The surveyed senior mortgage executives said increasing the housing stock and offering consumer subsidies, such as a first-time homebuyer
tax credit, could improve affordability for low- and moderate-income homebuyers.
A handful of states have signed first-time homebuyer
savings programs into law, including Iowa, Mississippi, Virginia, Montana and Colorado, according to NAR.
released the eighth edition of the First-Time Homebuyer
Market Report from its Chief Economist, Tian Liu, detailing data findings from the fourth quarter of 2018 and the full year.
For over 25 years, HCIDLA has operated first-time homebuyer
assistance programs, providing eligible first-time homebuyers
with purchase assistance in the form of a deferred-payment soft second loan to be used toward down payment, acquisition and closing costs.
Others raised questions on how to verify whether someone actually is a first-time homebuyer
or if the break should be granted to a newly married couple when only one of them has never owned a home.
"The surge in first-time homebuyer
demand, and the decline in overall purchases, was driven by supply-demand imbalances in today's housing market," Liu said in a statement.
Together, these developments hold the potential to unleash first-time homebuyer
9 CU Times article ("3 First-Time Homebuyer
Roadblocks") should give credit unions that want to increase their purchase mortgages some food for thought.
Carrington has made a public commitment to provide a more transparent, affordable and simplified home loan process to help boost the first-time homebuyer
market for borrowers with modest means and less-than-perfect credit.
The Tax Court held that a home inherited by a taxpayer disqualified him from a first-time homebuyer
credit for a new residence.
Runyan indicates that the IRS has recognized that using an irrevocable trust may have provided a way around the rule against related party transactions when claiming the first-time homebuyer
credit, and makes clear that the practice also constitutes a related party transaction.
Russell George, an inspector general with the Treasury Department, found that the IRS paid out about $460 million in credits to at least 67,100 Americans who were clearly not eligible for the first-time homebuyer