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Carlsbad, California

Residential Real Estate agent covering the San Diego County area.

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Tax Credit

Posted at Committed to Bringing You Home by Frank Crowley

May. 31, 2009

Categorized in: First Time Home Buyers

Tagged with: bargain, credit, homebuyers, house, mortgage, realtor, san diego, tax

First Time Homebuyer Tax Credits

As a realtor®, I provide my clients with all the useful information needed to purchase or sell a home. The American Recovery and Reinvestment Act of 2009 (Recovery Act) provides for as much as an $8000 tax credit to qualified first-time homebuyers, and has several areas of concern to the home purchaser. It is imperative that the homebuyer and their agents working for them understand all the aspects of this program. Here are several points about the program which I can help with.

FHA supports this important initiative to promote homeownership.
Basic information on the first-time homebuyer credit may be obtained from the Internal Revenue Service (IRS) website.
Understanding guidance on how FHA-approved mortgagees and FHA-approved nonprofit organizations as well as Federal, state, and local government agencies or instrumentalities is imperative to assist homebuyers that are eligible for the tax credit.
It is being widely advertised that homebuyers can use their "Tax Credit" at closing. Pursuant to 31 U.S.C. 3727 and 26 U.S.C. 6402, a refund of the first-time homebuyer credit will be made by the IRS only to the taxpayer, not to a third party. In other words, any refund issued in response to a claim for this credit cannot be assigned by a taxpayer to a third party. Any amount used at closing, pertaining to their Tax Credit, will be issued in the form of a Bridge Loan or similar loan, and shall be repaid.
The IRS and FHA have several conditions pursuant to the sale of the "Tax Credit." These conditions may include but are not limited to; Review of paycheck check stubs; filling IRS form 5405; Review of Tax Returns; FHA will track the tax credit monetization activities if "Tax Credit" has been sold.

This blog is only a summary of a recent letter from the Assistant Secretary for Housing, Federal Housing Commissioner. For full details and the names of qualified lenders who will provide all pertinent information on obtaining a home mortgage and your dream home in San Diego County contact;

Frank Crowley

Keller Williams Realtor

(760) 685 - 2380

fcrowley@kw.com

http://www.fcrowley.com

http://fcrowley.yourkwagent.com

http://fcrowley.realtownblogs.com/

http://frankcrowleyrealtor.tripod.com/

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