Q: I am thinking of selling my house this year, and a real estate agent left me a flyer saying now is the best time to sell. Will the $8,000 First-time Buyer Tax Credit really help me sell my house this spring? Or is this guy full of it?
A: It’s always busier in the spring in Philadelphia real estate. But this year, big tax credits hinge on buyers getting into sale contracts by April 30, 2010. They have until July 1, 2010 to close the sale. continue reading »
Q: Where can I find a nice three-bedroom home for sale for under $150,000 that doesn’t need any work in the Far Northeast? I have been looking and looking, but all I can find are fixer-uppers or condos. I want to be close to I-95 and very far up in the Northeast, but I can’t find anything, and all I am approved for is $150,000. Should I wait and see if the prices come down?
A: It is tough to find what you are looking for in those zip codes in that price range. There are some three-bedroom homes for sale under 150,000 but they all will need some work, whether it’s heavy duty or just paint and carpets. If you were looking for a nice two-bedroom condo, you’d have much to choose from. continue reading »
Q: My boyfriend and I are looking for a house together. I have good credit, but his credit score is bad. We are thinking about going to credit counseling before applying for a mortgage. How long do you think it will take to repair his credit? Do you think we will make the June tax credit deadline?
A: Most mortgage banks and brokers are looking for credit scores in the 600s, so how long it will take to repair your boyfriend’s credit really depends how low his credit scores are. It could take a couple months or a couple years, depending on the severity of the situation. continue reading »
President Obama has signed a new Homebuyer Federal Tax Credit. And it’s not just for first-time buyers anymore.
The First-time Buyer Tax Credit of up to $8,000 has been extended, and qualifying income limits have been raised to $125,000 for single taxpayers and $250,000 for joint taxpayers, up from $75,000 and $150,000, respectively. continue reading »
Q: I heard they are extending the First-time Buyer Tax Credit and making it $15,000 for everyone. True?
A: There is new legislation in the Senate right now to extend and expand the tax credit. It should be up for a vote this week, so we’ll find out soon. continue reading »
Q: I am a first-time buyer and I am torn between two houses I would like to buy – one in Burholme and one in Holmesburg. They are the same price and I love them both so I don’t know how to decide. My agent says I only have about a week or two to decide which house I want if I want to make settlement in time to get the $8,000 First-time Buyer Federal Tax Credit. I am so torn, what should I do?
A: Don’t let a decision be made for you if someone else buys one, or both of these houses, before you choose. With the tax credit expiring Nov. 30, and while it may be urgent that you accelerate your decision making, you can still make your decision wisely. continue reading »
Q: I’m a first-time buyer. First, how do I get the $8000 tax credit? Second, can I use it for the down payment?
A: The Dec. 1, 2009 deadline to purchase a home in time to qualify for the $8000 First-time Homebuyer Tax Credit is fast approaching. To add pressure to the time crunch, mortgage applications are up and lenders will be trying to close thousands of loans by Dec. 1. To make it even more challenging, because of changes in mortgage regulations, it is taking lenders approximately 45 to 60 days to close their loans. continue reading »
