About Franklin County, VA

As most of you know the Home Buyers Tax Credit program has been continued. You can read most of the details in the recent blog: Buy a Smith Mountain Lake Home, Get a Tax Break! With current homeowners now being eligible for a tax credit of up to $6,500, many are asking for details on the expanded program and what it means for them. It seems to be almost custom made for those who are ready to retire or downsize their home!

You can buy a lot of house for $800,000, but not everyone wants a lot of house to take care of! There is a whole generation of Baby Boomers who are just starting out on the road of retirement! On the top of their list is buying a retirement home. The new repeat buyer tax credit can be applied to a home that is smaller and even less expensive than your current home. There are many types of homes that qualify, if you want a condo or cottage on the lake, no problem! If you prefer to live on the lake in a houseboat, you are covered there as well! As long as it is a primary residence, you can buy the right sized home to fit your retirement plans!

Another benefit for retirees is the wider pool of buyers that will be looking for homes. Many of those ready to retire owned homes that were considered a few steps beyond what most first time homeowner would consider. These homes are now in demand for repeat buyers who are ready to take on the next level of home ownership! With the new program, you can sell your city home and buy a smaller home in the country and still qualify!

You can use the tax credit towards your home or you can use it as a down payment on that new sailboat! Whatever you choose to use it for, don't miss out on this opportunity! You can take advantage of this program through April 30^th, 2010 and will need to close by June 30^th, 2010. Smith Mountain Lake is a wonderful place to retire! Golf courses, fishing, sailing, hiking; these are just a few of the things you can enjoy in Franklin County!

There is so much to do in Franklin County, Virginia; come for a visit, if you like it then move here!! If you want to see what kind of homes are available in the area call Vicki Millehan! She is your local real estate expert and long time resident of Smith Mountain Lake!!

The deadline for the First Time Home Buyer Tax credit was fast approaching, but we have good news!! The $8000 Tax Credit program has been extended! Not only do first time buyers now have until April 2010 to choose a home, but those current home owners who are looking to buy a home may also qualify for a new $6,500 credit! There is a little something for most everyone in the extended program!

If you were worried about missing the November 30^th deadline, you now have until April 30th, 2010 to be under contract to buy a Smith Mountain Lake home and get a tax break! You can schedule your closing anytime through June 30^th, 2010! The extra two months to close will hopefully avoid the backlog of closings agents have seen as the original deadline approached.

If you are a first time home buyer, not much has changed in the extension. Any home that can be used as a primary residence is eligible under the program. Even houseboats qualify under the extension! You cannot purchase a home from a family member and qualify for the tax credit. Income guidelines are $125,000 for single tax payers and $225,000 for those who are filing jointly. To be considered a first time home buyer you still must not have owned a principal residential property in the last three years. But with the new extension, if you own a home, you may still qualify for a tax credit!

Repeat Buyers are now eligible for a tax credit up to $6,500 on the purchase of a home. To be considered a repeat buyer, you will need to have owned and resided in a home for five consecutive years out of the last eight years. The income guidelines are the same as a first time buyer: $125,000 for single filers and $225,000 for married couples filing jointly. You can purchase any primary residence up to $800,000 and earn a 10% tax credit up to $6,500. For the first time buyers the highest amount of the credit is $8,000!

You can't find a better incentive for buying that waterfront home you have been thinking of! Come visit Smith Mountain Lake, if you like it then move here! If you have questions about the Home Buyers Tax Credit extension, call Vicki Millehan! She is your local real estate expert!

Coffee houses are becoming America's front porch as neighbors and friends gather to share a cup of coffee or exotic teas while they catch up on the local news. At Smith Mountain Lake you can also enjoy some local art with that cup of joe! Just head over to the Westlake Towne Center and stop in at Solid Ground Coffee and Tea! They have begun displaying the work of local artists in their shop.

You can find the works of new artists as well as professional art work adorning the walls of the coffee shop. They will be rotating the art every 6 weeks or so and some piece are definitely for sale! The owners; Robert Carkin and Christopher Spoon, wanted to give Smith Mountain Lake's local talent a place to display their work. But they are not stopping with art work. Live music is in the works as well!

They are planning open mike nights for Friday and Saturday nights. If you play an instrument or sing, the stage can be yours! You can even play your own original music! Overall they just want to celebrate the diversity of Smith Mountain Lake! Speaking of diverse, you have to try the different flavors of tea and coffee they have! Snow Plum Monkey and Khan's delight are just a few of the flavors to be had! You can enjoy a heavenly pastry made by Chef Carkin too!

You can find a real sense of community here on the Lake. Virginia is definitely a place where art, community and history all come together! Come for a visit, if you like it then move here! Just give Vicki Millehan a call and she will help you find a place to call your own!

30-Yr Fixed 4.625% 15-Yr Fixed 4.250%

Thinking about BUYING or SELLING? Call Your Franklin County "Double Agent" Real Estate Team today for all your real estate needs! Angie McGhee (540)537-5918. Visit our website at www.SearchFranklinCountyHomes.com where you can conveniently search properties on our MLS 24 hours a day, 7 days a week!

*** The rates above provided by Valley Team Mortgage in Salem, VA for informational purposes only. These rates may not fit every scenario. Please call to get pre-qualified to purchase today! (540)444-LOAN ***

30-Yr Fixed 4.750% 15-Yr Fixed 4.250%

Thinking about BUYING or SELLING? Call Your Franklin County "Double Agent" Real Estate Team today for all your real estate needs! Angie McGhee (540)537-5918. Visit our website at www.SearchFranklinCountyHomes.com where you can conveniently search properties on our MLS 24 hours a day, 7 days a week!

*** The rates above provided by Valley Team Mortgage in Salem, VA for informational purposes only. These rates may not fit every scenario. Please call to get pre-qualified to purchase today! (540)444-LOAN ***