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We Have News To Tell…. the Home Buyer Tax Credit Has Been Extended and Expanded…



From now until April 30, 2010, first-time home buyers and move-up buyers have another great reason to get on the path to purchasing a new home! The benefit to first-time homebuyers is a tax credit up to $8,000 and for move-up buyers a tax credit up to $6,500.

At a Glance:

FIRST TIME BUYERS

Credit: Equal to 10 percent of the home's purchase price, up to $8,000

Who Qualifies?

· Those who haven't owned property in the last three years

· Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)

· Must be at least 18 years of age to claim credit

· Purchase price must be $800,000 or less

Deadlines:

· Have until April 30, 2010, to enter into a contract for a home purchase

· Have until June 30, 2010, to close on the purchase

. The deadline is exteded by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009 to May 1, 2010.


CURRENT HOMEOWNERS

Credit: Equal to 10 percent of the home's purchase price, up to $6,500

Who Qualifies?

· Those who have owned and lived in their principal residence for at least five consecutive years during the past eight years

· Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)

· Must be at least 18 years of age to claim credit

· Purchase price must be $800,000 or less

Deadlines:

· Have until April 30, 2010, to enter into contract for a home purchase

· Have until June 30, 2010, to close on the purchase

In addition, buyers have another year to take advantage of the higher loan limit for mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost housing markets. The limit in normal markets will remain $271,050 for FHA and $417,000 for Fannie Mae and Freddie Mac.

PLEASE NOTE: The tax credit does not have to be repaid provided you live in the new home for a minimum of three years. Military families are exempt from this stipulation.

Purchaser must attach documentation of purchase to tax return.



Please remember to consult with a tax professional for individual eligibility and implications of the Homebuyer Tax Credit.


What is the First-Time Homebuyer Tax Credit?

* WHAT CAN YOU AFFORD?

 

Now that you know what you're looking for, the next step is figuring out what you can afford. A review of your income, savings, monthly expenses, and debt will be necessary. Early on in the process, you'll want to get pre-qualified for a mortgage loan, which helps determine how much you can afford. It enables you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and can afford to buy the property. A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you'll be able to finance through a loan and what your monthly payment will be. When you find a home to buy, a pre-approval also reassures the seller that you have the financial means to purchase his or her home. Know what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have. It pays to check with several lenders before you start searching for a home. The price you can afford to pay for a home will depend on several factors, such as: gross income the funds you have available for the down payment, closing costs and cash reserves required by the lender your debt your credit history the type of mortgage you select current interest rates

 

* THINGS TO CONSIDER WHEN SEARCHING FOR A HOME

 

Before deciding which house to buy, think about your lifestyle, your current and anticipated housing needs, and your budget. It’s a good idea to create a prioritized list of features you want in your next home – you'll soon discover finding the right house involves striking a balance between your "must-haves" and your "nice-to-haves." To start, consider your lifestyle. If you love to cook, you'll want a well-equipped kitchen. If you're into gardening, you'll want a yard. If you're planning your office at home, you may want a room for a separate library or work space. If you have several cars, you may require a larger garage. Use this list as your search guide. Next, think about what you might need in the future. As you consider your housing needs, it's important to consider how long you may live in your home. If you're newly married, you might not be concerned with a school district right now, but you could be in a few years. If you have aging parents, you may want to look at homes that offer living arrangements for them as well as you. It’s important to think about your new home’s location just as carefully as you do about a house’s features. Location is a huge part of any move. In addition to considering the distance to work, you need to evaluate the availability of shopping, police and fire protection, medical facilities, school and day-care, traffic and parking, trash and garbage collection, even recreational facilities. Perhaps the most important decision is deciding on the type of home you want. Do you want a condominium or a co-op? A town house or a detached single-family home? Do you want brick, stone, stucco, wood, vinyl siding, or something else? Do you prefer a new home or an older one? Through all of this, make sure to talk to your real estate professional about where you want to live. While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea to use an agent. The agent brings value to the entire process: he or she is available to analyze data, answer questions, share their professional expertise, and handle all the paperwork and legwork that is involved in the real estate transaction. CENTURY 21 professionals have the expertise to help their clients narrow down their choices by sharing market

 

* SEARCHING FOR RICHMOND HILL, GA REAL ESTATE

 

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