The First Time HomeBuyer magazine

IRS Videos on YouTube May Help You Get a Bigger Refund.

Alex — Thu, 25 Feb 2010 19:10:25 +0000

The IRS has produced a series of videos that may help this years tax payers a bigger payback come April 15. The videos are featured on YouTube and cover new and little known tax deductions centered around the departments Recovery Acts, such as Making Work Pay, Vehicle Tax Deduction, and the New HomeBuyer Credit. Head over to the IRS’s YouTube channel and check them all out. Videos are available in English as well as Spanish. For more information on all recovery acts by the IRS go to IRS.gov/recovery.

Thanks Harland!

Video: New Credit Card Law Takes Effect

admin — Thu, 18 Feb 2010 02:03:40 +0000

Thom Fox at Cambridge Credit Counseling has shared some eyebrow-raising points regarding The Credit Card Accountability Responsibility and Disclosure Act, or CARD Act, of 2009. These changes, once begun, will help shield credit card holders from the effects of, massive interest rate increases, confusing payment terms and bank fees that have made paying off debt very challenging for many people. Thom notes while some of the provisions have already gone into effect, several more important changes are set to take place on February 22, 2010.

Video: The Psychological Impact of Unemployment

admin — Wed, 10 Feb 2010 23:15:00 +0000

Losing a job has been one of, if not the largest, challenges that thousands of new homeowners have grappled with over the last few years. Thomas Fox, Community Outreach Director of Cambridge Credit Counseling, offers advice on how you can develop a positive mindset for dealing with unemployment.

Video: If You Don’t Like Your Life, Change It!

admin — Mon, 08 Feb 2010 17:13:15 +0000

A chat with the IRS.

admin — Mon, 30 Nov 2009 19:08:05 +0000

Do you have questions when the home buyer credit? Do you want to get the skinny on the best ways to take advantage of year end tax breaks? Well get your questions ready, because the Baltimore Sun has locked down Jim Dupree of the IRS to answer all of your burning questions regarding the first-time home buyer credit, its recent expansion, and any other question you may have around taxes.

Here’s your chance to get answers straight from the source. The online chat begins tomorrow, December 1 at 12 noon. Click here to be a part of the conversation.

Video: HGTV’s House Hunters – Finally Home

admin — Thu, 24 Sep 2009 14:22:20 +0000

Are First-Time home buyers Thom and Karen ready for home ownership?

Tax Credit Discrimination?

admin — Thu, 24 Sep 2009 14:08:21 +0000

Ilyce Glink , who writes a Home Equity Blog on CBS MoneyWatch, gets an email from a potential home buyer in the state of California – Los Angeles specifically. This is a region with historically high wages relative to the rest of the country as well as high real estate prices along the same lines. The letter writers’ name is Amy.

Because of her income in her state she does not qualify for the $8,000 dollar tax credit. She laments “If I were to have my current job in a state other than California, in a city other than Los Angeles, my income would be lower and I would qualify”.

The stimulus package seemed to have been created just for her, she feels, but at the same time considers her too wealthy to take advantage of it. So how does someone like Amy take advantage of the program that has helped over 1.4 million homebuyers this year? The answer come from MoneyWatch Editorial Director, Eric Schurenburg who suggested reaching out to Sen. Johnny E. Saxtona (R-GA) who has proposed an extension and expansion plan designed to boost the total amount of credit, and make it available to everyone, even millionaires.

What do you think about her situation and others like hers?

Read the entire email here: CBS MoneyWatch

Seven-Year-Old Offers Loss Leader to Sell Parents Home.

Alex — Thu, 24 Sep 2009 13:56:06 +0000

…and the children shall lead them – to buy homes. CBS news reports in a slightly different story around extending the home buyer credit to include not just first-time home buyers but also move-up buyers. In this piece, reporter John Donovan observed Bella Segal, a seven-year-old girl who has set up a lemonade stand in hopes of helping her parents sell their home. She says “I was thinking that we could sell lemonade to get people to come see the house”. She’s selling the lemonade with cookie for $.50. Pony up $500,000+ and she’ll give you the cookies, juice and the house.

Kids say the darndest things.

While some home buyers are living it up with waving $8000 checks from their happy little palms, the middle market may still be struggling. After all many move up buyers are technically first-time home buyers who now need to relocate. After seeing her skills, forget what Bernake has to say. I’ll wait to hear what ideas little Bella has up her sleeve.

Source: CBS

Buyers Rush and Overwhelm Lenders on 11/30? MBA Chairman thinks so.

admin — Thu, 24 Sep 2009 13:42:17 +0000

Mortgage Banker Association (MBA) chairman David Little says extend, and expand home buyer credit In an Op Ed. article in the USA Today, Little suggests that lenders will be overwhelmed by the rush of borrowers intent on closing on their home purchases before credit expires.

Little states in his letter, “Congress needs to act quickly [with regards to extending the tax credit] in order to avoid a rush of borrowers overwhelming lenders and settlement service vendors by demanding to close before the tax credit expires on Nov. 30″.

Also, echoing the thoughts of CEO of Realogy, the mortgage Chairman also suggests expanding the credit to include move-up buyers. He also notes that according to the National Association of Realtors, new homebuyers spend an average of $5000 more per household than current homeowners. This fact, Little alludes, is a key stepping stone to improving the nations current economic status.

According to a recent survey of homebuyers, “the tax credit was a primary motivation for almost 11%” of them. To date, 1.14 million people have already filed for it.

Source: USA Today

Realogy CEO Pitches Extending Home Buyer Credit on FOX News

admin — Thu, 24 Sep 2009 13:33:39 +0000

Richard Smith CEO of Realogy and owner of such big name brands like Century 21, Coldwell Banker, and Better Homes and Garden Realty appeared on FOX news recently. He suggests that the first-time home buyer is just the first phase of turning the housing market. The next phase says Smith is extending the credit to first-time home buyers, and now include the move up market.

Real estate professionals across the board are urging Congress to expand the credit to all home buyers across all market segments in order to allow the recovery that we have seen thus far to continue.

See the entire video here.

Source: RIS Media, FOX News, The Street