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Posts tagged Money Merge Account
HUD Clarifies The First Time Homebuyer Tax Credit
Jun 1st
HUD Clarifies Tax Credits
Borrowers still need 3.5% of own funds
The U.S. Department of Housing and Urban Development has clarified how tax credits under recently passed legislation can be monetized in home purchase transactions.
HUD Secretary Shaun Donovan today told a group of directors for the National Association of Home Builders that the $8,000 first-time homebuyer tax credit created under H.R. 1, the American Recovery and Reinvestment Act of 2009, can be applied toward the purchase of properties securing loans insured by the Federal Housing Administration, a news release said.
Donovan originally announced the monetization of the tax credit earlier this month.
The recovery bill became law in February.
The tax credit is not available until the borrower files a U.S. income tax return. But with today’s action, HUD will allow FHA borrowers to obtain secondary financing up front from state Housing Finance Agencies and certain non-profits.
“Today’s action will help stabilize the nation’s housing market by stimulating home sales across the country,” the statement said.
However, the funds cannot be applied toward the 3.5 percent down payment required from the borrower. But the funds can be applied toward “their down payment in excess of 3.5 percent of appraised value or their closing costs.” Funds used for discount points can help reduce interest rates.
In addition to the borrower’s own cash investment, the 3.5 percent can be contributed by parents, employers and other governmental entities.
Donovan noted that today’s actions differ from seller-funded downpayments — which were “a vehicle for abuse.”
Would like to learn how the first time home buyer tax credit can help you be debt free? Then you take a little time and learn about the Money Merge Account program. You can request a free analysis today.
How the First Time Homebuyer Tax Credit Can Help You Be Debt Free
Mar 15th
The IRS has updated the tax form used to claim the first time homebuyer tax credit. That’s been increased to as much as $8000 for buyers purchasing a home before December 1st.
In 2008 nearly half of homebuyers were buying for the first time and the expanded credit will make it easier for that group of buyers to enter the housing market this year, the Treasury Department said in a recent announcement about its implementation.
IRS Form 5405 will allow qualifying buyers to claim the credit on either their 2008 or 2009 tax returns. The credit is equal to 10% purchase price of the home, up to a cap of $7,500 or $8,000.
For the first time homebuyers who purchase a home in 2008, the credit maxes out at $7,500 and functions like an interest free loan it must generally be repaid over 15 year period.
The American Recovery and Reinvestment Act of 2009 raised the cap to $8,000 and eliminated the repayment requirement unless a home is resold within three years.
With the first time homebuyer tax credit, a first time buyer can put their mortgage on the fast track with no out of pocket expense. By using the power of the Money Merge Account program, which pays off a mortgage using an interest-reducing strategy. First time homebuyers have access to an incredible tool, that can pay off their mortgage in as little as 1/3 to 1/2 the time. Thus saving themselves time and interest, and owning their home free and clear.
To find how quickly you can pay off your mortgage, becoming debt free thanks to the first time homebuyer tax credit schedule a free financial analysis today.
Success From Home has featured United First Financial and the Money Merge Account System
Jan 22nd
Success From Home, from the publisher of Success Magazine, will feature United First Financial™, and it’s Money Merge Account® program as its cover story in the February issue, that will appear on newstands in January.
This highlights the unquestioned credibility of UFirst™. Prospects will see, on national newsstands, the outstanding opportunity we bring.
Just think, pay off your debt quickly, and help others to do the same. Everyone benefits.
“I think people have to learn how to earn, save, invest and then be philanthropic. What the Money Merge Account® does is it gives people insight into what their habits are. As a society, we’ve become used to consumerism and spending — maybe even overspending. The Money Merge Account helps you realized when you’re spending too much. For most of us – myself included – it’s a wake-up call.” – Mark Victor Hansen.
“What we’re trying to do is conquer the world of debt – because debt is causing the paralysis of the world. United First Financial’s Money Merge Account software is going to change the world because if we could have done it, we would have done it. But we haven’t yet – until now. Even with as much cash flow as I have, and I have much more than most, I still have debt. The software helps me see that, instead of [paying] 30 years on this piece of property, I’m on schedule to pay this off in 12.2 year and potentially save $639,000. I did not realize that until I used the Money Merge Account program.” – Mark Victor Hansen
If you’re interested in joining the mission to help others get debt free and build wealth, visit our website: And the rest is up to you.