Tomorrow is Canada Day, I’d like to wish all Canadians a very Happy Canada Day.

Be Safe,

Hans Anderson

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*Is there a time limit to purchase to qualify?

When you buy a home between Jan. 1 and Dec. 1 this year (2009) and close escrow during these dates, you will qualify for an $8,000 tax credit. Remember it has to be your primary residence and you meet the simple requirements.

*In the eyes of the law what is considered a “first-time homebuyer”?

The law defines “first-time homebuyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

*Are there any other requirements to qualify?

If your a U.S. citizen who files taxes you are eligible to participate. There is an income limit of $75,000 a year for individuals and you can’t go over $150,000 a year for joint filers.

*How do I apply for the credit?

You should use IRS Tax Form 5450 to claim the first-time home buyer tax credit.

*Does the credit have to be repaid? No it doesn’t.

Unlike a similar tax credit passed in 2008, this $8,000 tax credit does not have to be repaid to the IRS.

*Can I use the tax credit toward a down payment or other closing costs?

Yes. An announcement made May 29 allows the tax credit to be used toward purchase costs of a home, including down payment in some cases. This can be done one of two ways. First, buyers using an FHA-approved lender can sell their anticipated tax credit to the lender and use the proceeds to immediately apply the tax credit to any down payment above the minimum down payment of 3.5 percent required with FHA-insured mortgages. Second, buyers who receive financing through state housing finance agencies and certain non-profits will be able to use the tax credit for their down payments via a tax credit advance loan that does not result in any cash back to the buyer.

It’s a good idea to contact your local IRA branch to verify that nothing has changed from what I posted here.

United States Foreclosure

Hans Anderson

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I was suppose to go into the type of properties that will be available when you sign up to receive information of available investment properties in the Rochester N.Y area.

Unfortunately I’m having technical difficulties with my optin form.

Once I figure that out I will give you some details of properties that will be available. There are some properties in the Sold Properties category that you can have a look at as some examples.

Thanks for being patient,

Hans Anderson

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Over the next few days I will be adding an optin form that readers can sign up to receive information of available investment properties in the Rochester N.Y area.

I will go into more detail tomorrow about the type of investment properties that will be available.

Hans Anderson

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This is a fantastic article from coach Mary Kay teaching you the 7 main points when you need to assign a deal to an investor who is into investment property buying. Mary Kay explains exactly what you should be doing.

What You Need to Assign a Deal to an Investor

By Coach Mary Kay

When I first started out in the foreclosure investing arena, I assigned the majority of my deals for quick finder’s fees. Now, as a seasoned investor, I selectively accept contract assignments. Yesterday one of my Coaching Clients asked me to review the details on what is needed to assign a deal to an investor.

As covered in Alexis’ 3- Day Lab, and based on my experience on both sides of a contract assignment, we dove right into the particulars. As much as this punch list cannot replace your live 3- Day Lab or Personal Coaching experience… this should help you get going in the interim. Enjoy!

1. Use the Right Math. During declining economic times make sure your purchase price is at 60% of current market value less repairs. When the market is appreciating you can use 70% less repairs. This insures your investor that even if the market slips a bit their investment will be secure. continue reading>>

Kick Start Your Foreclosure Investing

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