New House, First Time Buyer, Bank Loans (credit card, broker)

[marykate1]

To MissDaisy, My house estimate is 185K.

[marykate1]

Hi LJarrett,

>> You will get a form at tax time to receive the credit.

This is useless as we thought that we can somehow get the credit RIGHT NOW so we can make a good down payment. So we have to wait 1 whole year to get the tax credit. That does not make any sense?

[marykate1]

Hi LJarrett,

Actually we did not hire the Realtor or a broker for our process. The seller is the Realtor and she is gong to pay the closing cost. The house is 185K (including closing cost).

>>>>> you may qualify for a bond program if the state has money available.
Where can I find more information about the bond program.

>>> Also, the MCC (Mortgage Credit Certificate) credit is available when the state has >>> money for it.

Where can I get more information about this?


We don't want to involve broker as he/she will charge a lot of fees!

[marykate1]

>>>> So, you must purchase a home this year and when you are doing your taxes at >>>>the beginning of 2009, you will also fill out this form and file it.

Where can I download this form? I searched online and they don't have it available anywhere?

[chris_ut]

Originally Posted by LJarrett

Plus, as I understand it, if you purchase a house this year, sell it, and don't make enough off the sale to pay back the entire loan, the government will forgive the debt owed, even if you are in the house less than two years.

Jeez, that sounds like a recipe for fraud to me.

[chris_ut]

Originally Posted by marykate1

>>>> So, you must purchase a home this year and when you are doing your taxes at >>>>the beginning of 2009, you will also fill out this form and file it.

Where can I download this form? I searched online and they don't have it available anywhere?

It probably wont be available until the end of the year since the earliest you can file your taxes is January.

[marykate1]

I think this FTB credit thing is useless. I mean if they need to help the buyer they need to do it instantly. This means that the new buyers have to wait till they file their taxes and then qualify for the FTB credit.

Seems pretty useless!

[MissDaisy]

It's not useless at all...in fact, if someone nets out on their 2008 tax return with NO net tax liability, yet qualifies for the FTB credit, they would still receive a check for the credit!

Just because you have to file, and don't get to simply walk up to the counter and get the $$, doesn't make it useless...just means somethings are not subject to instant gratification...patience and planning are key factors..

When I bought my first home in Feb 1991, as a single mom, I can assure you that if I knew that I would be receiving a lump sum credit come tax time, you can bet I would have not had as many sleepless nights during escrow!!

chris_ut--BTW, when was the last time anyone gave you an interest free loan for up to 15 years? And why does the fact that it has to be paid back make you think it is worthless? Is only free good?? The credit was designed to stimulate the housing market, and at no cost to taxpayers...I am assuming you are a taxpayer, thus don't want your paycheck hit while others take a credit?

Like the saying goes--"Don't look a gift horse in the mouth"

[MissDaisy]

Originally Posted by marykate1

I think this FTB credit thing is useless. I mean if they need to help the buyer they need to do it instantly. This means that the new buyers have to wait till they file their taxes and then qualify for the FTB credit.

Seems pretty useless!

This late in the year most folks know pretty much where their income will wind up December 31. That being said, you should be able to determine if your purchase and income fall within the guidelines for qualification, and proceed from there..

And even though you have to wait for the money til tax time next year, that is only a few months away (file early and electronically to speed the process)

Personally, if I knew now that a fat check was coming my way early next year, I'd be pretty happy.....

[marykate1]

So, you have to request it on your taxes! Does that mean I have to fill a different form or something? I use online website to file my taxes hopefully that website will have an option to request FTB credit.

Thanks,