Housing Tax credits are a decrease in the amount of Federal Income Tax that you owe that is based on your tax bracket. This tax credit is available for first time home buyers. A tax credit is a dollar for dollar decrease in the amount of tax that you owe. Obama's 8000 tax credit is dollar for dollar off of your personal income taxes.
A tax deduction will reduce the amount of your income that is taxable by the IRS or the state. It is not dollar for dollar like a tax credit.
Tax Credit Information
Pennsylvania Tax Credit
Showing posts with label first time home buyer. Show all posts
Showing posts with label first time home buyer. Show all posts
Friday, May 1, 2009
Thursday, January 8, 2009
Buyers Remorse When Buying A Home
extravagance? Actually "Buyer's Remorse" is a perfectly sensible attitude. It's quite normal to feel both negative and positive feelings concerning your buying habits. Many people feel such excitement when anticipating shopping. Having money and a credit card gives a person a sense of power while shopping, only to be replaced by guilt and regret after returning home. Again, the feelings of remorse attack and the thrill of the purchases have lost their appeal.
Although there may be regret over purchases, and money spent, sometimes merchandise can be returned and they can receive refunds. But many items are non-refundable especially if on a special sale or discounted. A larger item such as a new car, can not be returned, except in some states, although sometimes can be exchanged for a different style car, but is considered used once it's driven off the lot, and money will be lost in the trading transaction.
So, after purchases, "Buyer's Remorse" often occurs! They feel they've lost control and there's an emotional disharmony clash between the desires for purchasing things they really may not need, and their feelings of having lost control of their buying/spending habits!
Although there may be regret over purchases, and money spent, sometimes merchandise can be returned and they can receive refunds. But many items are non-refundable especially if on a special sale or discounted. A larger item such as a new car, can not be returned, except in some states, although sometimes can be exchanged for a different style car, but is considered used once it's driven off the lot, and money will be lost in the trading transaction.
So, after purchases, "Buyer's Remorse" often occurs! They feel they've lost control and there's an emotional disharmony clash between the desires for purchasing things they really may not need, and their feelings of having lost control of their buying/spending habits!
Wednesday, June 25, 2008
How do you get an FHA loan?
How do you get an FHA loan? It's actually very easy. The majority of mortgage brokers, banks and lenders can arrange an FHA home mortgage for you. FHA allows people to buy homes with lower credit scores. You can even have collection accounts. Ask your loan officer to see if the can pre qualify you. It should not take very long and there should not be a fee to do this. You may also want to ask about the Ameridream gift program. You can get up to a 3% gift of equity with this program so be sure to ask. A seller has the option to pay all of your closing costs as well. So technically you can buy a home with an FHA loan with no money down and and no money out of pocket.
FHA information
FHA information
Subscribe to:
Posts (Atom)
