About Contra Costa County, CA

Per Christina Stratton, Private Mortgage Banker:

TAX CREDIT OVERVIEW

Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?

The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?

Yes. According to the IRS, if any of the following describe a homebuyer's situation, a credit would not be due:

They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from "step-relatives.")
They do not use the home as your principal residence.
They sell their home before the end of the year.
They are a nonresident alien.
They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other requirements for the tax credit.

This information from Christina Stratton. If you need a loan now or in the future give Christina a call or email her. Her information is below:

Christina M. Stratton
Private Mortgage Banker 1
Private Mortgage Advisors, LLC
An Affiliate Of Wells Fargo Home Mortgage
MAC A0394-011

925-627-3025 Tel

christina.m.stratton@pmahomeloans.com

www.ChristinaStratton.com

Terry (DRE #01255032)

Home Sales Update for Shadow Hills for October

Danville California Real Estate

In the last month there were four homes for sale in the popular neighborhood of Shadow Hills in Danville

Shadow Hills Real Estate

• 505 Zita Court is a brand new home for sale; this property is located higher up on the hills. It is 2660 square feet with 4 bedrooms, 2,5 baths with a 3 car garage on a 18,000 square feet lot. Listed at $899,000. You will love this secluded, large, flat, entertainer's back yard. Suite off master could be 5th bedroom. Boat parking, sports court, spa. Large second story deck with great views and access from master. Great court location near green belts. Home & pest inspections are available.

• 1049 Alicante Drive, 2660 square feet, a 5 bedroom, 2,5 bath, 3 car garage home listed at $899,900. A great corner home with lots of potential. Call us and let’s make an offer; I guarantee we can negotiate on this one; it has been on the market for months and unfortunately the seller started out too high and is now chasing the market.

• 200 Lowel Court, 1984 square feet, a 4 bedroom, 2,5 bath, 2 car garage home went ‘Sale Pending’ and was listed at $839,500. This listing is a charming, updated home with fresh interior paint, new carpeting, white kitchen cabinets, dual pane windows, cozy family room with amazing views of the huge back yard and the Westside Hills. This home is situated on a quiet court and great neighborhood.

• One home closed escrow; this REO was a great deal for the condition and location of this home: 305 Borica Drive, 2660 square feet, 4 bedroom, 2,5 bath, 3 car garage, home listed at $724,200 and sold for $710,000.

Search for Foreclosures I-680 Corridor

Click here for a map of current Homes for Sale in Shadow Hills - Danville, CA

Our FREE In-Depth Real Estate Market Reports updated weekly, break real estate data down by zip code and price point. These are the best “real time” sources of data you can get for your local market.

Leo's Chinese Restaurant - Danville, CA (Contra Costa County, California)

Leo's Chinese Restaurant is located in Danville, California and it's my favorite Chinese restaurant in all of Contra Costa county! The previous restaurant in this location was called DeMing's Asian Restaurant. Their dining room is decorated in the traditional upscale Chinese restaurant decor with "good luck" bamboo and a soothing water fountain at the entry. Service is excellent and their food is yummylicious!

My two favorite dishes at Leo's Chinese Restaurant are their Tangerine Beef and Seafood Combination. If you're ever in the Danville area and craving Chinese food...I highly recommend Leo's Chinese Restaurant!

Leo's Chinese Restaurant
105 Town & Country Dr.
Danville, CA 94526
(925) 820-8887

www.BuyConcord.net
Buy Concord was created to encourage residents to purchase their products and services in Concord. In this economy, it is good to support your local businesses. The categories include:

Apparel, Automotive, Electronics, Entertainment, Food, Floral, Furniture, Gifts, Health & Beauty, Home Improvement, Hotels, Jewelry, Pets, Professional Services, Restaurants and Sports.

- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.

ATM Machines:
I found some websites you can look at to find No-Fee ATMs near you. Fees can be as high as $5 a transaction, and that definitely adds up!

www.allpointnetwork.com, just enter an address or zip code to find a no-fee ATM near you.

www.moneypass.com, also includes driving directions.

Going Out:
My daughter subscribes to www.goldstar.com. If you like going out but don't like paying full price, this site is for you. She receives almost daily emails with discounts on events in our area. These include comedy shows, plays, live music, art events and more. It's a great way to do fun things in your area without spending too much money!

Need more (or less) stuff?
Try www.freecycle.com. Freecycle is a yahoo group you join for your local area. You can post to the group asking for items you need or offering items you no longer need. Everything just has to be free.

- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.