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Started By
Message
Do i have the money to buy a house?
Posted on 8/2/09 at 1:52 pm
Posted on 8/2/09 at 1:52 pm
Income - $38k
Cash to put down - $3k
House I'm looking at - $78k
this will be my first house so I think i qualify for the tax refund.
Will a bank even approve me for a loan with such a small down payment?
I have good credit, no debt.
Cash to put down - $3k
House I'm looking at - $78k
this will be my first house so I think i qualify for the tax refund.
Will a bank even approve me for a loan with such a small down payment?
I have good credit, no debt.
7
Posted on 8/2/09 at 1:59 pm to MikeJackon428
Put $16k down... the 3k you already have, the $8k you're going to get back from the govt, and come up with another $5k somewhere.
Do that, and you'll have 20% down. You'll get approved if you've gotgood credit, and you'll avoid the PMI.
Do that, and you'll have 20% down. You'll get approved if you've gotgood credit, and you'll avoid the PMI.
Posted on 8/2/09 at 2:15 pm to MikeJackon428
What do your other bills look like?
Posted on 8/2/09 at 2:34 pm to JPLSU1981
quote:
Put $16k down... the 3k you already have, the $8k you're going to get back from the govt, and come up with another $5k somewhere.
Do that, and you'll have 20% down. You'll get approved if you've gotgood credit, and you'll avoid the PMI.
+1
Posted on 8/2/09 at 2:36 pm to MikeJackon428
Call the Suzie Ormand (spelling?) Show? 
Posted on 8/2/09 at 5:43 pm to MikeJackon428
Try and buy in rural development. No PMI.
I have a house for sale that would be perfect
I have a house for sale that would be perfect
Posted on 8/3/09 at 10:58 am to MikeJackon428
you won't get the full 8k tax credit w/ that purchase price, but close to it.
Posted on 8/3/09 at 11:06 am to MikeJackon428
oh and post pics of the house
Posted on 8/3/09 at 11:33 am to LSUtoOmaha
Bills: $200 (not including home related)
I don't have a picture of the house.
I don't have a picture of the house.
Posted on 8/3/09 at 11:38 am to MikeJackon428
Yeah I bought in the "rural" area of EBR and qualified last year when it was 7500 credit and I didn't have to pay PMI and it was 0 down.
Posted on 8/3/09 at 12:07 pm to The Cable Guy
where is the "rural" area in Baton Rouge?
Posted on 8/3/09 at 2:17 pm to cdonne1
Posted on 8/3/09 at 4:25 pm to Skin
quote:
you won't get the full 8k tax credit w/ that purchase price, but close to it
So which one of these rules state that he wont get 8K
Provisions of the Economic Stimulus Bill:
Time frame to buy? - By December 1, 2009 (close on the sale).
First-time home buyer? - A buyer who has not owned a home for three years.
Married first-time buyer? - Both buyers have not owned a home for three years.
Claim tax credit? - Claim the tax credit on your federal income tax return.
Other form or forms? - No other form except your federal income tax return.
Credit limits? - Single $75,000, Married $150,000.
Building a custom home? - You qualify, but you have to occupy the home by Dec. 1, 2009.
Buying a new home? - You qualify, but the settlement day has to be by Dec. 1, 2009.
Tax credit pay back? - You are not required to repay except for certain conditions.
Access the tax credit now? - Change your withholding numbers.
Mortgage Revenue Bonds? - Allow tax credit home buyers to participate.
Loan credit? - State housing finance agencies to help buyers at closing by advancing the credit amount as a loan.
Payback provisionst? - It is a ture credit. It does not have to be repaid. The only repayment requirement is if the home owner sells the home within three years of purchase.
Income above limits? - Single $75,000 - $95,000 and Married $150,000 - $170,000 are eligible to receive a partial tax credit.
Income max? - Single $95,000 and Married $170,000 exceeds the modified adjusted gross income.
Tax credit refundable? - If you pay less that $8,000 in federal income taxes, the government will write you a check for the difference.
-Example: You owe $6,000 in taxes, you would receive $2,000.
-Example: You have a credit due of $500, you would receive $8,500
Posted on 8/3/09 at 9:14 pm to Catman88
quote:
So which one of these rules state that he wont get 8K
Do the math.
The credit is equal to 10 percent of the home purchase price, up to a limit of $8,000
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