Qualified tri-county first time homebuyers could receive $3500 from the Homeownership Resource Center, a division of Family Services, Inc. In addition to the $8,000 Federal Tax Credit already available, that could mean up to $11,500 to first time homebuyers. The additional $3,500 will be given to one qualified person or family at each of the six upcoming First Time Homebuyers Workshops hosted by The Homeownership Resource Center. The Homeownership Resource Center is a non-profit, HUD-approved counseling agency.
The recipient of the $3,500 must attend the free First Time Homebuyers Workshop and close on their first home by November 30th, 2009. November 30th is also the date the current Federal Tax Credit will expire. Other restrictions also apply.
Traditionally, the Homeownership Resource Center loans money to qualified first time homebuyers for the initial cost of closing and their down payment. However, due to new federal banking regulations and an accumulation of funds for public distribution, The Homeownership Resource Center will be giving away this money to six qualified first time homebuyers, regardless of income. One first time homebuyer from each of the six upcoming workshops will be selected.
Available Workshops:
Saturday, September 12th from 10am-4pm
Saturday, September 19th from 10am-4pm
Saturday, September 26th from 10am-4pm
Saturday, October 3rd from 10am-4pm
Saturday, October 10th from 10am-4pm
Saturday, October 17th from 10am-4pm
Location: Trident One Stop, 1930 Hanahan Road, North Charleston, SC
The Homeownership Resource Center’s First Time Homebuyers Workshop was created to educate homebuyers about the homebuying process and what to expect when purchasing a new home. Through the workshop, HUD-certified counselors, with more than 20 years of extensive training and experience, work closely with the homebuyer through every step in an effort to simplify and reduce the stress of the buying process. As a result, the Homeownership Resource Center has helped hundreds of individuals and families achieve their dreams of homeownership.
Some of the many topics that will be discussed at The First Time Homebuyers Workshops include: Mortgage programs, buying HUD properties and foreclosures, home inspections, homeownership insurance, getting the most out of your real estate agents, legal fees, and current market conditions.
Please call 843-735-7862 for more information or visit www.fsisc.org.
Showing posts with label FTHB. Show all posts
Showing posts with label FTHB. Show all posts
Friday, September 11, 2009
Thursday, July 30, 2009
Choosing Homeownership
From: Military.com By: WellsFargo
Homeownership is about security, comfort, and fulfilling the American dream. The sense of community that comes with putting down roots in a place of your own, the security of owning the roof over your head, the opportunity for financial growth--all these accompany the choice to become a homeowner.
But buying a home is also the single largest investment most people ever make. Along with all the benefits of homeownership comes the responsibility to manage that investment wisely.
Benefits of homeownership
The rewards of owning your own home include many benefits unavailable to renters. Among other things, homeownership allows you to:
Start building wealth: Making a mortgage payment every month builds up your equity stake in your home, contributing to your long-term savings and helping you solidify your financial future.
Reduce your tax burden: The interest you pay on your mortgage is usually tax-deductible, which can lead to significant tax savings--especially in the early years of the mortgage term, when most of your monthly payments go toward interest. Make sure you consult your tax advisor about the deductibility of interest.
Build your credit history: Timely mortgage payments can contribute to a positive credit history.
Eliminate landlord hassles: You'll no longer have to fear non-renewed leases and rent increases.
Make the house your own: Aside from zoning rules, Homeowner's Association requirements, and local building codes, you'll be free to decorate, remodel, and renovate as you wish.
Responsibilities of homeownership
Before deciding to buy a home, consider the responsibilities that will accompany your purchase. You will most likely have to make some adjustments to account for the following:
Additional financial responsibility: Whether buying is more costly than renting depends on your individual circumstances. As a renter, some or all of your utilities may have been paid for, but now they will be solely your responsibility. You'll also be responsible for property taxes and homeowner's insurance in addition to your loan.
Maintenance and repairs: Maintaining your property will be up to you, not the landlord.
Less mobility: Unlike having a lease where you can move with minimal notice, moving when you own a home is more complicated since you're responsible for ensuring the mortgage gets paid.
Depreciation: Real estate often increases in value over time, but not always. Owning a home means facing the risk that its value will depreciate.
Beyond the financial benefits, the personal rewards of homeownership can be tremendous--as long as you prepare for the responsibilities that come along with it, and choose a home and a mortgage that are well-suited to your needs.
Homeownership is about security, comfort, and fulfilling the American dream. The sense of community that comes with putting down roots in a place of your own, the security of owning the roof over your head, the opportunity for financial growth--all these accompany the choice to become a homeowner.
But buying a home is also the single largest investment most people ever make. Along with all the benefits of homeownership comes the responsibility to manage that investment wisely.
Benefits of homeownership
The rewards of owning your own home include many benefits unavailable to renters. Among other things, homeownership allows you to:
Start building wealth: Making a mortgage payment every month builds up your equity stake in your home, contributing to your long-term savings and helping you solidify your financial future.
Reduce your tax burden: The interest you pay on your mortgage is usually tax-deductible, which can lead to significant tax savings--especially in the early years of the mortgage term, when most of your monthly payments go toward interest. Make sure you consult your tax advisor about the deductibility of interest.
Build your credit history: Timely mortgage payments can contribute to a positive credit history.
Eliminate landlord hassles: You'll no longer have to fear non-renewed leases and rent increases.
Make the house your own: Aside from zoning rules, Homeowner's Association requirements, and local building codes, you'll be free to decorate, remodel, and renovate as you wish.
Responsibilities of homeownership
Before deciding to buy a home, consider the responsibilities that will accompany your purchase. You will most likely have to make some adjustments to account for the following:
Additional financial responsibility: Whether buying is more costly than renting depends on your individual circumstances. As a renter, some or all of your utilities may have been paid for, but now they will be solely your responsibility. You'll also be responsible for property taxes and homeowner's insurance in addition to your loan.
Maintenance and repairs: Maintaining your property will be up to you, not the landlord.
Less mobility: Unlike having a lease where you can move with minimal notice, moving when you own a home is more complicated since you're responsible for ensuring the mortgage gets paid.
Depreciation: Real estate often increases in value over time, but not always. Owning a home means facing the risk that its value will depreciate.
Beyond the financial benefits, the personal rewards of homeownership can be tremendous--as long as you prepare for the responsibilities that come along with it, and choose a home and a mortgage that are well-suited to your needs.
Monday, June 29, 2009
$8,000 First-Time Homebuyer Tax Credit
Some Quick Q&A
When do I need to purchase to qualify?
If you buy a home between Jan. 1 and Dec. 1 this year and close escrow during these dates, you will qualify for an $8,000 tax credit - as long as it is your primary residence and you meet the simple requirements.
How does the law define "first-time homebuyer"?
The law defines "first-time homebuyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
What are other requirements to qualify?
All U.S. citizens who file taxes are eligible to participate. An income limit of $75,000 a year for individuals and $150,000 a year for joint filers also applies.
How do I apply for the credit?
Taxpayers should use IRS Tax Form 5450 to claim the first-time homebuyer tax credit.
Does the credit have to be repaid?
No. Unlike a similar tax credit passed in 2008, this $8,000 tax credit does not have to be repaid to the IRS.
Can I use the tax credit toward a down payment or other closing costs?
Yes. An announcement made May 29 allows the tax credit to be used toward purchase costs of a home, including down payment in some cases. This can be done one of two ways. First, buyers using an FHA-approved lender can sell their anticipated tax credit to the lender and use the proceeds to immediately apply the tax credit to any down payment above the minimum down payment of 3.5 percent required with FHA-insured mortgages. Second, buyers who receive financing through state housing finance agencies and certain non-profits will be able to use the tax credit for their down payments via a tax credit advance loan that does not result in any cash back to the buyer.
When do I need to purchase to qualify?
If you buy a home between Jan. 1 and Dec. 1 this year and close escrow during these dates, you will qualify for an $8,000 tax credit - as long as it is your primary residence and you meet the simple requirements.
How does the law define "first-time homebuyer"?
The law defines "first-time homebuyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
What are other requirements to qualify?
All U.S. citizens who file taxes are eligible to participate. An income limit of $75,000 a year for individuals and $150,000 a year for joint filers also applies.
How do I apply for the credit?
Taxpayers should use IRS Tax Form 5450 to claim the first-time homebuyer tax credit.
Does the credit have to be repaid?
No. Unlike a similar tax credit passed in 2008, this $8,000 tax credit does not have to be repaid to the IRS.
Can I use the tax credit toward a down payment or other closing costs?
Yes. An announcement made May 29 allows the tax credit to be used toward purchase costs of a home, including down payment in some cases. This can be done one of two ways. First, buyers using an FHA-approved lender can sell their anticipated tax credit to the lender and use the proceeds to immediately apply the tax credit to any down payment above the minimum down payment of 3.5 percent required with FHA-insured mortgages. Second, buyers who receive financing through state housing finance agencies and certain non-profits will be able to use the tax credit for their down payments via a tax credit advance loan that does not result in any cash back to the buyer.
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