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For those of you who think $8,000 is a lot of money....you're right!  Given the current turnaround times for puchases, you better act quick in order to not risk losing out on this important tax credit.  This is a credit, NOT a deduction, for first time homebuyers who are closed on their home before December 1st, 2009.

Keep in mind that $8,000 is the maximum.  You can take up to 10% of your homes value or $8,000 whichever is less.  There are some income requirements as well.  In order to take advantage of the full credit, singles cant make more then $75,000; married couples, $150,000.  Again, this is NOT a tax deduction.  It is a tax credit.  Therefore, you can use all the allowable deduction, even if you dont owe $8,000.  i.e. You can end up in the… Read Full Post

This serves as a not so gentle reminder that tomorrow, July 30th, is the start of the Mortgage Disclosure Improvement Act.  This will have a significant impact on the home buying and refinancing process.  The most noticeable change will be how much longer it will take to close a loan.  The purpose of the Act is to help prevent deceptive lending practices as well as to keep consumers informed.  Some highlights include:

Accurate Truth in Lending - It will now be imperative to correctly communicate all fees in the transaction that correspond to the TIL.  Any changes greater than 1/8% to the APR will require a redisclosure and very well could delay your closing.

There must be a 7 day waiting period (not inclusive of Sundays and Federal holidays) from the…

President Obama's tax credit is for First Time homebuyers who purchase a home on or after January 1st, 2009 and Before December 1st, 2009.  For new construction, the date that counts is the day you actually occupy the property so be sure that's before December 1st!!

Keep in mind that $8,000 is the maximum.  You can take up to 10% of your homes value or $8,000 whichever is less.  There are some income requirements as well.  In order to take advantage of the full credit, singles cant make more then $75,000; married couples, $150,000.  This is NOT a tax deduction.  It is a tax credit.  Therefore, you can use all the allowable deduction, even if you dont owe $8,000.  i.e. You can end up in the black!

Those not eligible are people who buy their homes from…