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First Time Home Buyer Grants Will Aid Boise Home Buyers!
Yes! 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.
Real Estate Tips for the First Home Buyer
Buying 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.
First Time Home Buyers Tax Credit Extended to April 30th, 2010
Just 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.
Learn More About Queensland First Home Buyer Grant
The 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.
Substantial Grant To NRHA Is A Good Thing For First Time Home Buyers
The 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 .
