Looking for a home in Wilton, ME (Weld: credit, loan) - Maine - Page 2 - City-Data Forum

Newdaawn · 11-03-2009, 01:15 PM

I assumed that you could only use that use that $8000 tax credit if you had not owned a home in the past 3 years.

WhoFanMe · 11-03-2009, 03:52 PM

HR 3548, which is currently in the senate, would allow homeowners who have owned and used their principal residence for any five consecutive year period during the past eight years to claim a credit of up to $6,500 if they sell that home and buy another and the new home is priced under $800,000. This credit would expire April 30, 2010 for sales contracts unlike the current credit in which the transaction must be closed by November 30, 2009. The current credit is for 10% of the purchase price of the house or $8000, houses like these discussed in Wilton would not be eligible for the entire $8000 credit.

The problem with the current credit is that many of the homes purchased were of distressed properties where the owners were not moving up and buying, therefore while the entry level market has been extremely brisk most of this year the move up houses are lingering on the market.

Northern Maine Land Man · 11-06-2009, 07:56 AM

Here is a link to clear up some of the superstitions:

http://www.realtoractioncenter.com/r...-1105-1236.pdf

Maineah · 11-06-2009, 08:06 AM

We need tax credits for home buyers about as much as we needed to give credits for car buyers. Let the market sort itself out without intervention. There are too many real estate agents out there anyway. They should go back to being housewives and driving their spawn to soccer practice.

WhoFanMe · 11-06-2009, 04:08 PM

The president signed the bill today, it's now law. Only time will tell what happens in the marketplace. I understand both sides of the debate as I wonder how the next generations are going to pay for everything.

AuntyReni · 11-17-2009, 10:06 AM

Well I made an offer on the Blue Spruce House and I'm pretty sure it's mine. Wish you (Northern Maine Man) coulda told me an address for the one near the lake, oh well..
I'm aware the tax credit was extended.
Cdodge04- I'll be needing a TON of work on Blue Spruce. Is there a way you can tell me what kind of work you do? I need new heating system, new septic system, electrical work, roof work. (Not in that order lol, roof first). I'll be going through the CAP agency at first I think...they offer help to low income and after I pay for Blue Spruce my nest egg will be pretty much gone.

msina · 11-17-2009, 10:57 AM

Quote:

Originally Posted by AuntyReni

Well I made an offer on the Blue Spruce House and I'm pretty sure it's mine. Wish you (Northern Maine Man) coulda told me an address for the one near the lake, oh well..
I'm aware the tax credit was extended.
Cdodge04- I'll be needing a TON of work on Blue Spruce. Is there a way you can tell me what kind of work you do? I need new heating system, new septic system, electrical work, roof work. (Not in that order lol, roof first). I'll be going through the CAP agency at first I think...they offer help to low income and after I pay for Blue Spruce my nest egg will be pretty much gone.

Penquis Cap can help you get low interest loans for home repairs and in some cases the loans are "forgiven", meaning you don't have to repay them as long as you stay in the house for five years. This is only for very low income applicants.
The First Time Home Buyers Credit has been extended. When you file for the credit that you should send in a copy of your signed and dated HUD-1 form (you get that at closing). Don't count on the credit to get anything done, it can take months to recieve it. We filed for it in June, sent and resent paperwork to various IRS departments, I got a call this morning from the tax advocate that was assigned to my case a month age, our credit should be Direct Deposited Friday. I'll believe it when I see it.

BTW,.. love the stove in the kitchen and the window benches.

WhoFanMe · 11-17-2009, 11:11 AM

Quote:

Originally Posted by msina

The First Time Home Buyers Credit has been extended. When you file for the credit that you should send in a copy of your signed and dated HUD-1 form (you get that at closing). Don't count on the credit to get anything done, it can take months to recieve it. We filed for it in June, sent and resent paperwork to various IRS departments, I got a call this morning from the tax advocate that was assigned to my case a month age, our credit should be Direct Deposited Friday. I'll believe it when I see it.

BTW,.. love the stove in the kitchen and the window benches.

msina - you should have been to amend your 2008 return to get your tax credit. I have buyers (she's an accountant) who bought in October, I'll check with them to see if she's gotten the credit yet.

msina · 11-17-2009, 12:02 PM

Quote:

Originally Posted by WhoFanMe

msina - you should have been to amend your 2008 return to get your tax credit. I have buyers (she's an accountant) who bought in October, I'll check with them to see if she's gotten the credit yet.

I didn't even have to do an amended return. I did an original filing with the 5405. I had a tax pro file the return and did everything right. The problems are, the IRS first didn't have the appropriate software, then they didn't know how to use it. Add to that thousands of fraudulent claims. Sixty to seventy five percent of the FTHBC filings ended up kicked out of the system to the exams department and had to be processed by hand. Some people have been waiting since March for their claims to be processed. At this point they're telling people to expect to wait four months. Some are lucky and the system processes them but, the majority are taking a very long time.
The credit is great for first time buyers but, just think of it as money in the bank, don't count on it for anything you may want to do when you first buy your home.

Fraud delaying tax credit payments to homebuyers, Georgia IRS official says : Northeast Georgia : Anderson Independent-Mail
First-time home buyer tax credit faces increased IRS scrutiny -- latimes.com
Receiving the First Time Homebuyer Credit Takes About Six Weeks - Consumerism Commentary, personal finance since 2003
If you scroll through the comments section on the last link you'll get an idea how long it's taking to process these claims.

WhoFanMe · 11-17-2009, 01:00 PM

I just heard it's 6 to 8 weeks and my buyers are on week 6 right now. I'll update the board when they get their $8000. She also reports that 2009 returns filed on time will not get processed until May-June 2010, I'm not sure if she's referring to all returns or just those requesting the $8000 credit.