With the help of NeighborWorks Green Bay, Lori Guns was one of nearly one-and-a-half million first-time home buyers nationwide who have taken advantage of the $8,000 federal tax credit. It took the Wisconsin resident nearly two years to achieve her dream of homeownership, but on September 22 she was handed the keys to her first home, according to local ABC news affiliate WBAY. The IRS estimates that the first-time homebuyer tax credit program, set to expire in November, has helped nearly 1.5 million people like Guns purchase their first home, and some are calling on Congress to extend the program. Read about and view video of Guns’ success story.
The latest in housing and community development from NeighborWorks America
Wednesday, September 23, 2009
Nearly 1.5 Million Take Advantage of the First-Time Homebuyer Tax Credit
With the help of NeighborWorks Green Bay, Lori Guns was one of nearly one-and-a-half million first-time home buyers nationwide who have taken advantage of the $8,000 federal tax credit. It took the Wisconsin resident nearly two years to achieve her dream of homeownership, but on September 22 she was handed the keys to her first home, according to local ABC news affiliate WBAY. The IRS estimates that the first-time homebuyer tax credit program, set to expire in November, has helped nearly 1.5 million people like Guns purchase their first home, and some are calling on Congress to extend the program. Read about and view video of Guns’ success story.
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8 comments:
I would love to get the tax credit but there seems to be a shortage of funds for St.Lawrence County New York. Is there anyways of knowing when funding will be availible beforethe tax credit is done away with? Thanks in advance
In my question about funding for St.Lawrence County I failed to mention it was the funding for first time homeowners. Thanks again in advance
Any buyer should ensure that he has the capacity to pay for a house. The seller must be sure that the buyer is qualified in purchasing before approving the offer. Conducting home inspection can also help if in case there are some minor problems in negotiating with the seller.
Try contacting NeighborWorks member St. Lawrence County Housing Council, Inc. to see if they can provide you with some information. http://www.slchc.org/, phone 315-386-8576.
I call them at least once a week and still I am told they have know idea when and if they will recive any funding. I have the house i want already picked out and I am also on my final 30 day extention from USDA. I am disabled and the home I am staying at has me on the 2nd floor which will change once I move.If any of know of a date or any other info on the funding or even if there is some other kind of aid I may be able to get so I can get into my new dream home please let me know. Thank you in advance
This program is structured as a tax credit, which means there isn't up front funding for it. Rather, you put up $8,000 of your own money and when you file your taxes you get a refund. Some states, cities and non-profits are offering to lend folks the $8,000 and the borrower will then repay them when their tax return comes.
Thanks for that info. I actually didnt know how that worked but my question is about the First Time Homebuyers Program funding. As it stands now I will have to re-apply to the USDA program and sign-up for another of the First Time Homebuyers class in 3 more weeks. My realitor has sent me back my perchace offer deposit and I don't want to lose the home that I am hoping to get. If there is any info out there about a time table for funding for St. Lawrence County NY I thank you in adavance.
Hello. I am really happy that the first time homebuyer credit really helped someone. However, I must say that I am a bit skeptical about it. I am afraid that even with the help of the government many young people can't actually afford to buy a house, so they will take another loans. But if we don't stop taking loans we will never get out of this crisis!
Take care,
Julie
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