Tips For First Time Home Buyers In Bay Area California

Tips for first time home buyers in Bay Area California –
In this video we give a guide for first time home buyers in San Francisco Bay Area California.
Portia+Rohm Realty
Adam McClure – managing real estate broker, real estate investor, developer, licensed general contractor. +1 415 312 4494

Tax Deductions for First Time Home Buyers

So you’re pretty excited you bought your first home and you heard there are some pretty sweet tax deductions that will get you gobs of money back, cause after all it took truckloads of money to buy the thing so you should get some of that money back right?

well, not exactly. You MAY or MAY NOT be able to deduct the expenses on your home there are a bunch of factors we need to consider so lets go thru the pieces…

First, what can you deduct?
When you first buy the home you can deduct any points you may have paid with the loan. You can check your settlement sheet to find them listed usually as loan origination fees. Points, are basically a % of the loan amount…so 1 point is equal to 1% of the loan amount. I would recommend that you don’t pay points, your interest rate will be slightly higher, but over time most people don’t stay in their home for 30 years or they’ll refinance often… so better to save the up front costs. So if you OR the seller paid points they could be deductible for your new home purchase.

Every year you’ll be able to deduct the Real Estate Taxes and any Mortgage Interest that you spend as well as Mortgage Insurance, not home owners insurance, mortgage insurance premium, MIP for short, is the insurance you have to pay each month since you don’t have 80% equity in the house. (the laws keep changing whether you can take the MIP)

Just a side note here, you can get the MIP removed as soon as you hit the 80% value so pay attention, most times the mortgage company won’t let you know when that occurs, and there are some things you can do to get rid of it sooner, like pay down the loan to the 80% value OR you could increase the value of the property thru remodeling and renovations.

That’s pretty much all you can deduct for your home, real estate taxes, mortgage interest, MIP & points paid in the first year of purchase. So what’s that translate into for your refund?

Begin by adding those numbers together with any other deductions you might have like medical expenses your spend over 10% of your income, state and local taxes, charities and work expenses you spend over 2% of your income. If that number goes over ,400 for a married couple or 00 for a single person, you would multiply the excess by your tax bracket, so if your in a 15% tax bracket you would get 15 cents for every dollar over ,400 or 00. so 00 over you’d get back 0 dollars in your refund. If you didn’t go over the 12,400 then you get nothing extra for having deductions. You may have spent a lot to purchase the home and not really see very much back in your refund. Buying at the end of the year won’t help your cause much either.

Lifestyle Loans- Australian First Home Buyers Home Loan Tips

Buying your first home?

Buying your first home is exciting and daunting at once. It’s exciting to move off the rental treadmill into a place you can truly call your own. But it’s daunting to sign up for a loan you’ll be paying off for decades – not to mention the paperwork and the fees.

You need someone who can make the process easier for you, while getting you the most suitable loan available. That’s where Lifestyle Loans comes in. Feel free to ask any questions here or leave a comment. You’ll always get a reply with us. Enjoy!

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First Time Home Buyer Grant Programs | First Time Home Buyer Programs

First Time Home Buyer Grant Programs | First Time Home Buyer Programs


First-time home buyer grants have income and purchase limits that vary from state to state and county to county. For example, the California Housing and Finance Agency income limits for the California Homebuyer’s Downpayment Assistance Program in San Francisco ranges from ,000 to 7,000, depending on the number of people in the household.

While HUD does not offer direct grants or loans to individuals, we do work through local governments and non-profit organizations to make financial assistance and counseling available.

There are some things you should know about government funding of a new home:

The federal government does not give housing grants directly to individuals. The funds are given to states and certain municipalities, who in turn, distribute the funds to residents.

No grant will cover 100% of the cost of a house.

The government will not give a grant to anyone who cannot use it toward a mortgage; therefore, qualification for a mortgage is necessary.

Any program the federal government has to assist first-time buyers in a home purchase will require that you attend a HUD approved Housing Counseling class. They help people get their finances organized so they will qualify for a mortgage.

Buying a House – 10 Things You Need To Do

Watch this video to find out the 10 most important steps you need to take to get ready for buying a house/flat/property. I am by no means a property mogul/housing market expert, but I’ve recently bought a house and these are my top tips. If you want more detailed advice, I’ve linked to some of the websites I used when I began the process.

The Money Advice Service – Home Buying Process:
Money Saving Expert – 50 House Buying Tips:
Rightmove – House Buying Guide:
Rightmove – Property search site (I used this LOADS!):
Citizens Advice Bureau – Buying a Home: – Buying or Selling Your Home: – Buying a House:
Zoopla – Property search site:
Rightmove – Mortgage Calculator:


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