Aaron Posted January 8, 2010 Report Share Posted January 8, 2010 Is it taxable? Do you get the entire 8k? We qualify for the entire 8k, but I haven't read if it is taxable or not....... Also, we won't be closing until May 2010. So how do we get the credit? Do we amend our 2009 return? or do we have to wait until the 2010 return? Thanks Quote Link to comment Share on other sites More sharing options...
Bam Posted January 8, 2010 Report Share Posted January 8, 2010 How do you know you won't be closing until May if its January, what takes that long to close? And since I haven't kept up with it, I thought it was only extended thru April 30? Quote Link to comment Share on other sites More sharing options...
dakotart Posted January 8, 2010 Report Share Posted January 8, 2010 I'm 99% sure that I read somewhere you must CLOSE no later than April 30th, 2010. And how do you know you won't be closing until May if its January, what takes that long to close? You must be in contract by April 30 and close by end of June. Quote Link to comment Share on other sites More sharing options...
dakotart Posted January 8, 2010 Report Share Posted January 8, 2010 Is it taxable? Do you get the entire 8k? We qualify for the entire 8k, but I haven't read if it is taxable or not....... Also, we won't be closing until May 2010. So how do we get the credit? Do we amend our 2009 return? or do we have to wait until the 2010 return? Thanks From what I have read, you have to close before you can get the tax credit. This can be done by filing an amended tax return or waiting until 2010 filing. It is a tax credit and therefore would not be taxable. Quote Link to comment Share on other sites More sharing options...
Aaron Posted January 8, 2010 Author Report Share Posted January 8, 2010 How do you know you won't be closing until May if its January, what takes that long to close? And since I haven't kept up with it, I thought it was only extended thru April 30? New build, estimated closing date is May, 2010. You must be in contract by April 30 and close by end of June. Yes, in contract by April 30th, and Closed by June 30th. From what I have read, you have to close before you can get the tax credit. This can be done by filing an amended tax return or waiting until 2010 filing. It is a tax credit and therefore would not be taxable. Just got the answer from H&R Block. It is not taxable, the full 8k is given. Also, we can amend the 2009 return to get our money before the 2010 return. Thanks guys. Quote Link to comment Share on other sites More sharing options...
TURBOED Posted January 8, 2010 Report Share Posted January 8, 2010 A little bonus that I didn't know about until I got mine... if you ammend your '09 return, you will get interest from January until whenever you ammend it. I ammended my '08 return in November, and got an extra $200 in interest. Boo yah. Quote Link to comment Share on other sites More sharing options...
timmy43016 Posted January 8, 2010 Report Share Posted January 8, 2010 I just bought and got the 8k. I comes with tax included. You will fill out a form that is an amendment. It is a one pager and is simple to fill out. Expect your check in 30-60 days after. You will be able to track the dispersment also...so you have a good idea as to when its sent. Quote Link to comment Share on other sites More sharing options...
Aaron Posted January 8, 2010 Author Report Share Posted January 8, 2010 A little bonus that I didn't know about until I got mine... if you ammend your '09 return, you will get interest from January until whenever you ammend it. I ammended my '08 return in November, and got an extra $200 in interest. Boo yah. Great!! Doing ours in late May will allow us to maybe get $100 extra. Always good to get more than you expect. I just bought and got the 8k. I comes with tax included. You will fill out a form that is an amendment. It is a one pager and is simple to fill out. Expect your check in 30-60 days after. You will be able to track the dispersment also...so you have a good idea as to when its sent. Glad it is so easy. Thanks. Quote Link to comment Share on other sites More sharing options...
Bam Posted January 8, 2010 Report Share Posted January 8, 2010 Congrats, where are you guys building? Quote Link to comment Share on other sites More sharing options...
Aaron Posted January 8, 2010 Author Report Share Posted January 8, 2010 Thanks, its a Westerville address off of Central College East of Sunbury road. We are pretty happy with everything. We picked all of the options and colors on Wednesday which was really fun, but stressful and expensive!!!! We put over 12k of options on our house, while not a lot in the scheme of home options, it was about 3k from being 100% of the available options they provided. Only thing we didn't get was the fireplace, and exterior railing. Quote Link to comment Share on other sites More sharing options...
Bam Posted January 8, 2010 Report Share Posted January 8, 2010 Thanks, its a Westerville address off of Central College East of Sunbury road. We are pretty happy with everything. We picked all of the options and colors on Wednesday which was really fun, but stressful and expensive!!!! We put over 12k of options on our house, while not a lot in the scheme of home options, it was about 3k from being 100% of the available options they provided. Only thing we didn't get was the fireplace, and exterior railing. Any pics of similar homes or layouts? Is it a 3/2 or what? And does it have a BIG garage? LOL Quote Link to comment Share on other sites More sharing options...
Aaron Posted January 8, 2010 Author Report Share Posted January 8, 2010 Any pics of similar homes or layouts? Is it a 3/2 or what? And does it have a BIG garage? LOL Its a Dominion home, in one of their communities. Its off of Central College Rd between Ulry and Hamilton. It has single family homes, patio style homes (garage in back, lawn and snow removal included) and townhouse condos. Ours is a patio style home, 2 story, 1580sq ft, 3 bedroom, 2.5 baths, attic storage etc. Exterior is 1/2 brick and 1/2 siding, with shutters. Garage is a bit small, but will house our 2 VW's just fine. We had to sacrifice some of the things we initially wanted to get into the location we wanted and it being a new house. We decided to buy a house before the credit expired about a week before christmas. Because we weren't planning on buying a house, we hadn't saved up a downpayment, which made us have to find something that would close towards the end of the credit timeline. There were some new inventory homes through M/I we looked at, but everything was already picked out, so we had no options to make it ours. They said they couldn't build any new builds before the credit expired. We then looked at Dominion and they had a few inventory houses too, and they were able to build a new build in time. This was the best of both worlds. They had 6-8 lots left that overlooked the large park they have in the community. So we got to pick our exact lot across from the park, pick the exact floor plan we wanted, and pick all the colors and options. It really worked out great. They also have a work equity program, that will give us the entire 3.5% downpayment. We have to paint the interior of the house, mulch and plant the shrubs, fill in the nail holes in the cabinets and install cabinet shelves, and a few other misc things. By doing this, they will contribute $5,500 towards the DP, which is everything shy of $100 I think. We also locked in a killer interest rate for 180 days, and couldn't be happier with the way our timeline, demands and expectations were met. Quote Link to comment Share on other sites More sharing options...
Aaron Posted January 8, 2010 Author Report Share Posted January 8, 2010 The work equity program is also allowing us to put all the money we are budgeting to the DP, towards CC debt. So with the 8k credit, and the monthly savings we were going to be putting towards our DP, we will be able to pay off 100% of our CC debt before our first mortgage payment is due!!!!!!!!!!!!!!! The few sacrifices we had to make (small yard, small garage) are/were 100% worth it to say we will be debt free, right before we move into our first house, which is brand new. It really is a great feeling, and as you can tell, is very exciting. Quote Link to comment Share on other sites More sharing options...
Bam Posted January 8, 2010 Report Share Posted January 8, 2010 Sounds pretty sweet, definitely post pictures of the build and completion. I'm getting ready to put my house on the market so I'm hoping rates hold out for the rest of this year, if not at least the next 6 months. I'd like to get as close to my current rate as possible, if not below it. Quote Link to comment Share on other sites More sharing options...
Aaron Posted January 8, 2010 Author Report Share Posted January 8, 2010 From what I have seen lately. 4.75-5.25 is what we were eligible for. We got the lower. Quote Link to comment Share on other sites More sharing options...
Bam Posted January 8, 2010 Report Share Posted January 8, 2010 From what I have seen lately. 4.75-5.25 is what we were eligible for. We got the lower. That's good to hear, I've currently got 4.875, and its MUCH better than the 6.675 I started at when I bought it. Quote Link to comment Share on other sites More sharing options...
Aaron Posted January 8, 2010 Author Report Share Posted January 8, 2010 Yeah, thats great. Nobody I have talked to, (friends and family) are even in the 5 range, let alone down into the 4s. Quote Link to comment Share on other sites More sharing options...
timmy43016 Posted January 11, 2010 Report Share Posted January 11, 2010 cool thing about doing an FHA is that your % can be sold with the home. I got a 5.15 and when i sell the buyer gets the same or lower if it is lower than 5.15 at the time of purchase. Quote Link to comment Share on other sites More sharing options...
Aaron Posted January 11, 2010 Author Report Share Posted January 11, 2010 That is definetly a good perk as well. Is there a time limit on that? We plan on being there about 5-7 years. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 16, 2010 Report Share Posted January 16, 2010 cool thing about doing an FHA is that your % can be sold with the home. I got a 5.15 and when i sell the buyer gets the same or lower if it is lower than 5.15 at the time of purchase. on the balance of the loan. for example, i bought my house for 78k, if i pay it down to 60k and want to sell the house but want to sell it for 110k, the buyer would have to come up with the difference (50k)...i cant recall if they said you could do 2 mortgages on that, one at whatever prime rate is then, and the rest at the 5% i financed at...but i vivdly remember them saying its only the remaining balance. A little bonus that I didn't know about until I got mine... if you ammend your '09 return, you will get interest from January until whenever you ammend it. I ammended my '08 return in November, and got an extra $200 in interest. Boo yah. a little kick in the nuts i didn't know about until i got mine...they are going to send you a 1099-INT for the interest they paid you on that. HA!. i got one today for the $59.xx or so they paid me. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 16, 2010 Report Share Posted January 16, 2010 cool thing about doing an FHA is that your % can be sold with the home. I got a 5.15 and when i sell the buyer gets the same or lower if it is lower than 5.15 at the time of purchase. here we go... How Assumable Home Loans Work With an assumable mortgage, existing homeowners transfer mortgage obligations to a qualified purchaser. Mortgage note assumptions were popular in the 1970s and 1980s and occurred without the lender's permission being required. Today, only VA and FHA loans are assumable without lender permission. A buyer may not be able to find a lower rate for a new mortgage, either because of current market conditions or due to the buyer’s poor credit history. Market rates fluctuate, and when the current market rate is higher, the lure of lower interest rates often drives home buyers to search for an assumable loan. When a home buyer takes on an assumable mortgage, he or she becomes responsible for the home seller’s existing mortgage. This means that the buyer assumes the mortgage obligations to include the established rate just as if the original loan had been issued to them. Benefits of Assumptions to Sellers In the case of an assumable mortgage transaction, the seller will also likely want to benefit from offering the buyer an opportunity to assume the loan. As a mutually beneficial agreement, both parties share the savings. If the purchase price for the home exceeds the mortgage balance, the buyer will likely need to make a sizeable down payment or secure a separate mortgage to make up the difference. The main benefit for the seller of offering a buyer the option of assuming the existing loan is the possibility of receiving a higher price for the house. Quote Link to comment Share on other sites More sharing options...
Diamonds Posted March 18, 2010 Report Share Posted March 18, 2010 I am ressurecting this thread... The tax credit was extended to bein contract by April 30th and be closed by June 30th... Heres my question... Do you get an 8k check, or does 8k come off of your taxable income? Quote Link to comment Share on other sites More sharing options...
dakotart Posted March 18, 2010 Report Share Posted March 18, 2010 I am ressurecting this thread... The tax credit was extended to bein contract by April 30th and be closed by June 30th... Heres my question... Do you get an 8k check, or does 8k come off of your taxable income? Its a refundable credit. it does not reduce your income. i.e. you owe zero in taxes, buy a house for more than $80,000. you would then get a check for $8,000 if you owe $2,000 in taxes, buy a house for more than $80,000. you would then get a check for $6,000 Quote Link to comment Share on other sites More sharing options...
944s2 Posted March 18, 2010 Report Share Posted March 18, 2010 We bought a house, last Aug. Immediately retro filed on our 08 taxes, 2 months later received an 8k check in the mail WITH 132.67 cent interest for the 2 months it took them to get us the check. Quote Link to comment Share on other sites More sharing options...
6 Speed S4 Posted March 18, 2010 Report Share Posted March 18, 2010 What is your buying a condo does the 8k apply? Quote Link to comment Share on other sites More sharing options...
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