First-Time Home Buyer Tax Credit Now Due
If you purchased your home between April 2008 and January 1, 2009 with the assistance of the “First Time Home Buyer Tax Credit” of $7,500, the time has come to pay it back. Under this program the credit was not a gift, it was a loan. Repayment must be initiated on your 2010 tax filing. Like just about everything, there are some exceptions. For example, if you sell your home for a loss or no gain the repayments may be cancelled or decreased. To gain a full understanding of the repayment terms see below:
Repaying the First Time Home Buyer Tax Credit
Credit Report Basics
I just read an article stating that “americans are clueless about their credit”. Because I recently took the time to understand my credit report, I thought I’d share with you what I learned. A “FICO” score stands for Fair Isaac Corporation who developed software to determine the “score” using a complex mathematical formula. FICO score is a number between 300 and 850 produced by the “BIG 3″ credit bureaus… Equifax, Experian, Trans Union. So how is your FICO score determined?
Payment History – 35%
Outstanding Debt – 30%
Length of Credit History – 15%
New Credit – 10%
Types of Credit Used – 10%
Very often when a client of mine talks with a lender they are surprised to find errors on their credit report. It’s a good idea to take the time to check and monitor your credit report because of this. Remember to watch out for companies that claim to clean up your credit for an upfront fee. According to the Fair Trade Commission, no one can remove accurate negative information from your credit report – it’s illegal. The only website to use to check your credit report is www.annualcreditreport.com.
Ever Thought of Googling Your Address?
Great idea here not only for your new address but to check out what pops up for the address you’re selling! An abundance of information at your fingertips including some that is not required to be disclosed in a real estate transaction. Knowledge is the key to making a completely informed decision, one that you can live with!