{"id":6920,"date":"2017-12-27T20:19:31","date_gmt":"2017-12-28T01:19:31","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=6920"},"modified":"2021-01-17T22:50:59","modified_gmt":"2021-01-17T22:50:59","slug":"first-time-home-buyer-nc","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/first-time-home-buyer-nc\/","title":{"rendered":"New Tax Law Helps a First Time Home Buyer Purchase a More Affordable Home"},"content":{"rendered":"

First Time Home Buyer Can Use New Tax Laws to Make a Home Purchase More Affordable<\/h1>\r\n

There’s a lot of good numbers flying around these days about real estate!\u00a0 Existing home sales,\u00a0new home construction, and other confidence\u00a0numbers continue to rise.\u00a0 Actually a recent USA Today article stated, “homebuilder confidence\u00a0hit\u00a0the highest level in 18 years in December<\/a>“! \u00a0So, this means that home prices are going up.\u00a0 Higher home prices benefit homeowners and sellers<\/a>.\u00a0 Conversely, higher home values make homeownership a little more difficult for a first time home buyer.\u00a0 Obviously, higher prices mean higher monthly mortgage payments.\u00a0 But, there is some potentially good news for many first time home buyers inside the new 2018 tax laws. [av_button_big label=’8 Reasons Now is the Time to Buy a House’ description_pos=’below’ link=’manually,http:\/\/teammovemortgage.com\/blog\/2017\/11\/13\/buy-a-house\/’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′][\/av_button_big]<\/p>\r\n

First Time Home Buyer Benefits From New Tax Laws\"first<\/h2>\r\n

Many tax payers are going to have lower income taxes<\/a> starting in 2018 because of the much higher standard deductions, lower tax rates, and higher child tax credit.\u00a0 Single tax payers will have a standard deduction of $12,000 and married filing jointly will have a $24,000 standard deduction.\u00a0 These larger deductions could lower the taxable income and thus the income taxes.\u00a0 The goal of the\u00a0Tax Cuts and Jobs Act of 2017\u00a0<\/a>is to put more money in the pockets of Americans as well as to stimulate more and better paying jobs.\u00a0 So how does a first time home buyer benefit from this tax law?<\/p>\r\n

Tax Savings = Payment Affordability<\/h3>\r\n

First of all, get with your CPA to figure how the new tax laws affect you.\u00a0 If you don’t have a CPA, find one that is able to help you plan your savings.\u00a0 Just think, if you are projected to gain another $200 – $400 per month in lower taxes, then you could then afford a higher priced home!\u00a0 Plus, you could use this plan from your CPA to lower your payroll taxes to net the gain in each paycheck rather than waiting for tax refund season.\u00a0 It is a potential cash flow increase immediately. Higher purchase prices in larger markets have been the biggest hurdle in making a purchase out of reach for a first time home buyer.\u00a0 Additionally, the small increase in mortgage interest rates have effected buyers as well.\u00a0 But for instance, if a buyer is able to realize a hypothetical $300 per month gain in net income like above, then a $100 to even $300 higher house payment may be feasible.\u00a0 It could make a buyer more comfortable in buying a home<\/a>. [av_button_big label=’First Time Home Buyer Admits “If I had only done this”‘ description_pos=’below’ link=’manually,http:\/\/teammovemortgage.com\/blog\/2017\/07\/06\/first-time-home-buyer\/’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′] Key points to help buy a first home [\/av_button_big]<\/p>\r\n

Use a Tax Refund as Down Payment to Buy a Home<\/h2>\r\n

Down payment is one of\u00a0the largest obstacles to homeownership<\/a>, but typically prospective buyers have more funds during tax refund season over any other time of the year.\u00a0 First of all, there are no down payment home\u00a0loan options like USDA<\/a> and VA home loans<\/a>.\u00a0 These are wonderful mortgages that provide affordable monthly payments with no down payment required.\u00a0 But, when a down payment is required on an FHA<\/a> or conventional loan, that is where a tax refund can help!\u00a0 FHA has a minimum of 3.5% down payment while conventional loans allow as low as 3% down payment.\u00a0 Just think, a tax refund of $4,000 – $8,000 could provide most or all of the down payment on a house! Even if the buyer uses a product with no down payment or already has the down payment, the extra tax refund could turn a denial<\/a> into an approved file.\u00a0 The reason?\u00a0 Because the more assets after the closing (lenders call this reserves), the better chances of getting a loan approval with lower credit scores or higher debt ratios.\u00a0 Learn more details in one of our popular articles “Tax refund used as a down payment to buy a home<\/a>“. [av_button_big label=’Warning to Avoid This With Your Tax Refund’ description_pos=’below’ link=’manually,http:\/\/teammovemortgage.com\/blog\/2016\/02\/10\/tax-refund-home-purchase\/’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′][\/av_button_big] This article is not tax advice.\u00a0 Always seek tax advice from a licensed tax professional or certified public accountant.<\/em><\/p>\r\n

See How Much You Could Qualify by Contacting Us Today<\/h2>\r\n

\"Russell\r\n
Your experienced mortgage lender<\/figcaption>\r\n<\/figure>\r\n<\/p>\r\n\r\n\r\n

Realtors can follow on ActiveRain<\/a><\/strong> or Connect on Linkedin<\/a><\/strong> for more news. See why service matters<\/a><\/strong><\/p>","protected":false},"excerpt":{"rendered":"

First Time Home Buyer Can Use New Tax Laws to Make a Home Purchase More Affordable There’s a lot of good numbers flying around these days about real estate!\u00a0 Existing home sales,\u00a0new home construction, and other confidence\u00a0numbers continue to rise.\u00a0 Actually a recent USA Today article stated, “homebuilder confidence\u00a0hit\u00a0the highest level in 18 years in […]<\/p>\n","protected":false},"author":2,"featured_media":6933,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,33,19,40],"tags":[1026,1028,1135,1029,1136,1137,1138,1139],"class_list":["post-6920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-frequently-asked-questions","category-recent-changes","category-tips","tag-first-time-home-buyer","tag-first-time-home-buyer-loan","tag-first-time-home-buyer-nc","tag-first-time-home-buyer-programs","tag-first-time-home-buyer-sc","tag-first-time-home-buyer-virginia","tag-first-time-home-buyers","tag-new-tax-laws"],"acf":[],"yoast_head":"\nFirst Time Home Buyer Can Use New Tax Laws to Make a Home Purchase More Affordable<\/title>\n<meta name=\"description\" content=\"First time home buyer roadblocks include down payment and higher purchase prices, but the new tax laws in 2018 could help in both areas. 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