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Filed: Country: Philippines
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Posted

By David Goldman, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- Hundreds of thousands of first-time homebuyers across the country have begun to claim their tax credits, according to new government data released on Friday.

So far, nearly 315,000 people have claimed the tax credit after filing an amended 2008 tax return, according to a Treasury Department report on the status of the Recovery Act.

California led all states with 42,304 claimed credits.

Eligible first-time homebuyers can claim the credit of up to $8,000 -- or 10% of the home's value, whichever is less -- on either an amended 2008 return or on their 2009 return.

Treasury's figures more than likely sharply underestimate the real number of people who have taken advantage of the credit because many homebuyers have not yet claimed it on their tax return.

According to a recent National Association of Realtors survey, about 1.1 million first-time homebuyers have used the credit. NAR expects that number to grow to about 1.8 million by the time the credit expires on Nov. 30.

The discrepancy between Treasury and NAR probably stems from the fact that a majority of eligible first-time homebuyers have opted to wait to file for the credit on their 2009 returns, which they can file in early 2010.

State-by-state data. The Treasury figures show how some of the hardest-hit states during the housing downturn are now among the states with the largest numbers of claimed tax credits.

California, Georgia, Florida, Arizona and Michigan are all in the top 10, when it comes to claiming the credits. Though part of that is likely skewed by population figures, other large states like New York and Virginia have been left in the dust.

"We're seeing some big increases in many of the areas with the biggest price corrections," said NAR spokesman Walter Maloney. "That's no coincidence."

A National Delinquency Report from the Mortgage Bankers Association showed that California, Florida, Arizona and Nevada combined accounted for 44% of all foreclosure starts during the quarter. Last quarter, the Cape Coral metro area in Florida recorded the largest decline in home prices: 52.8% to $84,000, according to a NAR report.

After California, Texas and Florida were the next states with the largest number of claims, with over 29,000 each. Arizona had nearly 9,300 claims and Nevada rounded out the top 20, with 5,259.

Most of the smaller states made up the bottom of the list, with Vermont's first-time buyers bringing up the rear, claiming just 351 credits.

Applying for the credit is as easy as filing income taxes. First-time homebuyers just have to claim it on their return -- no other forms or papers have to be filed.

National Association of Realtors estimated an extra 350,000 sales will occur this year, solely because of the credit. The National Association of Homebuilders, more conservatively predicted 165,000 extra home sales. bug.gif

http://money.cnn.com/2009/09/04/news/econo...ey_news_economy

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Filed: AOS (apr) Country: Philippines
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Eligible first-time homebuyers can claim the credit of up to $8,000 -- or 10% of the home's value, whichever is less -- on either an amended 2008 return or on their 2009 return.

Did anyone here take advantage of this tax credit besides me? That may not fit my political beliefs but when all of you are helping me buy a house, I'd like to say thanks.

Hell, I'll even give Obama credit as it has helped people who didn't or couldn't buy when the housing prices were more inflated. It helped soak up foreclosed homes which were running down values in neighborhoods.

David & Lalai

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Greencard Received Date: July 3, 2009

Lifting of Conditions : March 18, 2011

I-751 Application Sent: April 23, 2011

Biometrics: June 9, 2011

Filed: Country: Philippines
Timeline
Posted
Eligible first-time homebuyers can claim the credit of up to $8,000 -- or 10% of the home's value, whichever is less -- on either an amended 2008 return or on their 2009 return.

Did anyone here take advantage of this tax credit besides me? That may not fit my political beliefs but when all of you are helping me buy a house, I'd like to say thanks.

Hell, I'll even give Obama credit as it has helped people who didn't or couldn't buy when the housing prices were more inflated. It helped soak up foreclosed homes which were running down values in neighborhoods.

May I ask - did you get an FHA loan?

Filed: AOS (apr) Country: Philippines
Timeline
Posted
May I ask - did you get an FHA loan?

No, a VA loan. I got a 15 year mortgage at a 4.5% fixed interest rate and paid $78 in closing costs.

David & Lalai

th_ourweddingscrapbook-1.jpg

aneska1-3-1-1.gif

Greencard Received Date: July 3, 2009

Lifting of Conditions : March 18, 2011

I-751 Application Sent: April 23, 2011

Biometrics: June 9, 2011

  • 3 weeks later...
Filed: Country: Jamaica
Timeline
Posted

I took advantage of it as well. It's an awesome thing.

Life's just a crazy ride on a run away train

You can't go back for what you've missed

So make it count, hold on tight find a way to make it right

You only get one trip

So make it good, make it last 'cause it all flies by so fast

You only get one trip

Filed: K-1 Visa Country: Philippines
Timeline
Posted

I was about to take advantage of it until I received word that I'm being transferred to Indiana. I was pre-approved and everything. #$^@% economy.

K-1 Visa

Service Center : California Service Center

Consulate : Manila, Philippines

I-129F Sent : 2009-08-14

I-129F NOA1 : 2009-08-18

I-129F NOA2 : 2009-10-23

NVC Received : 2009-10-27

NVC Left : 2009-11-06

Consulate Received : 2009-11-12

Packet 3 Received : 2009-11-27

Interview Date : 2009-12-16

Interview Result : APPROVED

Second Interview

(If Required):

Second Interview Result:

Visa Received :

US Entry :

Marriage :

Comments :

Processing

Estimates/Stats : Your I-129f was approved in 66 days from your NOA1 date.

Your interview took 120 days from your I-129F NOA1 date.

Posted

We closed on our home in July. I just sent off the forms to claim my $8K. I hear it takes a good few weeks before you get it. If at all possible to buy, I've been telling everyone I know to do so. This is definitely a great opportunity!

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Filed: Other Timeline
Posted (edited)
Eligible first-time homebuyers can claim the credit of up to $8,000 -- or 10% of the home's value, whichever is less -- on either an amended 2008 return or on their 2009 return.

Did anyone here take advantage of this tax credit besides me? That may not fit my political beliefs but when all of you are helping me buy a house, I'd like to say thanks.

Hell, I'll even give Obama credit as it has helped people who didn't or couldn't buy when the housing prices were more inflated. It helped soak up foreclosed homes which were running down values in neighborhoods.

:lol:

You are kidding, right?

You took advantage of a government handout?

Oh and a VA loan to boot?

Edited by rebeccajo
Posted
That just ain't right.

People used to work their butt off to save that $8,000 for a down payment and now it's just given to them.

Not for us...we saved for the down payment....the bridge loan to get the money to use as down payment program is not widely available here yet....so we used savings for down payment/closing costs. The 8K once we get it, will just replenish the savings account.

funny-dog-pictures-wtf.jpg
Filed: Citizen (pnd) Country: Iraq
Timeline
Posted

I wanted to take advantage of it, but I was getting out of the military and had to start job history all over again so even though my credit is great, can't get the loan. Now we are locked into a lease and I'm taking classes so buy a house has to wait.

Married: May 28th, 2007

Arrived in the US: December 10th, 2008

 

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