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Archive for First
Jan
24
Concessions for new home purchases extended beyond first home buyers
Posted by: | CommentsThere has been extensive coverage in recent times of the various bonuses and concessions that are available to first home buyers, for both newly constructed and existing properties. In NSW these benefits include State and Federal Government grants as well as stamp duty concessions from the State Government.
In an effort to further stimulate construction and industry related business and employment opportunities the NSW Government has announced that they are now introducing significant stamp duty concessions on the purchase of all new homes by those who are not first home buyers.
Under this new scheme which is entitled the NSW Housing Construction Acceleration Plan (HCAP) new home purchasers may be eligible for a 50 percent reduction in payable duty on properties that do not exceed $600,000 in value.
A “home” is defined as a building that may lawfully be used as a place of residence and is in the Chief Commissioner’s opinion, a suitable building for use as a place of residence. Further to that, a new home is said to be a home that has not previously been occupied or sold as a place of residence, and includes a substantially renovated home.
In order to be eligible to submit a HCAP application agreements for the sale or transfer of a new home must be entered into after and including 1 July 2009 and before 1 January 2010.
Agreements for the sale or transfer are generally considered to be eligible if the new home is complete and ready for occupation or if the agreement is for the sale or transfer of land on which the new home will be built before the completion of the sale or transfer, known as an off the plan purchase. There are further date restrictions that apply to off the plan agreements in order to determine eligibility.
Whilst new units, new apartments and off the plan agreements are eligible under HCAP some other agreements and situations are not. For example, purchasers who enter into a comprehensive home building contract are not eligible for the concession under HCAP as according to the Duties Act 1997 these types of contracts do not attract payable duty. Similarly, owner/builders are also not eligible to under HCAP as they are not liable for duty under the Duties Act 1997 either. HCAP does also not apply to the purchase of vacant land.
Additional items to note in regards to eligibility criteria includes: there is no limit to the number of homes that a person can claim under HCAP; there is no age limits for applicants of HCAP; there is no requirement for a purchaser to be an Australian citizen or permanent resident; and, applications are not restricted to natural persons.
As with most Government concessional schemes the eligibility criteria can be quite complex to navigate making it difficult to understand whether or not you are actually eligible. Contact the lawyers at The Quinn Group to ensure that you are maximizing your savings when buying a new home. Whether you are a first or existing homebuyer we are able to assist with all of your contract and Conveyancing needs as well as advise on any concessions that you may be eligible for. Call us now on 1300 QUINNS or click here to submit an online enquiry
Jan
20
First Time Home Buyers Assistance Programs
Posted by: | CommentsBuying a new home for the first time is definitely a daunting task. This seems to be daunting as many people don’t know what to do next. People nowadays look for programs that offer them assistance on how to buy their new home, how to make easy down payment, and how to buy homes that are of good neighborhood.
There are a lot of people who want to purchase a house and can afford the payments, but can’t save up for a down payment. That’s where first time buyer’s assistance organizations comes in handy. There are plenty of federal institutions and charity organizations around that can help you with this problem. They’ll talk to you about what you can do to make your dream home a reality.
One option a lot of us use is down payment assistance. These programs may be federally run, state run, or work as a non profit. Charitable groups may offer help for people who can’t come up with the money for a down payment on a house. These include the Nehemiah Program, AmeriDream, and Partners In Charity. But make sure you work with one that’s a member of the Home Gift Providers Association. This is a watchdog group that offers best practice guidelines for all assistance organizations of this kind.
Be sure you ask a lot of questions about the group you’ll be working with. They should follow Home Gift Providers Association’s best practices and have a good reputation. HUD doesn’t approve gift programs, but leaves it up to the lender to check.
If you’re buying a home that’s been enrolled with one of these first time buyers assistance organizations, the seller may have raised the price of the home just to get some commissions. Find out what the average price for homes in your area might be. Remember to find out what other agencies might be able to help you make your dream home, as well.
There are a lot of different options for people interested in buying their first home. One of the best federal ones is the Federal Housing Authority, part of HUD. They administer government home loans, and insure them, protecting the lender in case the borrower defaults. We’ve recently seen what happens when banks extend credit to people who can’t afford their loans, however.
That’s why it’s important to get solid financial advice before your borrow for a house. The good news is that you can have lower credit and still qualify for one of these loans. Remember that there are size limitations on the loans the FHA will consider, since if you need this kind of help, you’re not trying to buy a big house.
Home buyers grants are grants made for people who want assistance in buying a new home. Get the best home buying assistance and buy your dream home with http://SigSellsRealEstate.com NOW.
Jan
18
What you need to know about the first time home buyer stimulus
Posted by: | CommentsPassed in the Spring of 2009, President Barack Obama’s stimulus package contains some good news for people who want to buy a home but think they aren’t able to. First time homebuyers can receive tax credits to help them get into a home. In addition to providing a tax credit, this bill also allows for grants for first time homebuyers that qualify. The hope is that this stimulus will help boost the economy by encouraging renters to begin buying. In addition to being a helpful bill for first time homebuyers, it will also help support real estate industries.
There is no pre-existing paperwork that you need to file in order to be part of this stimulus program. The tax credit is filed at the end of the fiscal year and if you qualify you’ll receive money back on top of your tax refund. If you end up owing taxes during that year, your owed amount will be deducted from your tax credit.
The first qualification for the program is that you can’t have owned a home within the last 3 years. If you are purchasing a home as part of a couple, neither one of you can have owned a home within the last 3 years. The purchase of your home must fall between January 1, 2009 and December 1, 2009. The closing date of your home purchase must be within these dates. When you purchase during this year you’re eligible for up to $8,000 in the form of a tax credit.
If you purchased a home in between April and December in 2008, you may be able to qualify for another type of tax credit. There was a similar first time homebuyer stimulus bill that was passed in 2008 with slightly different qualifications. The 2008 tax credit had to be repaid, but the 2009 tax credit is yours to keep free and clear.
You’ll also need to meet income requirements in order to qualify for the tax credit. A single homebuyer can make up to $75,000 per year and still qualify. If you are buying a home as a couple, you can make up to $150,000 combined income. Individuals or couples who make more than this may be able to qualify for another type of credit based on another formula.
Additionally, you’ll have to keep the home that you buy under this program for at least three years after applying for the grant. If you end up selling before these three years are up, you’ll have to pay back the tax credit. You must live in the home that you buy as your primary residence. It goes without saying that the home must be within the United States in order to qualify.
Obama’s first time home buyer stimulus plan is a definite incentive to purchase a home, especially in this buyer’s market. Although the stimulus plan is designed to help buyers who were previously unable to purchase a home, you need to make sure that you can fiscally afford a home. Contact a real estate agent in your area to get started with finding a home to fit this program.
Joe Cline writes articles for Austin real estate. Other articles written by the author related to Austin Texas real estate blog and Austin real estate can be found on the net.
Jan
17
The Advantages of a First Time Home Buyers
Posted by: | CommentsAre you a 1st time property purchaser hoping to purchase that perfect home? Perhaps as a first timer, you are not conscious of the gains you may bring in while you are buying a new home. The government has been developing numerous ways to supply assistance to numerous 1st time house buyers. Through home purchaser’s grants, persons will aid save some amount of money and create buys at practical prices specifically when acquiring their first house.
According to the Recovery and Reinvestment Act of 2009, first time buyers get the advantage of gaining up to $ 8000 tax credit. This is a plus not only to 1st time buyers, but likewise to the general economy to stave off the current recession and steady the economic system over again. In order to take advantage of this bargain, your acquisition need to be done during January 1, 2009 until December 1st, 2009. The house shuts escrow during your period of purchase.
It is really straightforward to qualify for the tax credit. The phrase “first timer” does not actually have to signify that it is plainly your 1st time to take an acquision. You are regarded to be a first time purchaser when you have not made buys of property 3 years ago before your purchase date. Think Of this: a wedded couple is not eligible for the tax credit if one has done a buy during the previous 3 years. However, if a couple is not married and hopes to avail the credit, solely the one without holding buys for the previous 3 years can be eligilble for the property buying help. The tax credit will not surpass $8000 but might go lower because it is based on 10 % of the cost of the holding.
Your wages is likewise a top basis on this benefit. The foundation for this is that a married pair should bring in $150,000 as shared income while unmarried couples need $75,000. You have to as well bear in mind that this credit is not considered as a loan. It is viewed as a home purchaser’s concession. This means that you don’t have to pay off the $8000 you obtain. You can claim the tax credit on the National tax return form 5405 because it defines your credit total which would then be taken through line 67 of income tax form 1040. Once you have made a purchase of a property, and received the tax credit for that acquisition, then you can get it through your tax return for 2008 or wait for the 2009 tax season. If in your example you have already reported your 2008 return before your buy, you can change the tax return so that you don’t need to wait for the 2009 return. The home that you want to purchase has to be your chief abode for at least 3 years or else the IRS might get the tax credit back away from you. Vacation houses are not considered as chief abodes.
This amount of 8000 dollars can be used as your down payment. Again, this thing is something you have to discuss with a tax professional. Time is short, and it is running out, thus you better avail of this important benefit of home purchasing assistance.
Looking for the best home buyers grants? Get the finest federal programs that could help you find your dream home. Logon to http://SigSellsRealEstate.com to get more details.
Jan
13
First time homebuyers may now be able to get grant money from the government if they qualify. Grants are available for people who are purchasing their first home between January 1 and December 1 of 2009. The grant can be as high as $8000. This is great news for people trying to buy their first home in the midst of an economic downturn.
What people might not know is that you really don’t have to be a first time homebuyer in order to qualify for the grant. According to the government, you cannot have owned a home in the three years prior to purchasing a new home. Technically you could have owned a home in the past, just not recently. The only limitation is that if you have not owned a home but your spouse has, you will not be able to apply for this program if you are purchasing the home together. If you are not married, but buying a home together, the person who is the first time buyer can apply for the grant. This rule might also apply to parents who are buying a home with their child.
How much money can a homeowner expect to get from the government if they qualify for the First Time Buyer Stimulus Program? Generally you can expect to receive 10% off the purchase price up to $8000. This can be credited towards your income taxes or if you have overpaid your taxes, you might get a tax refund. You can use this money in any way you want, you can use it to make improvements to your house, pay down your mortgage or take a great holiday. It is your money and you can decide where you want to spend it.
It is too bad that more people are not aware of the free government money that they can get. They just need to know where to look. Don’t be one of these people; get your government grant money!
For tips and facts about how you can benefit from Obama’s Home Stimulus Plan – or to find out if you qualify, visit our no nonsense home stimulus guide: http://firsttimehomebuyerstimulus.net
Jan
13
First Time Home Buyer Grants Will Aid Boise Home Buyers!
Posted by: | CommentsYes! Some of us in the real estate sector breathed a mass sigh of relief when the federal government committed to extend the first time home buyer tax break initially passed last year.
The first time home buyer tax credit helped encourage Some home buyers jump into the market who Some not have without it, boosting real the national realty market.
The opinions on exactly how much impact the tax credit has had on the realty market cover the gamut. Some tax payers are upset at the use of their tax dollars assisting someone else purchase a home. Since so Some jobs in much of the U.S. are bound to the real estate industry in one way or another, the mindset that objects to the use of tax dollars to help people buy their homes is minimized.
Another standpoint is that the home buyer credit is only enticing people who were already going to buy, to buy for the tax grant. This point of view forgets that the entire point of establishing the tax credit was to help the real estate market for the short term. Since Many of the buyers who are buying right now were obviously already looking, then the limited deadline of the tax grant will help them decide to buy sooner, rather than later.
Of course, there are those who try to cash in on the system. Some people who are not candidates to receive this credit will also try to cash in. If caught and convicted of the tax fraud involved some will face fines and jail terms that exceed any possible benefit they would have gotten.
The fact that the first time home buyer tax grants have helped buoy short term real estate prices is undeniable and Some whose tax funds went to fund this program know that it was a needed step to keep nations home prices from plummeting further. This tax grant will be the first in Some steps taken by the government in assisting the realty recovery across the nation.
The author enjoys writing articles about Boise Id real estate and other investment areas. His useful insights, articles and comments have made many happy clients in the Boise real estate arena. His business accumen is saught by many in his field.
Jan
11
Real Estate Tips for the First Home Buyer
Posted by: | CommentsBuying your first home can be a confusing and daunting experience for the first home buyer. This article takes a look at the costs involved in buying your first home, the first home buyers grant and buying considerations that will help you secure a home that fits your needs.
Defining your Buying Criteria and Budget
Before embarking on your search for the ‘perfect’ first home, it’s helpful to write down a short list of essential elements that you might like, but not neccessarily need in a property. This will help narrow down what you really need in a home, and stops you getting caught up in how pretty a property might look, but may be totally unsuitable or out of your price range.
It’s also important to make a list of your preferred suburbs, and work out your price range and don’t stray from it.
Can I use this property as a stepping stone?
The key to success in real estate is to keep a realistic budget in mind and aim to borrow the least amount possible. Chances are if you are a first home buyer then you are most likely young and can get away with buying a smaller house to start off with. Then step up to buying a larger more expensive home later, when you can afford it. You will be a lot happier with repayments you can actually afford on a smaller loan, and will have money left over to have a comfortable lifestyle.
What should I borrow instead of what they’ll lend me…
Banks may be happy to lend you a lot of money, but will the repayments be feasible? Even if you can afford the repayments, will you still have enough cash left over at the end of the week to buy ‘little extras’ as opposed to just food and bills? It is always wise to buy below your maximum price, which may mean looking at a cheaper suburb or sacrificing that fourth or even third bedroom. It is much better to give up a bedroom, than give up the whole house because you can’t afford it.
Do your homework on prices
Do some research , and keep track of the price of homes in your preferred suburb/s to avoid paying too much.
What are the other costs involved?
You need to take into account all the other costs associated with the purchase of a home, and not just the price it’s listed for. A property that might seem to be in your budget may exceed it considerably once the other costs are factored in. Based on a loan amount of $400,000 here is a breakdown of some of the additional charges:-
* Settlement Agents fees – $1400
* Registration of Transfer – $172
* Registration of Mortgage – $85
* Bank fees and Charges – $600
Do I have to pay Stamp Duty?
If you are a first home buyer, and the value of a home does not exceed $500,000 then no stamp duty is payable. Where the value of the vacant land does not exceed $300,000 then no stamp duty is payable.
How much is the First Home Buyer’s Grant these days?
If you are a first home buyer purchasing a property worth under $500,000 you may also be eligible for the Government’s First Home Buyers Grant which is $7,000. For more information, and to download the application form, click on the link below:-
http://www.dtf.wa.gov.au/cms/osr_content.asp?id=198
If you are purchasing a property worth under $400,000 you may also be eligible fo the REBA Grant, worth an additional $2,000. Ask your real estate agent about the REBA Grant, and they will give you all the necessary paperwork, or alternatively it can be downloaded from the following link:-
http://www.reba.wa.gov.au/article.aspx?c=36&a=139
Tip – Don’t be afraid to ask questions
The only dumb question is the one you don’t ask. Buying a home is a huge commitment and should be well thought out before the purchase. Ask as many questions as you need to, and dont feel pressured by an agent to buy if you don’t want to. Remember, the only important thing is that you are happy and feel confident that the property meets your needs and is affordable.
Gemma Williams has a Diploma in Marketing from TAFE and a Commerce Degree, majoring in Marketing and Commercial Law from Curtin University of Technology. This has given her a solid foundation of knowledge including Public Relations, Business and Marketing Strategies, Law and General Commerce. Since joining Brendan Leahy Real Esate as Marketing Manager, her academic experience has been put into practice, and her enthusiasm and ideas will ensure that Brendan Leahy Real Estate continues to be the great success it has become. Brendan Leahy Real Estate (www.blre.com.au) specializes in market appraisals, houses for sale and rent in Perth, Kelmscott and WA.
Jan
03
First Time Home Buyers Tax Credit Extended to April 30th, 2010
Posted by: | CommentsJust recently the U.S. House of Representatives decided to pass a new bill that will grant an extension and expansion of the Federal Tax Credit for First-time Home Buyers. This extended tax credit will be good through April 30th, 2010 that now also includes a 60 day extension should there be a binding contract in place prior to the deadline.
The tax credit for first time home buyers will still stand at a tax credit of up to $8,000. Existing homeowners however, will receive a reduced credit of up to $6,500. In order to for existing homeowners to be eligible for the $6,500 tax credit, they have lived in their current residences for at least five years. Another change in the bill is an increasing of the qualifying income limits. Single tax filers’ income limits were once $75,000 and joint filers were once $150,000. The new qualifying income limits are $125,000 for single tax filers and $225,000 for joint filers. The purchase price of the home is capped at $800,000. These new changes are aimed to encourage existing home owners to sell their first homes in exchange for purchasing larger and more expensive homes, basically their dream homes.
Additional stipulations in the bill include the ability for taxpayers to claim the credit on purchases that are completed in 2010 on their 2009 income tax returns. The bill also maintains that the home buyers utilize the home as their primary residence for 36 months after its purchase; otherwise the credit must be repaid. However, for any active duty military personnel this requirement is waived should they need to move due to military order.
So far this tax credit has had great success. According to the California Association of Realtors, “nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market’s recovery in California.”
For more information on the extended First-time Home Buyer Tax Credit contact the experienced and knowledgeable agents at Realty Executives Dillon. The agents at Realty Executives Dillon can offer you an expertise that is unsurpassed in the San Diego County real estate field. There are hundreds of property listings all throughout San Diego County and seasoned real estate agents are exactly what you are going to need to navigate your way. So for the best San Diego real estate services you could hope to find, visit Realty Executives San Diego at www.realtyexecutivesdillon.com.
The author of the article knows all about San Diego County Real Estate. He has provided San Diego Real Estate Services for many years now. He is one of the best Realty Executives San Diego.
Dec
31
Learn More About Queensland First Home Buyer Grant
Posted by: | CommentsThe Queensland government has created an excellent incentive for first time home buyers to act now and get into a new home. Despite the rather gloomy housing market, the Queensland government’s First Home Owner Grant (FHOG) program strives to help first time home buyers get into a home, while stimulating the property market at the same time. Mortgage brokers Brisbane are well aware of the program, and an even newer boost is making this program all the more promising. The combination of these two great programs makes it more affordable than ever before for people in Queensland to get into their first home. The current program runs from 1 October 2009 to 31 December 2009.
Details Of The Boost -
Under the terms of the initial deal, first time home buyers received up to $7,000 for existing homes and up to $14,000 for new homes. The boost – which any qualified Brisbane mortgage broker would be quite familiar with – would essentially double that amount. In other words, first time home buyers could receive up to $14,000 for existing homes and up to $21,000 for brand new homes. Those figures are certainly quite eye catching and undoubtedly helped many people make the plunge into home ownership for the first time.
Those who missed out on that 30 September 2009 deadline, though, can take heart: the new phase of the program runs until 31 December 2009. Acting now is obviously key. Those entering into contracts after 1 October 2009 can still take advantage of the program, although the numbers have been halved. Still, $3,500 toward an existing home is great. Until the end of the year, when combined with the First Home Owners Grant, buyers can receive savings of up to $7000. Time is flying by, though, so acting now is imperative. If you’ve been thinking about buying your first home, now is definitely the time to do so in Queensland.
Additional Benefits Of Home Ownership -
In addition to taking advantage of the excellent offer from the Queensland government, owning your own home brings many other distinct advantages to the table. Most importantly, you will no longer be paying off someone else’s mortgage. You will be able to paint your walls, put up new fences, install an air-conditioning unit or perform any other renovations without having to obtain approvals from the landlord. Every mortgage payment that you make is a payment toward your future when you own a home, and it is also money in the bank. With the amount you will save through the offer from the Queensland government, that savings will be jump started in a truly appreciable and remarkable way.
Ask mortgage brokers Brisbane such as Brisbane Financial Services and work with them to figure out if you qualify for the government’s great offer. Your Brisbane mortgage broker will be able to look over your information and help you take advantage of it.
Dec
28
Substantial Grant To NRHA Is A Good Thing For First Time Home Buyers
Posted by: | CommentsThe NRHA, Norfolk Redevelopment and Housing Authority, will receive funding to assist first time home buyers who are in the low to moderate income level. The Virginia Housing Development Authority announced over $13 million in funds. These funds are the larges amount of money that has been designated to any authority in the state and it will be allocated to NRHA to finance affordable housing in the city.
The funding comes from VHDA’s Sponsoring Partnerships and Revitalizing Communities, or SPARC program. SPARC provides loans below market rate to first time homebuyers with special allocations that are made by local housing groups. The funding is allocated annually and on a competitive basis to assist housing groups in the critical housing needs of the community. SPARC funding helps organizations obtain the allocations at 1/2 to 1 percent below the normal VHDA’s First Time Homebuyer Program rate. The entire allocation for NRHA was awarded at 1 percent below the fixed VHDA rate.
In addition the NRHA HOME Program was awarded nearly $6 million to assist eligible low to moderate income homebuyers and the HomeNet Homeownership Center was given over $7 million for the eligible market rate homebuyers. Naturally income limits will apply to both the market rate and the low to moderate income homebuyers. These awards will allow the NRHA to approve a one percent discounted interest rate for the first time homebuyer that is eligible. The homebuyer will then be able to purchase new construction homes in Norfolk with below market rate 30 year mortgages that will offer a more affordable monthly payment.
The awarded allocation is expected to help around 81 first time homebuyers. According to the current VHDA fixed rate an eligible homebuyer’s rate, being 1 percent less would reduce the principal and interest payment by 11 percent. It is estimated that the awarded money will provide up to $4 million in payments for all of the homebuyers who get assistance.
The combined NRHA and SPARC funds will be combined with other local, state and federal loan and grant programs that will create a variety of finance options to meet the needs of first time homebuyers who are buying within Norfolk. Additionally, a discounted SPARC interest rate will be available to eligible first time home buyers with a gross annual household income that is at 50 to 80 percent of the areas median income limit. A “soft second” forgivable no monthly payment loan through the NRHA HOME Program is also available to these qualifiers; which will provide down payment and closing cost assistance.
The Virginia Housing Development Authority is Virginia’s mortgage finance agency and was established in 1972 by the Virginia General Assembly. The mission of VHDA is to help low and moderate income residence obtain quality and affordable housing. The NRHA was founded in 1940 and is among the national leaders in community revitalization and fosters sustainable mixed income communities. They are the largest redevelopment and housing authority in Virginia and plays a major role in making Norfolk a choice city in which to build, work and live.
J Stromsteen has many years expertise in the finance, real estate, and insurance industry. She contributes to various websites such as First Time Home Buyer where you can find today’s mortgage rates as well as a wealth of information on getting a First Time Home Buyers Loan .