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Owning one’s own home is a dream of every individual. But as fate would have it, the current economic crisis with rampant job cuts in the US have made this dream a distant reality for many. The introduction of President Obama’s home stimulus package has, however, made this goal significantly more achievable for first time home buyers.

The first time home buyer stimulus package offers individuals a tax credit of 10% on the purchase price of a home (with a maximum amount of $8000) for homes purchased between January 1st, 2009 and April 30th, 2010. For those of you already familiar with this program, recent legislative changes have extended the previous purchase deadline of December 1st, 2009. Sales occurring by June 30, 2010 are also covered provided a binding contract is entered into by April 10, 2010.

A key point to mention here is that this credit is a grant which does not need to be paid back (unless the home is sold within the first three years). The entire credit amount is deducted from the total taxes owed to the government. Therefore, an individual qualifying for this credit who owes the government $8,000 in taxes would then owe nothing.

There are certain criteria that have to be met to qualify for this tax credit. First and foremost, you must meet the definition of a first time home buyer. For the purposes of the stimulus package, you are a first home buyer if you have not bought a home as a primary residence in the three years prior to your purchase. This applies to both you and your spouse if you are married. Therefore, if you have not purchased a home as a primary residence in the last three years but your spouse has, then you do not qualify. A primary residence does not include vacation homes; therefore if you own such a property you may still qualify for the credit. There are also no restrictions on the specific type of home (e.g. townhouses, condominiums, mobile homes, houseboats, etc) that can qualify as long as it is your primary residence.

You must also be within certain income limits (i.e. not earn above a certain amount) to qualify for this tax credit. For home purchases after November 6th, 2009, the income limit is $125,000 per year for single tax payers and $225,000 for couples filing jointly. These limits have also been amended recently from the previous limits of $75,000 for single tax payers and $150,000 for couples filing jointly.

I hope you found this overview of the first time home buyer stimulus package to be useful. There are many nuances surrounding the home stimulus legislation and it is always challenging to keep up with all the changes going on.   Just make sure you do all the necessary research, stay up to date on the latest developments, claim your credit on your next tax return, and enjoy your new home!

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Late payments that show up on your credit report hurt your credit score to varying degrees. Even though it seems that all late payments are the same, this is not true. There is one late payment in particular that could ruin your credit for a very long time! Whether it is a late rent payment, a late credit card payment, or a late bill payment, if it is 90 days or above it will destroy your credit score. Not only will you have record of this on your credit score, but a lot of the times creditors will charge late payment fees or late fees, and it ends up costing you more money!

In all situations circumstances arise and a 30 day or even 60 day late payment happens, and creditors know this. Most of the time, if you make your payments on time after the delinquency occurs your credit will go back to normal a short time after the incident is cleared up. A 90 day late payment affects your credit score almost the same as a repossessed auto loan, a collection or charge off account, or even a bankruptcy! This is why it is so important to make your payments on time, and keep track of your credit score. However, not all 30, 60, 90, 120, or 150 days late payments are reported accurately. In that case, it is best to seek credit repair to dispute those items so that they can be removed from your credit report.

As many as 79% of credit reports are reported inaccurately or incorrectly. Most of the information contained in your credit report is only allowed on your credit report for 7 years, and if it is a bankruptcy then it is allowed for 10 years. However, there is help. You can request your credit report for free once a year at www.annualcreditreport.com. Annualcreditreport.com works with the government to insure the credit reporting agencies are following the proper laws. If you feel that you have information that is incorrectly showing on your credit report, then it is your legal right to dispute the information on your credit report.

90 day late payment affects your credit score because it is an indicator of how likely you are to be late again in the future

Whether you have several late payments, or just one 90 day late payment, it is always worth verifying the accuracy of the information. Many companies may report different information that is not true, and it is your job to check the status of your credit. If you havecharge offs, collection accounts, repossessions, foreclosures, past due student loans,bankruptcies, or any other public records on your credit report, then credit repair is your best solution. It could be the difference between a home or an apartment, or several thousands of dollars on an interest rate, as well as many other financial decisions in your lifetime. Remember, most items are only allowed to stay on your credit report for 7 years, but credit reporting agencies will try to keep them on longer. 

How we can help you

CreditLawGroup.com provides low cost legal representation in disputing inaccurate, incorrect or unverifiable information contained on credit reports from the three major credit bureaus, Equifax® Experian® and TransUnion® and their affiliates. You can monitor your progress online, as well as speak to your Paralegal whenever needed by phone or email. We have excellent customer service, and are always there to meet your needs! Speak to a credit repair analyst today!