The first time home buyers’ tax credit for Canadians is a non-refundable tax credit that can reduce the amount of federal tax owing up to a maximum of $5000.00 or based on minimum income, more likely $750.00.
The home purchased must be in Canada and it makes virtually no difference what type of home it is, such as a detached dwelling, condominium, townhome, or even a mobile home.
The home must be registered in the name of the person or persons claiming the tax credit and the new buyer cannot have owned a home in the 2011 tax year and for the past four years.
Those with disabilities that present physical challenges can also claim the tax credit or even those who are buying a home for a relative with physical challenges.
The restriction is that the residence must be equipped with devices that enable a disabled person to perform functions more easily, such as wheelchair accessibility, enhanced bathroom features and other similar help aids.
The Government of Canada can help you save on your taxes. To learn more about the First-Time Home Buyers’ Credit and if it applies to you, visit www.cra.gc.ca.
This informative video presentation outlines the recommended steps that first time home buyers should take, including what programs are available. This includes helping new home buyers learn about obtaining the best home mortgage, tax credits, grants, engaging real estate agents, down payment assistance programs and other useful information.
Bought your first home in 2010? Did you buy a home to accommodate a person with a disability? The Government of Canada can help you save on your taxes.
Learn more about the First-Time Home Buyers’ Credit and if it applies to you. For more information, visit www.cra.gc.ca.
You won’t have to feel intimidated about buying your first home when you have Tim Pantle helping guide you through the process. As a retired elementary teacher, Tim is very comfortable explaining the complex process of purchasing a home in a way that puts his clients at ease. Here are a few tips for first time home buyers: 1. Find out what you can afford. Before you make contact with a lender you need to decide how much you are comfortable paying each month for your home. After you know this amount Tim can help you determine how much home you can buy with that monthly payment. 2. Find out what is available. Once you know how much home you can buy now it’s time to see if there are homes available in your price range. Tim can set up a search and e-mail you some homes in your price range. Each home will come with multiple pictures and an interactive map of the area. 3. Choose a neighborhood. Once you know what is available, jump in the car and check out the neighborhoods. Visit the areas at different times of the day to see if this is a place you can see yourself living in. 4. Meet your lender. Once you know there are homes available in your price range and in an area you like, it’s time to meet your lender and get pre approved for a home loan. If you don’t have a lender Tim can recommend a lender he knows and trusts. Being represented by an experienced Realtor like Tim Pantle can mean the difference between a pleasant home buying experience and a long drawn out headache. If …
realestatemarketingthisweek.com – $8,000 tax credit for first time home buyers with low down payment – Part 3 – We have back in the studio today Mr. Dan Havey.
Dan and I have worked together in the mortgage industry for about 14 years and we are happy to have him back. He has seen a lot of changes in the market and thanks again for being here.
Michael, here is a question I wanted to ask you, there is so much misconception in the marketplace today as far as what is still available for financing. I think a lot of people have this idea that it is impossible to finance a loan or get a mortgage or that you have to be able to put 20% down or have a 720 FICO score.
Can you let people know whats really going on out there? Well you know a lot of things have gone away. There are a lot of those old loan programs that were fancy ways to sell money and finance real property and a lot of thats gone.
The reality of it is, if a person has a minimal amount of money down, there is absolutely financing through the Federal Housing Administration with 3.5% down. You can buy up to about 8000 with only 3.5% down.
Now with Fannie Mae and Freddie Mac, we actually do have a few investors that will allow us to only put 5% down with those and that loan amount maximum is 7000. So there is still plenty of financing for primary residences.
Learn How To Use The Home-buyer’s Tax Credit To Reduce Your Down Payment and eliminate closing costs.
You’ve probably heard about the new-and-improved First-Time Homebuyer’s Credit. It’s a sweet deal that could put money in your pocket.
Even though it’s called the First-Time Homebuyers Credit, you’re eligible if you’ve owned a home before – just not in the past 3 years.
If you buy before April 30th 2010 you’re eligible, the IRS will cut you a check for up to 8,000. It’s tax free money and you don’t have to pay it back.
Visit www.easydenverhomesearch.com if you were waiting for the Denver housing market to bottom out, we might already be there. Also Sam Wilson gives you a couple tips on how to qualify for the $8,000 first time home buyer tax credit.
If you are a tax practitioner, enrolled agent, CPA or other tax professional, you’ll want to go to the 2010 IRS Nationwide Tax Forums. Find out when, where and what you can learn at one of the year’s most anticipated continuing education events for tax professionals.
www.pbs.org PBS Airdate: March 30, 2009 Nightly Business Report’s tax guru, Kevin McCormally of Kiplinger’s Personal Finance, explains the two different tax credits first-time home buyers need to consider. Catch McCormally’s tips Mondays in March and early April 2009 on Nightly Business Report. For more information visit: www.pbs.org
Here’s a Tip from the IRS. . . Did you buy a house or a condo recently? If you did, it could mean money in your pocket. Thats right, if you bought a home last year you could get a 75-hundred dollar interest-free loan – courtesy of Uncle Sam — and you have 15 years to pay it back. On the other hand, if you buy a home this year before December the first, you can get a tax credit of up to eight-thousand-dollars either on this years return or next years return, and you dont even have to pay it back. To learn more about the first-time homebuyer credit go to IRS.gov.
Qualifying as a first time home buyer generally guarantees a variety of tax incentives and special FHA loans. Contact a local real estate agent about how to qualify for special first time home buyer benefits with advice from a real estate specialist in this free video on real estate. Expert: Beau Sasser Contact: www.northamptonrealtor.com Bio: Beau Sasser has been at Goggins Real Estate in Northampton, Mass. for many years, previously working for Sasser Properties in Aspen, Colo. and EcoFriendly Properties in Destin, Fla. Filmmaker: David Pakman.
First Time Home Buyer Tax Credit Assistance and Federal Government Home Loan Program with Low Down Payment on FHA Mortgages. Buy Bank Foreclosed Homes at a Discount. Go To RealEstateMarketingThisWeek.com Part 2 (Excerpt) The median income family can afford twice the median priced home; prices drop over 50% And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan? Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself. As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy.
