According to the IRS,
a first-time homebuyer is anyone who has not owned a "main home" in the
last 3 years. It defines "main home" as a home in which a person has
lived for most of the time. It can include traditional homes, trailers
and other residence types.
$8000 Home Buyer Tax Credit Details
The recently approved American Recovery and Reinvestment Act
of 2009, combined with the most favorable resale prices in
years, offers a once-in-a-lifetime opportunity for the purchase of
a home.
The measure has a multitude of features designed to stimulate the
economy and spur home sales, which trigger a ripple effect
throughout many industries. The Acts features include:
An $8,000 tax credit, up from
$7,500, that would be available to first-time home buyers for
the purchase of a principal residence on or after January 1 and
before December 1.
The credit applies only to
homes purchased during 2009.
The credit does not require
repayment. However, if the home is sold within three years, the
entire credit is recaptured upon sale.
The credit will be claimed on
a tax return to reduce the purchaser's income tax liability. If
any credit amount remains unused, then the unused amount will be
refunded as a check to the purchaser.
Purchaser and purchaser's
spouse may not have owned a principal residence within the three
years prior to purchase.
The full amount of the credit
is available to individuals with a gross adjusted income of no
more than $75,000 or $150,000 if a joint return is filed. The
credit phases out above those caps ($95,000 and $170,000).
Eligible properties include
any single-family residence - including condominiums, co-ops or
townhouses - that will be used as a principal residence.
With an FHA Loan You May Be Eligible To
Put Down
3.5% Down Payment on Your Home Purchase
FHA Refinance and
Mortgage Facts
About the FHA
The Federal Housing Administration (FHA), an agency of the federal
government, insures private loans that are issued for new and existing
housing, and loans that are approved for home repairs. Created by
congress in 1934, the FHA became part of the Department of Housing and
Urban Development's Office of Housing (HUD) in 1965. Today the mission
of the FHA includes helping borrowers get amounts they qualify for, and
assisting lenders by reducing their risk in issuing loans. To find out
if you might be eligible for an FHA-insured loan, contact us.
Pre-qualify for an FHA Home Loan
To pre-qualify for an FHA loan, you should be able to demonstrate
employability, job stability and reliability. To the FHA, reliability
includes holding a steady job for at least two years with the same
company or employer and increasing or at least maintaining consistent
income. The FHA would like to see that any foreclosures or bankruptcies
on your record are at least three years old. The FHA loan bottom line:
demonstrate that you have been a good credit risk for two years or more
and you will have a much better chance at pre-qualifying for an FHA
loan.
FHA Loan Mistakes to Avoid
One major mistake potential homebuyers can make when applying for an FHA
home loan is to make a major credit purchase. Don't cloud your
debt-to-income ratio with a big purchase before applying for your FHA
insured home loan. Your debt-to-income calculation is based on your
current debts and the percentage of that debt against your income. Major
credit purchases will seriously alter that ratio, sometimes enough to
weigh against you for your FHA loan. If you can afford to pay off any
outstanding loans such as auto loans before applying for your FHA loan,
that can be a good decision. Don't put yourself at a financial
disadvantage to do so but if you are able, eliminating debt will help
when you apply for your FHA loan. Consult a financial planner or ask
your lender for advice.
Applying for an FHA Loan
The FHA asks for a lot of information on your FHA loan application. You
will need to provide the FHA with a wide range of details including:
All addresses where you have lived in the previous
two years.
Your employer's name and addresses for the last two
years, plus the amount of your Gross Monthly Salary.
W2s for the past two years.
Income tax forms submitted for the last two years.
Gather all of this before you begin your FHA
application, so you will have everything handy to complete your FHA loan
forms at one time.
Apply For an FHA Loan
First Time Home Buyer Purchase Quick Application
Thank you for providing us the
opportunity to provide you with a FREE OF CHARGE HOME LOAN QUOTE. Please make sure to answer the following questions as
accurately as possible. We will provide you with a customized Cost
Analysis report via email very shortly!
Personal Information
Name
Street Address
City
State
Zip Code
Day Time Telephone
ext.
Evening Telephone
ext.
Email Address
Type
of Loan Needed
Loan Purpose
If You Need a Purchase Loan How
Much Money do You Need to Borrow?
If You Apply For a Home Purchase
Loan, What is Your Monthly Rent?
If You Apply for a Home Purchase
Loan, What Would be a Comfortable Monthly Mortgage Payment?
If You Apply For a
Purchase Loan Do You Have a Down Payment? If so How Much Down payment do
You Have?
If You Apply for a Home Purchase
Loan, Do You Currently Work a Real Estate Agent?
Do you foresee incurring other financial
obligations within the next 5 years, such as
purchasing 2nd Home, Investment Property, New Car, College
Financing etc.?
Current Property Information
Property Type
Estimated Property
Value
Other
Personal Information
Do You Have
Credit Card Debts? If so How Much
Do You Have
Student Loan(s)? If so How Much
Do You Have Car
Loan(s)? If so How Much
Credit rating
Do You Know Your Credit Score?
What is Your Credit Score?
Are You Currently Employed?
NO
YES
Source of Income
What is Your Total Monthly &
Yearly Household Gross Income?
Have you filed for
bankruptcy in the last 10 years?
NOYES
Have you owned property which was foreclosed in the last 4 years?
NO
YES
Are there any judgements, lawsuits or indirect credit obligations
(guarantees or co-signing) for which you are obligated?
NOYES
Are you obligated to pay any child support, maintenance, or alimony by
court decree?
NOYES
Personal Finance and
Retirement Information
Do
you have a sufficient amount of money stashed away in case of
emergencies or unforeseen financial setbacks? (A
good rule of thumb is anywhere from 3 to 12 months of living
expenses, depending on the stability of your income and
employment)
NO
YES
Do You Have a Retirement
Account? (IRA/ROTH IRA/401K etc)
NO
YES
If
so How Much do You Have in Your Retirement Account?
Do You Have Investment
Accounts Outside Your Retirement Account?
NO
YES
Do You Own Investment Properties?
NO
YES
How Far Are You From Retiring?
Do You Save Enough
Money To Retire Comfortably?
NO
YES
When do You Want to be Debt
Free??
Is there anything else we can discus to
help your overall financial planning strategy?
How Did You Hear About
Us?
By applying for a Home Loan at
www.wealthcreationteam.net you understand that you authorize
our Mortgage Planners to contact you, even though you may be listed on
the Do Not Call List.
We will review your information and contact you shortly.
Thanks again!
Work With
The Best!
Andre Plessis
REALTOR® at Keller Williams® Realty RCS-DTM
REALTOR® Real Estate Divorce Specialist
CA DRE License # 01856185
Keller Williams®
Realty 340 N. Westlake Blvd. Suite 100
Westlake Village, CA 91362
Office: (818)
341-2972
Founder of The
Wealth Creation Team
Office: (818) 341-2972
Toll-Free: (877) 277-5937 or
Toll-Free: (877) APPLYFREE
Real Estate Advisor & REALTOR®
Certified Divorce Planner
Financial Educator
-------------------
The Best Person To Watch Over
Your real Estate & Mortgage Planning Needs!
-------------------
“Those who understand interest, earn it. Those who don’t, pay it”
- Albert Einstein
------------------
“Accumulating Assets is Not The Same as Paying Off Debt”
-------------------
“No One Ever Got Rich By
Saving Money”
----------------
The Wealth Creation Team Understands That a
Key To Protecting Your Assets and Building Wealth is To Help Clients
Manage Their Liabilities.
--------------------------
"There is a science of getting rich. It is an
exact science, like algebra or arithmetic. There are certain laws
which govern the process of acquiring riches. Once you learn and
obey these laws, you will automatically become a member of that
select group of people who live 'The Secret' and you will get rich
with mathematical certainty."
- Wallace D. Wattles, author, The Science of Getting Rich
-------------------------------
California
Residential & Commercial Real Estate & Mortgage Licensee
"One of the keys to successful real
estate investing has always been to purchase undervalued and distressed
properties, as opposed to buying when it is overpriced."
