It you’re a first time home buyer and your waiting to get a good deal save money or just haven’t had time to get in the home buying game, I have news. The First Time Home Buyers $8000 free, Tax credit expires November 30 2009. With the new disclosure laws it will take 45 days to close a loan. So if you don’t have a property, not a short sale under contract by October 15th you’ll be in big trouble! If you want to get the best deal a short sale you should have a few under contract now. Don’t’ wait until the last minute. You see this is a people phenomenon. We put off things and rush at the end. We’ll if it goes the way I foresee all the lower priced homes will have a feeding frenzy in September, lender will get back up. Short sale will get backed up and won’t get completed by the deadline. It will be like the days after Thanksgiving accept for home. Let’s avoid the big lines and get you shopping now. We’ll show you how to get and additional $4,500 on a $300,000 home!
Who is a first time home buyer? People that haven’t owned a home in the last 3 years. Married couples I’m sorry if you spouse has owned one but you have not you don’t qualify. Even if you got divorced and gave the spouse the home if your name was on a home as an owner you don’t qualify. If you co-signed for a home you’re on as an owner and you don’t qualify. If you don’t have the income and you need a non-occupying co-borrower that’s Ok you do qualify for the credit because the credit can be split or moved around to any qualifying buyer of a home. You can have a Mom, Dad or Grandparent co-sign on a FHA loan and as long as your not married to them it all good. You don’t even have to have a job to qualify for an FHA loan as long as your co-borrower is well qualified.
Can my down payment come for the Tax credit? No in Utah we don’t have a program to loan you the tax credit so you can use it for your down payment. You can borrow form a 401 K or get a gift form a blood relative and use the Tax credit to pay back the person. No gifts can be required to be paid back but nothing says you can pay them back. So how do you buy a home with no money down; we’ll if you qualify you can do a Utah Housing Loan. How do you qualify you don’t make more than the limit. Salt Lake is $64,000 family income up to 2 people in the family. Sure the rate is 5.7% but that’s not too bad.
How do you get the tax credit? We’ll you fine an amended tax return and have it in a few of weeks. Actually I have seen on line from 4 to 16 weeks. I don’t know way some take so long. It might ne shorter now that was for May and June of 2009.
So let’s get you out and shopping for a new home this month. For the month of august I will give you ½ of my commission back as a rebate if allowed by your lender
How do you get more of a Tax Credit we’ll we at Spotted Home have put our own stimulus Package together to give you a Rebate. We’ll give you 1/2 of our commission or on a 3% buyer agent commission you get 1.5% of the sales price as a gift. We won’t even make you qualify as a first time home buyer. So buy a $200,000 home with the 3% Buyer Agent Commission and you get $3,000 as a thank you. State administrative code 6.2.12 allows me to give you a gift for buying with me. As long as your lender says it is ok. The minimum commission the company can earn is 1.5% of the sale price so if the commission is 2.0% you would receive 1% of our commission as a gift. Wow now that a stimulus package.
6.2.12. Gifts and Inducements. A gift given by a principal broker to a buyer or seller, lessor or lessee, in a real estate transaction as an inducement to use the services of a real estate brokerage, or in appreciation for having used the services of a brokerage, is permissible and is not an illegal sharing of commission. If an inducement is to be offered to a buyer or seller, lessor or lessee, who will not be obligated to pay a real estate commission in a transaction, the principal broker must notify the party who will pay the commission that the inducement will be offered. This rule does not authorize a principal broker to give any type of inducement that would violate the underwriting guidelines that apply to the loan for which a borrower has applied.
First time home buyer don’t wait until the last month get out while the shopping is good and you may be able to get a short sale if you have a great agent like me.
More info on the First time home buyer Tax credit of 2009
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