MND NewsWire - All Comments

re: Obama Signs Home Buyer Tax Credit Extension. Will It Be Effective?

gail brown — Sat, 07 Nov 2009 00:04:32 GMT

I qualify for the tax credit. I sold my home in 1/09 after owing it for 5 yrs & 3 mos. I currently in escrow on another home that should close the end of Nov '09. Can my lender use the $6500 up fron in this transaction like some lenders did for the FTHB credit?

re: Obama Signs Home Buyer Tax Credit Extension. Will It Be Effective?

Terry Kori — Fri, 06 Nov 2009 23:32:53 GMT

Based on the information you provided, you will be eligible for the $6500 credit. The outside closing date indicated In the current information that's available is July 1st, 2010; however, I would encourage you to do everything possible to close no later than June 30th, just to be safe. Terry Kori 770-736-8350

re: Obama Signs Home Buyer Tax Credit Extension. Will It Be Effective?

Greg Baker — Fri, 06 Nov 2009 22:15:05 GMT

Question regarding whether or not we will qualify for the tax credit: Wife and I are signing a contract tomorrow to build a new house. The build process is suppose to take 6-8 months. Assuming we close by July 1st, is it your oppinion that we would receive the $6,500 tax credit for being a current home owner? We're not sure if the contract that we sign with the builder tomorrow would be considered a binding contract to purchase a new home. Also, we just sold our current home and have moved in with my parents during the build process, so would we be considered "current home owners"?

re: Obama Signs Home Buyer Tax Credit Extension. Will It Be Effective?

Greg Baker — Fri, 06 Nov 2009 22:14:21 GMT

re: House Passes Home Buyer Tax Credit Extension. Obama to Sign Friday

Brian Peterson — Fri, 06 Nov 2009 17:46:02 GMT

I signed a purchase agreement for new construction in September, but we aren't closing and taking over the house until December 31, 2009. Am I entitled to the $6500 tax credit for moving up? Or, must my purchase agreement be re-drafted and dated after December 1st?

re: House Passes Home Buyer Tax Credit Extension. Obama to Sign Friday

Rosanna Hudson — Fri, 06 Nov 2009 17:43:04 GMT

For FAQ's on the new changes... visit http://www.realtoractioncenter.com/realtor-party/documents/2009-NAR-FAQ-Tax-Credit-Changes-1105-1236.pdf

re: House Passes Home Buyer Tax Credit Extension. Obama to Sign Friday

Dennis Norman — Thu, 05 Nov 2009 23:56:10 GMT

I did an updated post on the homebuyer tax credit earlier today......from the comments it is clear there is much confusion and many questions from homeowners and potential buyers about the credit...the National Association of Realtors just released a handy chart showing the changes to the credits, effective dates, etc...I just added it to my updated post...For anyone that has questions on the credits it's worth reading through the comments on my post as well...some great questions and answers...the post is at: http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update-house-passes-bill-on-to-president-for-approval/

re: Despite Less MBS Purchases, Fed Still Helping Keep Mortgage Rates Low

Adam Quinones — Thu, 05 Nov 2009 22:40:36 GMT

yah...wicked spread tightener over the past week. Fed sold no MBS? HA...good timing for dealers who need to cover their shorts ahead of settlement. Even better ahead of the prepay report that gets printed tonight. Made these past few days of yield curve steepening bearable for "rate sheet influential" MBS coupons.

re: House Passes Home Buyer Tax Credit Extension. Obama to Sign as Soon as Friday

S John Murray — Thu, 05 Nov 2009 21:40:23 GMT

This is interesting....I have a first time homebuyer that makes $85,000 so would currently have half of his $8000 credit phased out under current plan and is scheduled to close 11/30 ( as most first time homebuyers trying to squeak in last minute) ....does this mean that he is now eligible for the full amount once Obama signs the bill...or should my buyer push the closing into Dec to ensure he gets full amount, or to make matters more confusing does the increased income levels not go into effect until 2010....Does anyone know when the new and improved tax credit will take effect ?

re: Senate Approves Homebuyer Tax Credit Extension

Mitch Irwin — Thu, 05 Nov 2009 20:22:34 GMT

Matt ---- I would talk to a good CPA. Couldn't you take part of December off and get your income down to $99,900? Or now that you are a homeowner you should be able to deduct interest from Oct-Dec to get your AGI under the $100k limit. I believe it goes off your AGI not your salary. I don't think the IRS has a way of knowing your year to date income is - so I think you still have time to ensure you'd qualify for the 2009 credit of $8k.

re: House Passes Home Buyer Tax Credit Extension. Obama to Sign as Soon as Friday

Brandon S. — Thu, 05 Nov 2009 20:12:49 GMT

Is it just me, or would anyone else GO LOOKING for discounted winter-wear in the summer?

re: Senate Approves Homebuyer Tax Credit Extension

Matt Christman — Thu, 05 Nov 2009 17:20:26 GMT

I was HOPING that since there are so many different versions of this credit (2008, early 2009, and now late 2009) that they would simplify the IRS reporting and make it one easy process. Why must everything be so compicated? (Oh wait, I remember, we're talking about the IRS and Federal Taxes.)

re: The Day Ahead: Stock Futures Lower Before Jobless Claims and Productivity Data

Christy Peoples — Thu, 05 Nov 2009 15:58:19 GMT

The tax credit is not actually extended yet. The bill it is attached to still has to go through a final review and be signed by the President.

re: Senate Approves Homebuyer Tax Credit Extension

Ralph Meyers — Thu, 05 Nov 2009 15:46:59 GMT

Sorry Matt but the income cap change will not be proactive. It's all based on the date of when you closed on the house, like the no interest tax credit/loan that Brandon is talking about.

re: Senate Approves Homebuyer Tax Credit Extension

Brandon S. — Thu, 05 Nov 2009 14:48:16 GMT

I'm still waiting for the 2008 $7500 repayable first-time homebuyer tax credit to be retroactively modified so that it does not have to be repaid... Don't hold your breath. :)