Fl First Time Home Buyer Blog

I have a FICO score of 725 so I’m thinking if I find the right bank I could still get a home loan even in this economy, but which banks should I apply at first? I live in Northern California and want a fixed rate loan.

U.S. Bank has been advertising a lot for home equity loans, so I do assume they would also be a good choice for home loans.

I am a first time home buyer as of March 31st. I was going to wait and get my $8000 credit when I filed next year, but I found out you can amend it, and go ahead and receive the money. I filed my taxes myself last year. What forms or website to I visit to go ahead and get the process started so I can recieve it in 8-10 weeks?

There is only one way. File an amended 2008 tax return using IRS Form 1040X. It must be filed via hardcopy (no e-filing). Expect a 12-16 week wait.

Real estate price could go down after Apr.30th ???

How do you guys think if real estate price could go down, after Apr.30th. Because of the first time home buyer credit?

I’m in FL.

Thanks

I can’t even begin to tell you how shocked I would be if the prices dropped further. We are all in very deep trouble if they do.

A good mortgage broker can determine how much house you can afford. See why in this video on buying a home.

Expert: Brett Staggs
Bio: Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major banks.
Filmmaker: Dana Glover

Duration : 0:1:34

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If you’re in the process of buying your first home or a replacement home, the deadline for closing the deal if you want to be eligible for a tax credit has been extended.

Duration : 0:0:53

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The First Time Home Buyer’s Tax Credit can be a valuable tool to take advantage of the Calgary real estate market place. Laura Parsons with BMO takes us through the basics of the program and some creative options to utilize it.

This tip has been brought to you by CIR Realty (Calgary real estate brokerage). Featuring: Laura Parsons – BMO, Lindsey Smith – Corporate Training Manager.

For information on the Calgary real estate market, to search homes for sale, or to learn about the real estate training, support and systems that CIR Realty offers… please visit: http://www.cirrealty.ca

Become a fan on facebook: http://www.facebook.com/cirrealty

Follow Us on Twitter: http://twitter.com/CIR_Realty

Duration : 0:5:59

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The American Recovery and Reinvestment Act of
2009 offers an $8,000 tax credit for first-time buyers
who purchase a home on or after Jan. 1, 2009, and
before Dec. 1, 2009. Unlike previous tax credits for
first-time buyers, this one doesnt have to be repaid.
www.orerealestate.com Tel (954) 349 8300

Duration : 0:2:28

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Technorati Tags: Credit Properties, First time buyers, Florida, homebuyers, In, Tax credit 8K

The amount requested for home loans followed the normal distribution with a mean of $70,000 and a standard deviation of $20,000
A. How much is requested on the largest 3 percent of the loans?
B. How much is requested on the smallest 10 percent of the loans?

(1) Look at your Normal Cumulative Tables to find the Z value of 97% (or 0.97). This is 100% minus the 3% for the largest. The Z value should be 1.88.

Since this Z value is standardized, we just turn it around to make it fit our numbers. X~N(70000, 20000^2)

1.88 = [X - 70000] / 20000
==> 1.88 * 20000 = X – 70000
==> X = 107615.87

(2) Now find the Z Cumulative value for .10 [This represents 10% and everything smaller]. Should be -1.28.

So take our Z value, and again change this to find our distribution X~N(70000,20000^2)

So
-1.28 = [X - 70000] / 20000
==> -1.28 * 20000 = X – 70000
==> X = 44400

For the past 4 years I have been buying my home from my uncle through an escrow service. The private mortgage does not show on my credit report, but I do claim the interest as a deduction on my taxes. I have placed that home on the market and I am purchasing another home. Will I be able to claim the first time home buyer tax credit since my previous mortgage was held privately?

As long as you declared mortgage interest on your property within the past 3 years, you are not going to qualify for the FTHB credit.

My father lost his job and my mother’s income wasn’t enough to get the house re-financed so I was added to the house (for income purposes) to try and lower the onthly payment. They have since then sold the house however of course all good credit info about the house was reported on my credit report. So now that I wanna purchase my own home… I can’t be considered a first time home buyer, can I? I don’t qualify for a 1st time home buyer loans anymore do I?

You may be considered a first time home buyer again if you don’t home a home for a period of time. Many states offer first time home buyer programs. Often times, these programs consider a first time buyer someone that hasn’t owned a home in the past three years (or a certain specified timeframe that the state uses as a guideline).

So, it may be worth checking into what grants and assistance are offered in your state. Check out the site below for more details.

Good luck!