Tuesday, February 17, 2009
$8000 Tax Credit
The buzz in the real estate community is the new tax credit that is in the planning stages for first time buyers. This is a work in progress and the details are quickly changing. I have posted a list of the current details. I will post new details as I receive them. If you are interested in taking advantage of this tax credit please give me a call and I will help you in this process!
$8000 Tax Credit for New Home Buyers
As you probably have heard, both the House and Senate have passed the Stimulus bill yesterday (with the Senate finally passing the bill just before 11:00 p.m.) . In addition, the President is scheduled to announce the Administration’s comprehensive housing recovery program next Wednesday. We believe it will focus on foreclosure relief and the modification of existing loans (delinquent and possibly current).
Tax Credit
Below is the link to the tax credit provision. (page 24)
http://thomas.loc.gov/home/h1/Recovery_Bill_Div_B.pdf
The 2008 tax credit provision has been amended as follows:
a. Tax credit is increased to $8,000
b. The income limits remain the same: ($75,000 for an individual; $150,000 for a couple).
c. First-time homebuyers and principal residences only.
d. Tax credit is available until December 1st (previously it expired on July 1st).
e. Waiver of recapture (i.e. no repayment requirement) for properties purchased in 2009 prior to December 1st. The provision is retroactive to purchases made on or after January 1, 2009. Recapture section does apply to properties sold in first three years.
f. Waiver of prohibition on financing by mortgage revenue bonds is included
Tax Credit
Below is the link to the tax credit provision. (page 24)
http://thomas.loc.gov/home/h1/Recovery_Bill_Div_B.pdf
The 2008 tax credit provision has been amended as follows:
a. Tax credit is increased to $8,000
b. The income limits remain the same: ($75,000 for an individual; $150,000 for a couple).
c. First-time homebuyers and principal residences only.
d. Tax credit is available until December 1st (previously it expired on July 1st).
e. Waiver of recapture (i.e. no repayment requirement) for properties purchased in 2009 prior to December 1st. The provision is retroactive to purchases made on or after January 1, 2009. Recapture section does apply to properties sold in first three years.
f. Waiver of prohibition on financing by mortgage revenue bonds is included
Tuesday, February 10, 2009
New Look
I decided my website needed a new look so I hope you like it. It still has a similar layout but different header picture and color scheme. I hope you like it.
Leigh Anne
Leigh Anne
Tuesday, January 27, 2009
Monday, January 26, 2009
Happy New Year
I haven't posted anything lately and for that I apologize! I'm still here and kicking I guess the cold weather and holidays have proven to be a distraction. There are many changes coming to the world of Real Estate this year and I will try to bring updates on many of those to you as they occur. The interest rates are at an all time low. If you are thinking of buying or even refinancing, I encourage you to contact your lender (call me if you need some names!). They are available with no obligation to counsel you on what you can and can't do. I've heard of loans being locked for rates as low as 4.5%. Now these rates obviously vary with the day and with credit scores and loan programs. That is why I encourage you all to make a call and ask a few questions. If you can drop a few points on your rate you could be savings hundreds of dollars every month and I know we can all use the extra money right now.
Stay tuned!!
Leigh Anne
Stay tuned!!
Leigh Anne
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