Help for REAL ESTATE INVESTORS Looking to Flip Homes

Federal Housing Administration is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens.  Beginning Feb. 1, 2010, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.  This is great news for investors that want to rehab a home and sell it to a buyer that wants to receive the Homebuyer Tax Credit before it expires on April 30, 2010 (view this link, http://www.marealtor.com/content/Homebuyer_Tax_Credit.htm, for more details on the tax credit).

‘Tis The Season To Give… A Home!

Parents who are looking for a gift to give their kids this holiday season should consider a house.  With prices in the cellar, this could be a terrific year to give a down payment or even the whole home.

Free Money for the Holidays and New Year

Although Santa Claus won’t be sliding down your chimney (sorry if you didn’t know!), Uncle Sam has a great gift for you this holiday season!  Whether you currently own a home or have never owned a home, if you are thinking about a real estate purchase, you just may qualify for the new and improved tax credit.  The complexity of the home buyer tax credits leaves potential buyers with many questions but here are answers to some of the most confusing to help make this a jolly, holly season for you:

DON’T MISS FREE MONEY - Tax Credit Extended for First-Time Home Buyers & Offered To Non-First-Time Home Buyers

Hooray - The House and the Senate this week passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they’ve lived in their home for five of the past eight years. Home prices are capped at $800,000.

STAY-TUNED - Homebuyer Credit Gets New Life

Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

You Can Still Beat the Home Buyer Tax Credit Deadline!

Yes time is ticking but it is not too late if you are a  determined first-time home buyer to take advantage of the $8,000 federal tax credit, which expires Nov. 30.

To identify those properties that can close by the Nov. 30th deadline for the home buyer tax credit prior to sending a lot of time viewing them, ask these important questions that aren’t likely addressed in the listing. These can include:

Georgia Senator Pushes Extension For First-Time Buyer Tax Credit

If you are still trying to decide what your first home purchase will be, you may not have to beat the clock - yippie!  Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.

Places To Love: CAMBRIDGE TOWNHOUSES

Beyond the $8,000 tax credit, do you want $10,000 for your next real estate purchase?  Well, you will love the townhomes at Cambridge.  This gated Sandy Springs townhouse community features prime Metro Atlanta real estate convenient to GA 400, Roswell Rd., Perimeter Mall, Northside Hospital, with quick access to the Chattahoochee Nature Center and River, and a golf course directly across the street.  

Don’t Pay The Tax LEGALLY

With home prices low, now could be a good time for parents to give their children a home or even an investment property.

Here are some suggestions for managing the tax consequences from Mark Luscombe, tax analyst with Wolters Kluwer.

**UPDATE on $8,000 Tax Credit

As I have recently blogged about,  FHA-approved lenders can now provide short-term bridge loans to first-time borrowers eligible for the $8,000 home buyer tax credit, which allows buyers to use the tax credit at closing and then they just pay back the loan once the refund is received.  But under guidance issued by the Department of Housing and Urban Development late last week, the loans must be on top of — not instead of — the minimum 3.5% down payment normally required on FHA-insured loans.   So that means the $8,000 can go towards repairs required to close and other closing costs or can go towards your principal payment but you still have to come up with the down payment. 

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