DC $5000 First Time Home Buyer Credit Retroactively Approved for 2010 Purchases
December 21, 2010 by Katie Wethman · Leave a Comment
Buried in Friday’s signed, sealed, and delivered Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was a provision retroactively approving the $5,000 tax credit for first-time home buyers in DC for 2010, and extending it through 2011 as well. Home buyers will remember that the credit, last approved as part of the [...]
Breaking News: Closing Date Deadline on First Time Buyer Credit Extended to 9/30/10
July 1, 2010 by Katie Wethman · Leave a Comment
Late Wednesday, the Senate voted to approve the extension of the settlement date for eligible first time buyers to “before October 1, 2010.” The House had approved the measure earlier in the week, and it’s expected to be signed into law imminently. This is great news for anyone who had a lender that dropped the [...]
Potential Extension of June 30 Settlement Deadline & FHA Loans About to Get More Expensive–AGAIN!
June 14, 2010 by Katie Wethman · Leave a Comment
Senate Majority Leader Harry Reid has co-authored a proposal to extend the June 30 settlement deadline for the first time buyer credit until September 30 to give lenders more time to process the incredible volume of contracts trying to close. The surge in loan volume has created delays around home appraisals and the usual delays [...]
Selling a Home AFTER the Tax Credit Expiration
May 10, 2010 by Katie Wethman · Leave a Comment
In this month’s video “This Month in Real Estate” from Keller Williams, a survey shows that first time home buyers accounted for 42% of February’s real estate sales, and investors accounted for an additional 19%. But now that the tax credit has expired, does that mean the end of the road for sellers? Definitely not! [...]
Is the $8000 First Time Home Buyer Tax Credit Going to Be Extended?
April 16, 2010 by Katie Wethman · Leave a Comment
Alas, my crystal ball is in the shop. But I CAN tell you the same thing I recently told the Washington Examiner about the upcoming expiration of the credit: the administration and Congress are under a lot more pressure now to control spending than they were this time last year. Last year it was all [...]
Property Taxes & Real Estate Related Income Tax Deductions
January 27, 2010 by Katie Wethman · Leave a Comment
Property tax season is upon us, and assessments were mailed out. Seventy five percent of Arlington residents saw a drop, but remember that assessments are a lagging indicator. A lower assessment doesn’t necessarily mean a lower tax bill though…rates are due to increase (read my post about how property taxes are calculated here.) If you [...]
Is Buying a Home One of Your 2010 New Year’s Resolutions?
December 27, 2009 by Katie Wethman · Leave a Comment
Get started by attending a free, no obligation first time home buyer class at Arlington Central Library on January 26 at 7:00 pm. Our first time home buyer classes are educational sessions designed to give an overview of current market conditions and the home buying process. We cover a recap of the market, current trends [...]
VHDA Loans Allow Financing of Down Payment
December 15, 2009 by Katie Wethman · Leave a Comment
The Virginia Housing Development Authority has extended its Homebuyer Tax Credit Plus program to match the deadlines of the Federal First-Time Homebuyers Tax Credit. VHDA’s program lets borrowers use a second mortgage to finance up to 5% of the sales price (enough to cover FHA’s 3.5% down payment requirement) by using the $8000 first time [...]
Why is the $6500 home buyer tax credit important?
November 15, 2009 by Katie Wethman · 2 Comments
By this time, most people are aware of the extension and expansion of the $8000 first time buyer tax credit, and many even know about the new “category” of “first time buyers” who are eligible for a $6500 credit. You can read more details here. Income limits were raised (previously $75,000 AGI for a single [...]
$8000 First Time Home Buyer Extension and New $6500 “Move Up” Buyer Credit Details
November 6, 2009 by Katie Wethman · 1 Comment
It’s officially passed the House and Senate, and is now awaiting the President’s signature. Along with the extension of the $8000 First Time Buyer credit (now applies to any buyer under contract by April 30, 2010 and settling by June 30, 2010), there is now a new credit category: long-time residents of the same principal [...]
