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Tax breaks or credits were created for individuals and families that have a low income of around or below $30,000 a year. The more you make over this amount, the less chance you have of qualifying for many of the tax breaks but it will depend on your personal situation.
Below are 5 tax breaks you might be eligible for and if you qualify, they do offer middle to low income families a way to keep more of the money earned each year.
Eligibility for these tax breaks and the amount of credit you’ll receive for each one will depend on many different things such as but not limited to your adjusted gross income, number of dependents and your filing status.
Many people miss out on these tax breaks because they just assume they don’t qualify for them but you never know for sure until you try. Talk to your tax preparer to learn more about these and other tax breaks available to find out which ones you might qualify for, so you can keep more of the money you’ve earned.
Are you still renting your home? Are you ready to make the commitment to buy a house? Buying a home has many benefits but it is a big step. It’s not something that you want to jump into but when the time is right, it can be very exciting looking for your new home. However, buying is much different from renting, so you need to make sure it’s the right time for you to buy before making a commitment and these 3 tips can help.
Before you serious start looking for a home to buy, make sure you’re ready to settle down in one spot. When you rent, you can always pack up and move when the lease ends but when you’re buying a home, it’s more permanent. This doesn’t mean that you can’t sell and move to a new location later but it would be to your advantage to stay in the home for several years before trying to sell.
Selling a home takes time and the market plays a major role in how much your home is worth, so you may have to wait until the market is strong to keep from losing money. You’ll be obligated to stay in the home until you sell it, unless you have the funds to keep up two homes. Therefore, it’s much better to wait until you are sure you’re ready to settle down in one place before buying a home.
When you’re renting a house and you have a water leak, you call the proprietor and he calls the plumber to take care of the problem. The owner of the home is responsible for all major repairs required to keep the home in good condition and he is the one that must pay the bills.
When you buy a home, this responsibility becomes yours. You will have to make your own repairs or pay a professional service to fix any problems you have. It’s a big change that you need to be prepared for or it could take a toll on your finances.
Before you go out searching for a home to buy, set a budget and only look for property that falls in your price range. If you’re looking outside of your budget, it’s too easy to be tempted into purchasing a home that you can’t really afford.
Even though you may be able to make the mortgage payments, if something unexpected happens, it would be easy to fall behind. Once you get behind, it’s almost impossible to catch up and a vicious cycle begins that could end in foreclosure.
Buying a home is exciting and has many benefits that you don’t have when renting, provided you are truly ready to take on the responsibility.
Owning a home is something that most people dream about but it usually takes time to come up with a down payment. You need to work for a while and save up some money, which means you’ll probably end up renting for a few years. Since renting can be very expensive, this makes saving for a home more difficult but there are ways that you can save money while renting, so you can buy a home when you’re ready.
Creating and sticking to a budget can be difficult. However, when you keep in mind that doing without a few extras now, means that you can afford to buy a home in the near future it becomes a little easier. You just have to keep reminding yourself that by sticking to that budget, you’ll be able to buy your dream house soon.
You can’t live without necessities such as food, clothing and in many cases, a car but there are a lot of things people pay for that they could do without. These include things like entertainment, which is important. However, do you really need all those movie and sports channels, especially if you very seldom watch TV? Look at the money you could save if you bumped it down to basic cable and rented your movies or watched them online.
When you’re tempted to buy something that will interfere with saving money for a home, stop and ask yourself a few questions. For example, do you really want that expensive luxury car now or would you whether be moving into your own home in a few years? Do you need to go on that shopping spree or do you already have plenty of clothes to wear? Is a 50-inch TV really going to be that much better than the 32-inch one you have now? When saving is a priority, you won’t be tempted to spend money on luxuries you don’t need.
That house with the 2-car garage, din and extra bedroom may be very nice but it’s also going to cost you four or five hundred dollars more a month. You want the home you rent to be comfortable but if you can save $500 a month and still have enough room then go for the cheaper option. When you think of it long-term like over five years, you can save a lot of cash to buy a home with later.
Saving for a home is like any other big investment. You may have to do without a few luxuries now but it’ll be worth it in the end. If you make saving for a new home a priority, set a budget and live as simple as you can now, you can save money while renting and still have everything you need.
Do you want to buy a home but you don’t have the money for the down payment? You are not alone as many people find themselves in a position of finally being able to qualify for a home loan but not having enough for a down payment. If you take all of your savings for the down payment, you’d wipe yourself of a 3-6 month savings plan, putting you at financial risk should you incur any emergencies.
Zero Down loans still exist but they are in the form of a U.S.D.A. insured Zero Down Loan.
You need all of these things below to get a loan since the 2008 “fog a mirror” loans that existed from 1995-2008. You now need;
-a 640+ Credit Score (some lenders go down to 640….but most are 640)
-A 2 year continuous Employment History
-A 3.5% Down Payment*
One option that you might not know exists is government grants to help you buy a home. These grants are designed to help you with your down payment so that you can get into the house you have always dreamed of. Many people think the process to qualify for a grant is too complicated or that they would never qualify anyway so they never even try. They put the idea out of their minds as an option and they could be missing out on a great opportunity.
Grants for a Down Payment on a home is the best way to buy if you cannot come up with it! Understand this VERY IMPORTANT bit of information below:
YOU STILL NEED TO QUALIFY FOR THE FHA LOAN!!!
You still need the 640 Score with 3 credit accounts that have been paid on for 12 months. So if you do not have this, then Enroll in The H.O.P.E. Program below and we will do all of the following;
-Remove the bad stuff of your credit report
-Add 3 new Credit Accounts (your Rent History and 2 new forms of Credit like a Secured Credit Card)
-WE WILL ALSO HELP YOU GET THE (up to) $7500 IN DOWN PAYMENT GRANTS (depending on the city/county/state you live in)
Fill out the form below and we will contact you!
It is a common belief that when you have bad credit, you are not able to buy a home. Well, this statement might be partly true since having a bad credit means that you cannot get a mortgage. Or if you get it, it is very expensive and at the same time loan rates might be high for you since you are a credit risk. This makes purchasing a home nearly impossible or too expensive. You are not alone in this experience.
However, there are some ways you can purchase a home, even with bad credit. There are also ways to improve your credit with a specific credit-improving plan. Even though this might take some time, in the long run it is going to pay off. Therefore, the following are three ways you can use to purchase a home even if you have bad credit.
You can buy a home from a seller under a contract and let them carry the financing. This sometimes is offered by elderly people who might have retired and want to move to a much smaller house, or to home investors who no longer want to be in a particular property. Your payment might give the person an extra income, or get them out of a contract they just don’t want anymore. The house might have been in the market sometime back and no one bought it. This makes the homeowner a little desperate to get it sold. However, it is important you confirm with the owner first if he is willing to carry the financing and that you go into these agreements only with the advice of a 3rd party to ensure you are getting a fair and legal contract.
In this agreement, you lease the house for a period of around one to three years. You can purchase the house during the lease period at a price agreed on in the start. Leasing and lease-to-own or rent-to-own properties are one way that people with bad credit can buy a home. This will give you time to improve your credit rating so that you qualify for straight mortgage. Don’t be fooled by the scams out there; some leasing options are legitimate.
Buying subject 2
In this case, you will be making the payments to the mortgage company but at the same time, the current owner remains on the contract. This mainly applies in cases where the sellers are facing bankruptcy or foreclosure. By stepping in and taking over the payments, you assist the seller preserve their credit rating. You will also be able to give them some money upfront so that they walk away and go get a fresh start.
Even though each method contains a dark side of it for the homebuyer, they are usually used every day by perceptive investors to buy houses without being qualified. Seek appropriate professional counsel before using one of these methods to buy a home with bad credit.
We have helped over 12,000 people get homes who NEVER thought they could!
Our consultations are free and we can evaluate you in 5 minutes…..Call us at 888-920-4893 for a FREE consultation.
If you’ve been denied a home loan or for any line of credit, you may be interested in learning about your credit score. So let’s take some time to explain the credit score and how to find yours.
A credit score is the number used in predicting the likeliness that you’ll pay your loan back on time and it’s derived from your previous credit records. Companies use credit scores to decide whether they’ll give you a credit card or approve your mortgage. It varies with different lenders who use various scoring formulas and a score that is higher means easier loan qualification and better interest rates. It’s not part of your financial history but it’s made available when a lender makes a request to see your financial reports. The question is how to get your credit score.
There are a few different ways to get your credit score. First, you can request a free copy from the credit reporting agencies once a year. You can also pay to get copies of your credit report sent to you. And finally, you also get it free in some situations where you have applied for credit that was denied.
It is accessible from the three major agencies that do credit reporting annually on AnnualCreditReport.com. These three agencies are TransUnion, Experian and Equifax. It’s always advisable and smart to request reports from all agencies for careful reviews and second checking for inaccuracies. A good history and a high score will guarantee higher chances of getting a loan the next time you want one. A credit score comprises five parts. These include:
In order to have a good score, you must pay your bills in good time, apply only for credit which you need, avoid overusing credit that you’ve been given and order your report annually to dispute the errors that you notice. All of these different factors will work into your overall credit score.
Credit scores normally range between 300 and 850. A good score, also referred to as a rating, is a numeric representation of credit worthiness and it is mainly up to you to maintain it as high as possible. You must be responsible in managing your finances in order to achieve more since it will enable you to own your dream home, pay for your car or you children’s college fees many years down the line and a high score is what will matter.
Now that you know how to request your credit score, you can do so on a regular basis to ensure your positive credit score is maintained or a low credit score is improved.
Do you want to know how to fix bad credit? There are simple and effective ways to fix bad credit. Keeping a minimal balance on all credit cards is essential to eliminating debt related problems. Checking your credit report regularly is also a great way to avoid unexpected identity theft issues. Consolidating your debts with the help of a professional agency can also lower monthly payments making things easier on your finances. Speaking with a financial consultant can be helpful to help you avoid pit falls that led to the creation of debt to begin with for you.
Consolidating all debts onto one card can be helpful so that you can make more than the minimal monthly payment. Avoiding the temptation to close cards that are not active is also important. Many people do not realize that closing accounts will actually lower your credit score. Contacting credit reporting agencies to dispute any unknown charges is also a beneficial strategy. Making payment arrangements with any accounts in collections should raise your score by a few points.
Making payments above the minimum monthly payment will also have a positive effect on your credit score. Freezing your credit report access during extended periods of stability is also advisable. People are not aware hard credit inquiries can lower a score by several points. The consolidation of student loans will also free up money to pay off any extenuating long-standing debts. Checking on the length of a debt to see if it can be removed from your report is a easy way to quickly raise your score.
It is easy to see that you can fix bad credit with a well thought out plan and a little bit of patience. You need to learn how to remove bad credit and add good credit. Finding assistance from a qualified professional can be easier than trying to handle the whole situation yourself. There are many free services available to help you get back on track and we can help you find them today.
There are many important factors to consider when one wants to buy or rent a home. Renting vs. buying a home requires one to make important personal decisions. To assist you make the right decision, here is a guide to the pros and cons of buying vs. renting.
There is a time when renting is best for a person and there are times when buying is best. Maybe you’ve been renting but now you’re ready to buy and you only continue to rent because you think you have no other choice. This is where good information helps you make the best decision.
Let’s compare some pros and cons.
If you make the decision of buying a home, you are contributing to your investment portfolio and building equity. You can do anything to that home since you will find the enjoyment of living in your own house. It’s yours and you can make decisions about construction, painting, remodeling and more. You can feel confident that you are investing into your future and you have equity. This gives you an additional type of security that you did not have as just a renter.
Buying a house also comes with financial benefits such as a deduction for your mortgage interest. These are just some of the pros of buying vs. renting.
Perhaps the most difficult thing about buying a home is whether or not you are going to afford the down payment. In some situation it can be around 20% of the property’s price. Other additional costs include homeowner’s insurance, property taxes and general home maintenance.
Generally, renting does not have many financial strings. You have small costs of rental insurance and your personal style and belongings but most maintenance issues will be handled by the home owner. Renting a home will only require you to pay the security deposit compared to buying that will require you to pay the hefty lump sum down payment. Renting is the best solution if you do not want your money to end up in mortgages. Many people choose to rent when they are not ready to commit to purchasing a home just yet or when they will only be in an area temporarily.
Your monthly rent may end up being much more expensive than the mortgages after a few years. You could have bought a house by the time you spend a number of years renting. Another downside to renting is that you don’t build any equity. Renting is not an investment. You’re buying a temporary place to stay- that’s it.
Buying vs. renting a home depends on one’s personal decisions since some want the security of owning a house while others prefer the flexibility of renting. It’s not a decision that anyone else can make for you or your family. It’s not about which is better than the other but about which is best for you.
There are many advantages to buying a home and stop renting, and the ability to buy a home is within your reach. Are you sick of the thin walls and noisy neighbors? Do you wish you could paint you walls and finally have some nice appliances and flooring? Many people get stuck in the trap of renting, and fear being tied down by home ownership. But owning a home is a wise investment, and the pride that comes from calling a place your own is priceless.
Here are four reasons to buy a home and stop renting:
Pride of ownership
There is nothing better than calling a home your own. You can remodel, put that swing set in the backyard or host that family reunion.
Rent prices are always rising, and with each new lease signed comes a higher payment. A fixed mortgage is a fixed payment every month, so there are no surprises. You have security to know what you’re paying and that it will be going toward the principal of your investment.
Rent money never comes back. It is like flushing your hard earned dollars down the toilet. Investing in a home is an investment in you future and the future of your family. The value of homes go up and down with the economy, but staying in your home for a good length of times can yield a good return on your investment.
When you make your mortgage payment every month, and take out the amount owed on the loan from the house value, you are building equity. This equity value goes up with every house payment. You also build equity as the value of the home rises. You can take out loans based on the value of the equity, increasing the value of the home and the equity even more.
Deciding to buy a home is challenging, but well worth the rewards. If you’ve worried that you will never be able to buy a home of your own, or if you have been turned down for a home loan before, we can help you. We have a proven plan that, when followed correctly, will help you correct issues that are blocking you from buying your own home today.