpa...
There are a number of low priced houses available throughout California at the present time. To take advantage of this situation and to assist taxpayers who have, until this time, been unable to purchase a home the Calif. Legislature devised the 10k California Tax Credit First Time Homebuyer credit. This credit has been a great deal of help to many people but it is sometimes confusing to know if one qualifies.
As with any legislation, the wording is often difficult to follow when trying to determine if one qualifies for this credit. Certain deadlines are involved and strict rules regarding dates of purchase and closing must be followed to qualify. Purchase and escrow completion dates are very important in required qualifications.
If a person sells their current home and purchases another they can be eligible for a credit on their income tax, if they occupied the previous home for a three year period. Other taxpayers eligible for this credit include those purchasing a brand new home and those who are purchasing a home for the very first time. This credit is regulated strictly by the dates of the transactions which must be strictly adhered to.
A tax credit for this home purchase is allowed for people filing a 2010 CA State Tax Return. It is available for homes purchased on or after May 1, 2010 and before January 1, 2011. If a contract is written on or before December 31, 2010 the taxpayer has until August 1, 2011 to claim the credit. Purchase date is determined by the date the escrow closes.
To obtain this credit, applications, together with required papers must be faxed to the Franchise Tax Board within two weeks of closing. Mailed applications are not accepted. The credit is limited to five percent of the purchase price or $10,000, whichever is less.
This tax credit applies to a wide area of housing such as a regular house, houseboat, mobile home, manufactured home, condominium or a unit in a cooperative project. Regardless of which type of purchase is made all follow the same guidelines when applying for the credit. Required papers and instructions is available on the California website.
For addtional information or questions in regards to 10k California Tax Credit please forward any correspondence to the team at
If you’re ever looked into buying your first home, you know that FHA loans are the way to go. The terms are agreeable, the rates are more favorable, and the down payments are less than conventional loans. The loan limits have increased over the years to make FHA loans a way for most homeowners to afford their first home.
Many homeowners have had to, for many reasons beyond their control, resort to filing for bankruptcy or endure a foreclosure since the real estate bubble burst. The down turn in the economy is forcing families get smarter with their credit and take steps to insure their families’ future. One of the things that families are having to become more aware of are the credit requirements for any future loan approval.This article helps you understand how to get approved for an FHA loan after having a bankruptcy or foreclosure.
FHA insured loans are available to people who have had both bankruptcies and foreclosures in their past. FHA (The Federal Housing Authority) has been helping people for years who need a second chance when applying for a home loan. There are some restrictions; the borrower must have virtually perfect credit since the bankruptcy or the foreclosure. These loans are also subject to normal qualifying guidelines with income and debt limitations.
If you’ve had a Chapter- Bankruptcy, you’re going to have to have 12 consecutive months of paying all of your bills on time, including credit cards, utilities, cell phone bills and all other installment agreements from the day you filed the bankruptcy. Chapter 7 Bankruptcies are stricter, requiring 24 months of perfect credit from the date of filing. Foreclosures are the most strict in their credit requirements, requiring at least 3 years of perfect credit from the date of the foreclosure.
Getting any loan approved, especially FHA insured loans can be a trying process.The best thing you can do is to speak a specialist who works with FHA loans to understand your eligibility before looking for your dream home.
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Interest rates are steadily going down and so are the prices of homes. Many Americans are looking for a way to get in on really good real estate deals by applying for zero down mortgage loans. This is good way to get your dream home with no or little money down. Many of these loans are for the first time buyers.
Many different types of programs can be found by getting on line and doing a little research. The following is just a small list of the most popular zero down options given to those searching for their first home.
1. USDA is offering no money down on land in select rural areas. Some income restrictions do apply to receive this offer. Not only do the select few get a mortgage with no money down, they also get a low interest rate of 3.50%.
2. A company called offers low to moderate income borrowers the chance at owning a home for as little as 3.5% down.
Not only to privately owned lenders offer first time home buyers programs such as the fore mentioned, the government as a popular lending program that is geared towards those that haven’t had the best luck with their credit. The FHA loan offers them a chance to buy a home with little or no money down.
Owning a home for the first time is an exciting milestone in most consumers’ lives. There are many programs designed to help, some even zero down mortgage loans. Some of the programs being offered are geared towards those with fair to low credit scores. With home prices getting lower and lower, it is a really good time to take advantage of the deals offered to consumers.
If you are looking to Buy a Home then check out Rob Kosbergs’ Complete FREE Guide on Attaining your Dream Home with a or for up to date Mortgage info visit my
Stories on TV about the national real estate market are misleading to Americans. This is because there is no such thing as a “national real estate market”.
Unquestionably there are many neighborhoods, towns, cities and states that have shown signs of strength during this real estate depression. There are neighborhoods in depressed cities whose home values have remained flat or even shown an increase in median price. Every state has cities that have bucked the trends and every city has neighborhoods that have. Think about the following information.
Consider the latest American Housing Survey. It found that there are 124,377,000 homes in America spread across:
The information is collected from all 50 states as well as Incorporated cities numbering more than 30,000 and Innumerable local neighborhoods.
And yet, the media repeatedly groups all 124 million homes into one giant lump and then gives an analysis. No matter how you slice and dice the data, a home in Oregon can’t be compared to a home in Mississippi. This is why national real estate statistics are somewhat useless.
If you want useful data, you need to find the local real estate analysis. You will want data from your specific neighborhood, not the entire state. This data will show what drives the local market.
The media doesn’t report small markets. Consult your neighborhood real estate agent or someone with access to the data. The professional can provide a better picture of what is driving your neighborhood market.
Your neighborhood real estate professional, who knows your market can provide a much clearer picture, positive or negative, of your locality than the national media.
The idea of a national real estate market is a fallacy. The price of bread may be the same or similar from city to city but real estate is not. If you want local statistics, pursue the data locally.
If you are in the market to Buy a Home then check out Rob Kosbergs’ Complete FREE Guide on Buying your Dream Home with a or for up to date Mortgage info visit my
