On Monday, the legislature passed AB 183 (Caballero & Ashburn) which would provide $200 million for homebuyer tax credits. The Governor is expected to sign AB 183 into law before the end of the week. C.A.R. supported this important legislation. Continue reading “Governor Expected to Sign Homebuyer Tax Credit”
Daily Real Estate NewsÂ Â | February 26, 2010
Should Buyers Try to Beat the Tax Credit?
Some potential home buyers say they’re holding out until the tax credits expire on the theory that prices will decline once the buying incentive is gone.
One person who commented on the dilemma on Zillow.com wrote: â€œIâ€™ve seen prices in my neighborhood jump up over $30k since the credit started.â€
Continue reading “Should Buyers Try to Beat the Tax Credit?”
Daily Real Estate NewsÂ Â | February 22, 2010
IRS Clarifies What’s Needed to Claim Tax Credit
The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.
While the IRS is still requiring the filing of Form 5405, it is not demanding that all partiesâ€™ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isnâ€™t common.
Continue reading “IRS Clarifies What’s Needed to Claim Tax Credit”
Daily Real Estate NewsÂ Â | January 20, 2010
FHA Toughens Down Payment Rules
The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, the agency announced Tuesday. Continue reading “FHA Toughens Down Payment Rules”