About Seminole County, FL

Today the Senate & House of Representatives extended the Homebuyer Tax Credit that was to expire on Nov. 30^th. The new and expanded bill will take effect when President Obama signs it into legislation.

The new bill extends the deadline until April 30, 2010 where the homebuyer will have to have a written and binding contract to close no later than July 1, 2010.

The First-time Buyer Credit stays the same in that the buyer may not have had an interest in a principal residence for 3 years prior to the purchase. The amount will also remain at $8000.

The new bill is expanded to also cover Existing Homeowners, who must have used the home sold as a principal residence for 5 consecutive years out of the previous 8 years. The amount that they would receive will be only $6500, yet this is $6500 more than has been the case.

The income limits have risen to $125K for a single person & $225K for a married couple. These are up from $75K and $150K, respectively.

There previous was no cost limit for the purchase price of the home, but this will now be limited to a $800K home.

There is also an Anti-fraud Rule that was attached to the bill and rightly so. Now the purchaser will have to attach documentation to their tax return.

This is very good news & well needed for the real estate recovery as well as that of the economy.

Till next time...Marc It Sold!

Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.

The White House says the President will sign it into law today.

The up-to-$8000 tax credit's expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010, and to be closed by June 30, 2010.

The program's basic eligibility requirements remain the same:

• Buyers can't purchase the home from a parent, spouse, or child
• Buyers can't purchase the home from an entity in which they're a majority owner
• Buyers can't acquire the home by gift or inheritance
• All parties to the purchase must meet eligibility requirements

The new law includes some notable updates, however.

For one, the definition of "first-time home buyer" has been expanded to include most homeowners with at least 5 years in their current home. "Move-up" buyers like these are now eligible for IRS tax credits, but with a cap at $6,500.

This means that you don't have to be a true first-time home buyer to claim the "first-time home buyer tax credit".

Other eligibility changes include:.......

Read the COMPLETE BLOG POST HERE:

Congress Expands And Extends The First-Time Home Buyer Tax Credit

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Chris is Florida's #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the three leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, the newest contributor to Lenderama and recently featured on Fox35 News.

Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

Orlando Home buyers you have heard it hear first. The Extension of the First time Home Buyer tax credit and addition of the move up buyer credit is official it has passed the house and senate and sits for the President to sign tomorrow. IF you want to go to my previous post to read more about the Home Buyer Tax Credit.

This is great news for people selling Orlando Real Estate and Lake Mary Real Estate and for home buyers of all kinds to take advantage of the low prices, low rates and now the free money.

The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.

In its press release, the FOMC noted that the U.S. economy "has continued to pick up" since the September FOMC meeting and that housing market activity has increased.

It's the third consecutive post-FOMC statement in which the Fed speaks optimistically about the U.S. economy -- a signal that the recession is likely over.

The economy isn't without threats, however, and the Fed identified several in its announcement, including:

1. Ongoing job losses for American workers
2. Reduced fixed investment by businesses
3. Ongoing challenges for the financial markets

The overall tone remained positive, however,........

Read the COMPLETE BLOG POST HERE:

A Simple Explanation Of The Federal Reserve Statement (November 4, 2009 Edition)

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Chris is Florida's #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the three leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, the newest contributor to Lenderama and recently featured on Fox35 News.

Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

It happens to everyone at one point or another during our lifetimes and it usually happens more than once. We find ourselves preparing for a major event: wedding day, graduation, new baby, selling our homes; so here's the big question - what do these events have in common with each other? Yes, they are life altering, yes they are stressors, and most times they are happy occasions. But what else do they have in common? They tend to generate very large to-do lists...call the caterer, call the florist, pick out the color schemes, rent the hall, etc. etc. etc...

What does all of this have to do with preparing for an open house? Well, for starters out comes the famous to-do list followed by the big scramble to find time for completing our list. It has happened to me and I am sure it has happened to you - there have been times when I was so busy that I found myself over thinking and forgetting to take care of the basics (especially when it comes to computer troubleshooting). In case you find yourself in this position, I have decided to post a pre-open house to-do list.

1. Pack up half of your belongings - this will help to eliminate clutter and get you ready for moving day.

2. Pressure wash the outside of the house and driveway.

3. Clean your gutters, outside windows, and screens.

4. Make sure the front door is inviting. Freshen with a coat of paint, new house numbers, and new lighting fixtures.

5. Buy a new welcome mat.

6. Organize all closets and drawers. Buyers will look!

7. Make necessary repairs before your open house.

8. Shine every surface, from ceiling fans to baseboards; that also includes windows, mirrors and floors.

9. Clean and scrub every surface in the kitchen and bathrooms.

10. Depersonalize every room; remove family photos, posters, and non-generic artwork.

11. Neutralize odors.

12. Hire a home stager to create a neutral space that will appeal to buyers!