http://www.federalhousingtaxcredit.com/2009/faq.php#
Go to this link if you need more info about the First Time Homebuyer's Tax Credit.
Tuesday, March 17, 2009
Friday, March 6, 2009
1st Time Homebuyer's '09 Tax Credit
Most people have heard of the tax credit for first time homebuyer's by now. You might be wondering who qualifies, what does it include, and do I have to pay the money back? I will try to answer these questions.
The IRS defines 'First Time Homebuyer' as anyone who hasn't owned a principal residence for the past 3 years. That means if you have purchased a home in the past, but have not owned a home in the past 3 years then you will still qualify. It's for anyone who has purchased a first time primary residence from January 1, 2009 through November 30, 2009. The credit can be claimed on '08 or '09 taxes. Of course you can only do '08 if you bought the home before April 15, 2009.
This years tax credit is different from the $7500 that they came out with last year. That one was more like a loan than a credit. You had to pay back that money over the years on your taxes. This year's credit is $8000. The homebuyer will receive 10 percent of the purchase price of the home, not to exceed $8000. For example, If a first time homebuyer is due back a $3000 refund from the government and they purchased a home for $100,000, he can claim the full $8000 credit. That means they will get a check for $11,000. WOW! That is awesome.
One of the only 'catches' is that you have to stay in the home for 3 years and if you don't you will have to pay the money back. The other thing is there are income guidelines. The full credit is available to people making under $75,000 a year and for married couples making $150,000 or less. That shouldn't be a problem for most of us:) Then the credit starts to phase out the more you make over $75,000 and they say that for individuals making more than $95,000 it's not available.
I hope this info helps. Spread the word about this awesome incentive and if you have any questions, call, text, or email me!
The IRS defines 'First Time Homebuyer' as anyone who hasn't owned a principal residence for the past 3 years. That means if you have purchased a home in the past, but have not owned a home in the past 3 years then you will still qualify. It's for anyone who has purchased a first time primary residence from January 1, 2009 through November 30, 2009. The credit can be claimed on '08 or '09 taxes. Of course you can only do '08 if you bought the home before April 15, 2009.
This years tax credit is different from the $7500 that they came out with last year. That one was more like a loan than a credit. You had to pay back that money over the years on your taxes. This year's credit is $8000. The homebuyer will receive 10 percent of the purchase price of the home, not to exceed $8000. For example, If a first time homebuyer is due back a $3000 refund from the government and they purchased a home for $100,000, he can claim the full $8000 credit. That means they will get a check for $11,000. WOW! That is awesome.
One of the only 'catches' is that you have to stay in the home for 3 years and if you don't you will have to pay the money back. The other thing is there are income guidelines. The full credit is available to people making under $75,000 a year and for married couples making $150,000 or less. That shouldn't be a problem for most of us:) Then the credit starts to phase out the more you make over $75,000 and they say that for individuals making more than $95,000 it's not available.
I hope this info helps. Spread the word about this awesome incentive and if you have any questions, call, text, or email me!
Friday, January 16, 2009
Interest Rates
Wow! Interest rates have been so low lately. They have dropped to below 5 % and that is the lowest since 1971. Mortgage rates have been dropping since late Novemeber. And you know what that means? It's a great time to buy or to refinance. Freddie Mac reported that the average rates on a 30 year mortgage were 4.96% this week. A year ago they were 5.69%. The average rate on a 15 year mortgage has been around 4.5%. Call or email me if you need any more info on any of this.
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