MashGet » Time Home Buyer

Deadline nears for first-time home-buyer tax credit

MashGet — Thu, 17 Sep 2009 01:55:29 +0000

Time is fast running out for first-time buyers hoping to get a tax credit of up to $8,000, and Realtors say they're seeing a marked upswing in interest as the deadline looms.

Real estate groups also are urging Congress to extend the credit beyond its current deadline and expand the tax credit to up to $15,000. Now, buyers must close on their purchase by Nov. 30 to be eligible for the credit.

Home builders and real estate organizations are concerned that letting the tax credit expire could knock the wind out of the current housing recovery. And failing to expand the credit could imperil efforts to get more move-up buyers into the market.

First-time home buyer tax credit faces increased IRS scrutiny

MashGet — Sun, 09 Aug 2009 07:00:00 +0000

Los Angeles Times

Reporting from Washington -- The IRS has an urgent message for would-be home purchasers: Make the most of the $8,000 first-time buyer tax credit before it disappears Dec. 1 -- but only if you qualify.

If you don't truly qualify, don't try to play games with the credit. The Internal Revenue Service already has 24 criminal investigations of suspected fraud underway around the country and has executed seven search warrants. Last month a tax preparer in Florida entered a guilty plea on federal charges of fraud in connection with the first-time buyer credit. He's awaiting sentencing and faces up to three years in prison, a $250,000 fine or both.

Thud From HUD

MashGet — Fri, 29 May 2009 21:26:19 +0000

Forbes

It was too good to be true: The government will not be offering no-down-payment loans.

Housing and Urban Development Secretary Shaun Donovan announced Friday that the Obama administration's $8,000 first-time home-buyer tax credit could be used toward a mortgage guaranteed by the Federal Housing Administration, but contrary to early understandings of the program, borrowers must still come up with the initial 3.5% down payment on their own.