Tax break for 1st time home buyers?
139122
There isn't specifically a "tax break" for a first time homeowner.  You do get to deduct your mortgage interest.  As far as moving, if you pass the checklist of questions, you should be able to deduct the specific items that the IRS will allow, i.e. mileage, and moving expenses if it was for your job.
950228
First of all, since the money in the fund is pre-tax, when it is pulled out, it is always taxable income.  Nothing at all prevents this from happening.  Therefore, you will add it to your regular income to determine your taxes for the year.\n\nIn addition to that, if you pull the money out before the year in which you turn 59 1/2, you have to pay a 10% penalty.  To avoid the penalty, you:\n\n- must be disabled\n\n- must be deceased\n\n- used the money to pay for medical expenses which exceed 7.5% of your adjusted gross income (the bottom number on the front page of your 1040)\n\nAnother thing you could do is rollover the money into an IRA.  Once in the IRA, you could pull the money out and, to avoid the penalty, you could use it to (in addition to the above mentioned items):\n\n- pay for medical insurance after losing your job\n\n- pay for higher education expenses (tuition, fees, books, expenses)\n\n- pay for the purchase, building, or rebuilding of your first home (by definition, a first home is when you or your spouse had no interest in a home in the last 24 months prior to the purchase of the new home)\n\nAny other withdrawal will suffer the 10% penalty.  All withdrawals will be included as taxable income regardless.  The taxable income usually kills you more than the penalty does.  Try as hard as you can to leave the money in your retirement.  It will be needed when you retire and it is hard to build back up.\n\nBest of luck!
595011
There are plenty of options available to you.\n\nThere is a great free report at http://www.first-time-homebuyers-loans.com that will point you in the right direction.  It is very helpful, but to big to copy it here.\n\nGood luck,\n\nGreg
369971
Yes, although the most popular is an FHA loan that most mortgage bankers carry.  Go to http://www.hud.gov/ Here you will find answer to many questions as a first time home buyer.  I purchased my first property with an FHA Loan and even though the paperwork is a little more, it is the way to go due to the low down payment required.  Also look for a bank with "FHA credits" this can lower the money required at closing.
307802
Sorry, the first answer is not correct.  In order to avoid capital gains tax, you must reside in the dwelling you are selling for a full 2 years of the last 5 you owned it.  The two years does not have to be consecutive.  But, since you have not lived there for two years, you do NOT qualify for the tax break, unless you are moving more than 50 miles to a new job or for unforseen health reasons.
98097
try www.irs.gov they tell you what tax breaks and changes there are. ALSO if you know someone that does taxes, go to them or use something like turbo tax to file your return
69634
consider yourself lucky to be a new home buyer.  Yes you will have more out of pocket costs initially but you will receive tax benefit bigger then you have received previously.  You will have an association fee, hazard insurance, taxes etc...  your interest on your home loan is a write off.  Talk to your tax advisor for more details on the benefit.  Write me an email and I'll send you a free .pdf on the benefits of home ownership if you prefer.\n\nYou need to know your current county tax base.  In CA we estimates taxes at 1.25% depending on the county the home is locate in (your taxes may higher so check with your county recorders office or ask a realtor, they will know).  Hazard insurance can be estimated at $50 or less for your condo (just a guess) and your association is based on your HOA (Home Owners Association) so ask them or simply ask any current owner what they are today.
279926
If you are non a schedule A you can take all of the mortgage interest. You can take property tax that you pd. Any donations you gave (cash and non cash)Sales tax that you pd on any big purchases(use the table for the rest)I don't know what your filing status is so I don't know if you would even be close.
335911
If you've had a good job for 2 year a 620 mid and good rental history you could get a 0% down 1st time home buyers program but do it soon rates are shooting up!!!!!!!!!!!!
484080
Two ways.  1) start with local lenders.  They usually have in house first time homebuyer mortgage products offered to the low to mod income homebuyer unless you purchase in a targeted neighborhood and then there are usually no income limits.  Typical program is low down payment, allows grant usage and may give assistance or a loan for closing costs.  2)Contact a local housing counseling agency.  For a list of agencies go to www.hud.gov.  \nThey offer housing counseling (so you know what you're doing) and may have down payment assistance or direct you where you can apply.
1084515
Really straight forward:  no unsecured debt.  If you have credit card debt get rid of it.  Use your 25K if necessary.\n\nNo car payment - pay off any installment loans you have.  Use your savings if necessary.   You wil then be able to save expedentially each month.\n\nWhat kind of house are you after with $75K down?  That's a huge down payment for a first time homeowner of any age!\n\nYour first house should not be your dream house, it should be one that you can sell in 5-7 yrs to the next first time home buyer.  \nMake sure the location supports the property.  Buy the smallest/least expensive house in the best neighborhood.  \n\nDon't buy the biggest/most expensive house on the block...lose out on equity potential.
69639
Depends on how experienced that person is. It's not that difficult. I'm a CPA in Orange County and can help you, but to be honest, Turbo Tax works great. Things you'll want to have handy is your 1098 from your mortgage company (mortgage interest paid, points paid if any, property taxes paid - unless you paid them yourself instead of through impounds), DMV registration (personal property taxes paid on your car), closing statement from when you bought your house (you may find other property taxes paid that is not included on the 1098). There are other deductions that you may be able to get. Turbo Tax walks your through it. I've attached some links that you should print out and read. Regardless of who does your taxes, you should understand what's going on. :)
440495
Have you thought of a refi on your home. Stated prices are only 1/8th to 1/2 pt and you could make it tax deductible from inception. Most lenders go stated to 560 mid score, up to 100 cltv. A small biz loan up to 100K
1130427
I bought my first house with the help of a first time buyer program.  I had to take one 2 hour course (free, all I had to do was show up & listen), and the county paid my down payment.  It showed as a silent second mortgage.  As long as I lived in the house, and did not refinance, I did not owe any money to the county.  When I did refinance I had the option of paying that money back or making payments just like any other loan.  I was able to close on that house for $300 out of pocket because of that program.  As another poster said, there are many programs out there.  Some will even offer very low interest loans to make improvements to your home after you move in.  Your Realtor or mortgage broker should be able to steer you in the right direction as far as what programs you qualify for that are available in the area you are buying in.
913295
Easy, as much as you can afford!, \n\nAt the minimum I would suggest no less than 25% but the more you put on, the less interest you will pay in the long run and you will be mortgage free years ahead of schedule!\n\nWhen we brought our first house we put every cent of savings we had on to the deposit (dont be fooled going for the minimum payment, it adds thousands to the interest!)\nwe also went for the shorter term (25 years instead of 30) to help force us to pay it off quicker (you can always re-mortgage if you get in the poo).\nAnd then we proceeded to put 50% of our income on it for the first 3 years, we have now lowered our payments as we are traveling and renting the house out, but once we return we will put the payments back up.
189696
If you buy and then sell a house without living in it for 2 of the past 5 years as your primary residence, you will have to pay tax on any capital gains from the sale of the house. If you live in the house for 2 years, the first $250k of gains is tax-free ($500k if you are married)...
225190
get a repayment ....thats the only kind to go for unless u a financial wizzkid \n\nalso try lookin into this new goverment housing scheme they look reasonable where u only buy half your house ..\n\ni feel ya pain ...1st timers got it tough