new home buyers stimulus plan?

[Julez]

What is the name of your state (only U.S. law)? Florida

I did a search for "stimulus" and nothing came up, so I hope I'm not posting a question that has somehow been answered several times already. If so, I apologize.

My question is regarding the current stimulus package being given to new home buyers.

My mother hasn't bought/owned a home in about 5 years and was considering buying now due to the low interest rates and what she's heard about an 8000 stimulus package (as well as just wanting to own again).

I've tried to figure out the details of this for her by looking online, but it seems that everywhere I look, the information is different or just too confusing for me to really get the full picture.

I'm hoping someone here might be able to "nutshell" it for me?

[HomeGuru]

Originally Posted by Julez

What is the name of your state (only U.S. law)? Florida

I did a search for "stimulus" and nothing came up, so I hope I'm not posting a question that has somehow been answered several times already. If so, I apologize.

My question is regarding the current stimulus package being given to new home buyers.

My mother hasn't bought/owned a home in about 5 years and was considering buying now due to the low interest rates and what she's heard about an 8000 stimulus package (as well as just wanting to own again).

I've tried to figure out the details of this for her by looking online, but it seems that everywhere I look, the information is different or just too confusing for me to really get the full picture.

I'm hoping someone here might be able to "nutshell" it for me?

**A: when you asked a mortgage broker or lender, what was their response?

[Who's Liable?]

Originally Posted by Julez

What is the name of your state (only U.S. law)? Florida

I did a search for "stimulus" and nothing came up, so I hope I'm not posting a question that has somehow been answered several times already. If so, I apologize.

My question is regarding the current stimulus package being given to new home buyers.

My mother hasn't bought/owned a home in about 5 years and was considering buying now due to the low interest rates and what she's heard about an 8000 stimulus package (as well as just wanting to own again).

I've tried to figure out the details of this for her by looking online, but it seems that everywhere I look, the information is different or just too confusing for me to really get the full picture.

I'm hoping someone here might be able to "nutshell" it for me?

The First time Homebuyers Stimulus Plan are for people who have NOT purchased a new home within the past three years of signing a new home. You mother would fall into this category.

The amount of money is %10 of the cost of the home OR $8K WHICHEVER IS LOWER, this money is NOT required to be paid back.

Your mother can either amend her 2008 taxes(if the home was bought in 2009) IRS form 5405, or claim the refund on her 2009 tax forms. Currently I hear the amended tax return is taking 6-8 weeks for payment.

There are some additional stipulations too: make less than $75K for single persons, cannot purchase home from a lineal family member, estate, etc. IRS Form 5405 will provide additional information.

Please note there are MANY deals out there involving foreclosures and short sales. DO NOT purchase a short sale WITHOUT a seasoned Real Estate Agent who specializes in short sales. The paperwork is MUCH more in-depth and contains more disclosures than "normal" purchases.

Good luck!

[HomeGuru]

The advice also applies to the purchase of foreclosures or any distress type sales ie. Tax, BK etc.

[Who's Liable?]

Originally Posted by HomeGuru

The advice also applies to the purchase of foreclosures or any distress type sales ie. Tax, BK etc.

X2...

Also need to correct myself...

The Modified Adjusted Gross Income has to be LESS than $75K filing single and dissapeares at $95K, and $170K for married.

[HomeGuru]

now that's a good revision.