First Time Homebuyer Tax Credit Included in Housing Rescue Bill

September 15, 2008, 10:26 pm, by Carl Draus

As part of its major housing legislation (H.R. 3221), Congress has created a tax credit to provide an incentive for first-time homebuyers. The $7500 credit will be available for the purchase of a principal residence on or after April 8, 2008 and before July 1, 2009. The Basics Q. Who qualifies for the new tax credit?A. Only first-time homebuyers are eligible for the credit. A first-time homebuyer is defined as an individual who has not had an ownership interest in a principal residence...

Steps to a Smooth Closing of Your New Home

September 12, 2008, 11:51 am, by Mike Martin

It would be nice to buy a house the way you buy a washing machine or a TV. Do a little research, look over the market and say, "I'd like that one, please." Not a chance. First off, there are many people involved in the transfer of ownership of a home from one person to another. And each person will get compensated for their efforts. There are the real estate agents, the mortgage company, the home inspector, the appraiser, the title company, and then the insurance company. Truth is, they all