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Stamford, CT

The National Association of REALTORS explains the $8000 Tax Credit...

Nicole  Borsey: Real Estate Agent in Stamford, CT

2009 First-Time Home Buyer Tax Credit

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.



How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

© Copyright NATIONAL ASSOCIATION of REALTORS®

Stamford Magnet Schools

Victoria Lorusso: Real Estate Agent in Stamford, CT

S tamford's magnet schools offer educational choices to parents through innovative programs of theme-based instruction. While the programs at the magnet schools are described briefly here, more details on each program are available from the individual schools.

There are 12 elementary schools in Stamford. Four of these schools - Hart, International School at Rogers Magnet, Toquam and Westover - are magnet schools. These schools enroll students from all parts of Stamford by a lottery process. The other eight elementary schools enroll students based on residence.

There are also 5 middle schools in Stamford. One of these schools - Scofield - is a magnet school. This school enrolls students from the 4 middle schools by a lottery process.

Out of the three Stamford high schools, AITE (Academy of Information Technology & Engineering) is an Interdistrict Magnet High School attracting students not only from Stamford but also from the surrounding towns and communities.

Read on to see frequently asked questions about these programs.

Here you can find the answers to some of the Frequently Asked Questions (FAQs) about Stamford's Magnet Schools, Admission procedures, and Lottery process.

  • 1. What is the purpose of the Magnet Schools?
    By Stamford Board of Education policy, the magnet schools exist to help the school district manage enrollment, balance and to provide educational choices for parents.
  • 2. What is the difference between Magnet and Districted schools?
    The magnet schools enroll students from all parts of Stamford; the districted schools enroll students from designated attendance areas. All magnet and districted schools implement a state mandated curriculum and teach to the CT State Standards in English, Math, Science, Social Studies, Art, Music, and Physical Education.
  • 3. How do students apply to the magnet schools?
    A parent applies for admission to the magnet school(s) by completing an application provided at orientation meetings held at the magnet schools. The Research Office manages the application process.

    Parents may apply to one or more magnet schools but are required to rank their choices. Admission to each of the magnet schools is treated independently. A child receives a lottery number for each of the magnet schools for which an application is made. A lottery number will either admit a student to a magnet school or place the student on a waiting list. Once a parent accepts a seat in a magnet school, the child's name will be withdrawn from the waiting lists of other magnet schools to which he/she applied.
  • Timeline for applications?
    All applications for the 2009-10 school year are due by 4:00 p.m. Monday, March 2, 2009. Applications are available at the magnet schools at the orientation meetings. Completed applications should be returned to the magnet schools. Within three weeks of parents' filing magnet applications, the Research and Evaluation Office mails letters home to parents to let them know that their applications have been received.

    For the Elementary Magnet Schools:

    On Tuesday, March 24, 2009 lottery numbers will be drawn. By the second week of April, letters will be mailed to invite students to the magnet schools. Parents will have until Monday, April 20 to respond.

    For Scofield Magnet Middle School:

    On Monday March 23, 2009, lottery numbers will be drawn. By the first week in April, letters will be mailed to invite students to Scofield Magnet Middle School. Parents have until Friday, April 10 to respond.

    Is it necessary to come to the lottery drawing?

    No, parents can also learn their child's lottery number by calling the Research Office at 977-4198 or 977-4201 after the lottery drawing.

4. How does the lottery process work for the elementary magnet schools?
Student applications are divided into two groups - Educationally Disadvantaged and Educationally Non-Disadvantaged. Educationally Disadvantaged students: For the Elementary Magnet Schools:

  • Are Eligible for the federal lunch program or
  • Are English language learners or
  • Reside in income restricted housing.

Selection for magnet school admission is based on a lottery number as well as category considerations. This combination enables the district to regulate enrollment and balance. The order of admission by category is described below: I. Students residing in the attendance area of a magnet school II. Students with a brother or sister in the magnet school III. Students residing in the "preferred area" of a magnet school (streets close to a magnet school) IV. Students residing in the attendance area of a district school identified for "targeted admission" to the magnet schools V. All other students

What is the meaning "targeted admission" to the magnet schools?

"Targeted admission" is offered to incoming kindergarteners from district schools with enrollments that are expected to exceed school capacity. In this way, "targeted admission" is used to anticipate potential crowding. By February 15, the Superintendent will advise the Board of Education of the need for "targeted admission" for 2009-10. Parents of incoming kindergarteners will be informed of which elementary schools, if any, have "targeted admission" status for the coming school year.

5. Do all students have the same chance for admission to a magnet school?

No. The lottery process is controlled and works with specified enrollment categories, as described above. For example, a student from a district school identified for "targeted admission" will be accepted to a magnet school before students with lower (i.e. better) lottery numbers from district schools not identified for "targeted admission."

Also, students residing in the attendance area of a magnet or district school will likely remain in their assigned schools if their departure will create imbalance. By February 15, restrictions on admission of students from selected schools to the magnet schools will be determined and announced

6. How does the process work for Scofield Magnet Middle School?
Seats to Scofield Magnet Middle School are proportionately allowed to Cloonan, Dolan, Rippowam, and Turn of River. In addition, student applications are divided into two groups. Educationally Disadvantaged and Educationally Advantaged as described above. There are therefore eight lottery lists for Scofield - an Educationally Advantaged and Educationally Disadvantaged list for each of the four districted middle schools. Students are selected from the eight lotery lists to fill 210 seats in the sixth grade at Scofield. Students are added in grades 7th and 8th as space becomes available.

Understanding the FHA 203k STREAMLINE

Nima Rezvan First Time Home Buyer Expert CT FHA Loans - FHA 203k - CT Mortgage: Loan Officer in Stamford, CT

See full size image

CT FHA 203k Streamline Rehab Loan

Being a mortgage professional since 2002 and I can be honest with you in saying that the hottest inquired about home loan in recent days has been the FHA 203k Streamline. I'm posting this blog today so that everyone can get themselves familiarized with this loan. This is an excellent mortgage product specially for buyers of foreclosures, REO properties or bank owned properties because most of these homes need some fixings before a bank or lending institution is willing to lend money on them. FHA 203k Streamline goes by the FHA guidelines hence the name FHA 203k rehab loan.

See full size image For more information directly from the US Department of Housing and Urban Develpment, click on this link: http://nhl.gov/offices/hsg/sfh/203k/203kmenu.cfm

Understanding the FHA 203k STREAMLINE

I. Program Highlights

  • FHA Renovation Program
  • Owner Occupied Only
  • Simplified process!
  • Up to $35,000 in repairs with no minimum!
  • No consultant required
  • No contingency funds required
  • Up to 50% of materials can be disbursed after closing to each contractor in order to defray cost
  • Two draws per contractor
  • No 10% holdback

II. Eligible Properties

  • 1-4 unit properties
  • Town houses
  • Condos (interior only)
  • Row homes
  • HUD Repos (single unit only)
  • Purchase and Refi Transactions

III. Eligible Improvements

  • Repair/Replacement/upgrade of:

- roofs, gutters and downspouts

- existing HVAC systems

- plumbing and electrical systems

- flooring

  • Minor remodeling, such as kitchens, which does not involve structural repairs
  • Painting, both exterior and interior
  • Weatherization, including storm windows and doors, insulation, weather stripping, etc.
  • Septic system and/or well repair or replacement
  • Repair/replace/add exterior decks, patios, porches
  • Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
  • Accessibility improvements for persons with disabilities
  • Lead-based paint stabilization or abatement of lead-based paint hazards
  • Basement finishing and remodeling, which does not involve structural repairs
  • Basement waterproofing
  • Window and door replacements and exterior wall re-siding

IV. Ineligible Improvements

  • Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall
  • New construction (including room additions)
  • Repair of structural damage
  • Repairs requiring detailed drawings or architectural exhibits
  • Landscaping or similar site amenity improvements
  • Any repair or improvement requiring a work schedule longer than six (6) months
  • Rehabilitation activities that require more than two (2) payments per specialized contractor

V. Who Can Do the Work?

  1. Borrower can select their own contractor
  2. Should be licensed and insured if required by municipality
  3. Should be able to document qualifications
  4. Borrower can do their own work only if they can document their qualifications

VI. Getting them Closed

  • Borrower collects contractor bids
  • Bids are used to order appraisal
  • Appraiser will do a "subject-to-completion" appraisal
  • Borrower and contractor sign contract

VII. What Happens After Closing?

  • Work begins
  • Up to 50% can be paid to each contractor up front
  • Final inspection will be done to ensure workmanlike completion of work
  • Title update will be needed before final disbursement

VIII. Reasons to pick the 203(k) Streamline

  • Much faster process to get to closing
  • Includes appliances and cosmetics
  • Less expensive (no contingency funds, no consultant fee, fewer inspections, etc.)
  • Up to 110% of after-improved value
  • Overcomes borrower concerns about property

If you have any questions feel free to visit the Frequently Asked Questions section of US Department of Housing and Urban Development: http://www.hud.gov/offices/hsg/sfh/203k/faqs203k.cfm

I really do hope that this blog is helpful to you and if you would like to speak to me directly regarding a FHA 203k Loan then you may do so by emailing or calling me.

Your Connecticut Senior Mortgage Broker,

Nima Rezvan

Blackberry: 203.913.6016

Email: NRezvan@LADDFinancial.com

Website: http://www.MyNima.com

APRIL 15TH IS AROUND THE CORNER

Jennifer Lauren  Ruspini,ABR,SRS,e-Buyer: Real Estate Agent in Monroe, CT

You don't have to be rich to get audited. To protect yourself, get a receipt for any donation you plan on deducting. And keep those receipts for seven years-unless it suspects you of outright fraud, that's how far back the IRS will go with an audit. From your realtor

OVERPRICED HOME

Jennifer Lauren  Ruspini,ABR,SRS,e-Buyer: Real Estate Agent in Monroe, CT

Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:
· Minimizes offers
· Lowers agents response
· Limits qualified buyers
· Lowers showings
· Lowers prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller