Comments on: Are you Taking Advantage of the First-Time Home Buyer Tax Credit? http://20somethingfinance.com/are-you-taking-advantage-of-the-first-time-home-buyer-tax-credit/ Building Towards Personal Finance Success! Thu, 11 Mar 2010 01:07:42 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Ben http://20somethingfinance.com/are-you-taking-advantage-of-the-first-time-home-buyer-tax-credit/comment-page-1/#comment-6543 Ben Mon, 11 Jan 2010 04:06:13 +0000 http://20somethingfinance.com/?p=1412#comment-6543 Can anyone answer this question about the tax credit? We bought our house from my wife’s parents in May 2009. At this time the IRS didn’t specifically say you weren’t eligible for the credit if you buy a house from family. This rule was added more recently to combat fraud. If we can prove that we paid fair market value determined by two appraisals, can we still file for the credit? Thanks for any help. Can anyone answer this question about the tax credit? We bought our house from my wife’s parents in May 2009. At this time the IRS didn’t specifically say you weren’t eligible for the credit if you buy a house from family. This rule was added more recently to combat fraud. If we can prove that we paid fair market value determined by two appraisals, can we still file for the credit?
Thanks for any help.

]]> By: Debt Cancellation http://20somethingfinance.com/are-you-taking-advantage-of-the-first-time-home-buyer-tax-credit/comment-page-1/#comment-5698 Debt Cancellation Mon, 30 Nov 2009 18:28:54 +0000 http://20somethingfinance.com/?p=1412#comment-5698 It is definetely a great time to buy a home. I think many folks are making a wise decision and buying a home. However, just like any other purchase, make sure you buy right and get it for a good price. The tax credit can at least help you if the house falls in value. It is definetely a great time to buy a home. I think many folks are making a wise decision and buying a home. However, just like any other purchase, make sure you buy right and get it for a good price. The tax credit can at least help you if the house falls in value.

]]> By: Michelle http://20somethingfinance.com/are-you-taking-advantage-of-the-first-time-home-buyer-tax-credit/comment-page-1/#comment-5566 Michelle Mon, 23 Nov 2009 17:38:40 +0000 http://20somethingfinance.com/?p=1412#comment-5566 I'm a 32 year old single mom and have been with my company for 5 years. I took advantage of the first time home buyer credit and purchased a 100k older duplex with 3 bedroom, 2.5 bath and 2 car garage in the beautiful city of Frisco, TX. Not only did I get the 8k credit to use towards furnishing and upgrading the home, I got a 5% interest rate and the added security of knowing my parents don't have to bust their a**es anymore to pay a $1200 monthly rental on a crappy 2 bedroom apartment in Jersey. This credit couldn't have come at a better time! I’m a 32 year old single mom and have been with my company for 5 years. I took advantage of the first time home buyer credit and purchased a 100k older duplex with 3 bedroom, 2.5 bath and 2 car garage in the beautiful city of Frisco, TX.

Not only did I get the 8k credit to use towards furnishing and upgrading the home, I got a 5% interest rate and the added security of knowing my parents don’t have to bust their a**es anymore to pay a $1200 monthly rental on a crappy 2 bedroom apartment in Jersey.

This credit couldn’t have come at a better time!

]]> By: Stephen Settle http://20somethingfinance.com/are-you-taking-advantage-of-the-first-time-home-buyer-tax-credit/comment-page-1/#comment-5499 Stephen Settle Wed, 18 Nov 2009 15:08:52 +0000 http://20somethingfinance.com/?p=1412#comment-5499 Sadly i won't be able to purchase this year but would surely try to look for it the next year. I vote my yes for it. Sadly i won’t be able to purchase this year but would surely try to look for it the next year. I vote my yes for it.

]]> By: Juan http://20somethingfinance.com/are-you-taking-advantage-of-the-first-time-home-buyer-tax-credit/comment-page-1/#comment-4809 Juan Wed, 14 Oct 2009 14:21:39 +0000 http://20somethingfinance.com/?p=1412#comment-4809 The tax credit is such a great equity kicker. Yes it is not substantial or life changing but do you rather get nil? 8k of guranteed built in equity does not sound bad. The tax credit is such a great equity kicker. Yes it is not substantial or life changing but do you rather get nil? 8k of guranteed built in equity does not sound bad.

]]> By: Erin http://20somethingfinance.com/are-you-taking-advantage-of-the-first-time-home-buyer-tax-credit/comment-page-1/#comment-4780 Erin Fri, 09 Oct 2009 17:43:51 +0000 http://20somethingfinance.com/?p=1412#comment-4780 I wonder if more people might be interested in taking advantage of this tax credit and buying their first house if they new the steps to take? I was reading some great stuff online at this site http://www.firsthomeexperience.com and thought others might enjoy the info too. I wonder if more people might be interested in taking advantage of this tax credit and buying their first house if they new the steps to take?

I was reading some great stuff online at this site http://www.firsthomeexperience.com and thought others might enjoy the info too.

]]> By: David http://20somethingfinance.com/are-you-taking-advantage-of-the-first-time-home-buyer-tax-credit/comment-page-1/#comment-4776 David Fri, 09 Oct 2009 12:55:43 +0000 http://20somethingfinance.com/?p=1412#comment-4776 I bought a home this year not because of the tax credit (although its a nice added bonus) but instead because interest rates are so low on 30yr fixed mortgages. I got a 4.5% - which makes my monthly payments low enough to rent the house out if I ever move and still make a bit of profit. I bought a home this year not because of the tax credit (although its a nice added bonus) but instead because interest rates are so low on 30yr fixed mortgages. I got a 4.5% – which makes my monthly payments low enough to rent the house out if I ever move and still make a bit of profit.

]]> By: Lynn http://20somethingfinance.com/are-you-taking-advantage-of-the-first-time-home-buyer-tax-credit/comment-page-1/#comment-4767 Lynn Thu, 08 Oct 2009 01:04:13 +0000 http://20somethingfinance.com/?p=1412#comment-4767 I think the tax credit is a wonderful opportunity if you were already planning/are in a good position financially to purchase. My hubby and I are waiting to purchase a home. We've been married 3 years now we both are working and attend school and have not decided whether we will keep living in our current city or if we want to move somewhere else out of state. So we will not take advantage of this opportunity. Hubby and I have decided that we will put 40-60% down on our home when we are ready to buy/build. Its quiet a large amount of money, but it was a good compromise for us. My hubby is not from the US, and expected to wait until we had 100% of the cash. Of course being from the US, I was thinking 3-20%. 40-60% turned out to be a sweet spot for us. We know its a very conservative move (definitely influenced by 2008)but it gives us a lot of freedom from worry. Our monthly mortgage payments will be low enough that it could be covered with only one unemployment check (the worst of bad scenarios). I think the tax credit is a wonderful opportunity if you were already planning/are in a good position financially to purchase. My hubby and I are waiting to purchase a home. We’ve been married 3 years now we both are working and attend school and have not decided whether we will keep living in our current city or if we want to move somewhere else out of state. So we will not take advantage of this opportunity.

Hubby and I have decided that we will put 40-60% down on our home when we are ready to buy/build. Its quiet a large amount of money, but it was a good compromise for us. My hubby is not from the US, and expected to wait until we had 100% of the cash. Of course being from the US, I was thinking 3-20%. 40-60% turned out to be a sweet spot for us. We know its a very conservative move (definitely influenced by 2008)but it gives us a lot of freedom from worry. Our monthly mortgage payments will be low enough that it could be covered with only one unemployment check (the worst of bad scenarios).

]]> By: jim http://20somethingfinance.com/are-you-taking-advantage-of-the-first-time-home-buyer-tax-credit/comment-page-1/#comment-4737 jim Mon, 05 Oct 2009 13:32:26 +0000 http://20somethingfinance.com/?p=1412#comment-4737 GE, I just replied to your email but it got rejected because your mailbox was full. I didn't know how else to contact you to let you know so I resorted to a comment on your latest post. Cheers, Jim GE, I just replied to your email but it got rejected because your mailbox was full. I didn’t know how else to contact you to let you know so I resorted to a comment on your latest post.

Cheers,
Jim

]]> By: Texas Wahoo http://20somethingfinance.com/are-you-taking-advantage-of-the-first-time-home-buyer-tax-credit/comment-page-1/#comment-4722 Texas Wahoo Fri, 02 Oct 2009 16:46:59 +0000 http://20somethingfinance.com/?p=1412#comment-4722 Sadly, the tax credit has an income cut-off. Sadly, the tax credit has an income cut-off.

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