About Houston County, GA

Woman with bats in her home still seeks solution

Here is a link to the story - 10,000 Bats in her home - http://tinyurl.com/ny5xz6

The Museum of Aviation opened a permanent "Thunderbirds" F-16 aircraft exhibit

http://tinyurl.com/F-16ThunderbirdExhibit

Note: This is intended to provide an overview only - for specific information or individual concerns, please contact your lawyer, accountant and/or financial advisor.

Who Qualifies for $8,000 Tax Credit

• 1^st Time homebuyers: Haven't owned a home in the past 3 years
• ^1st Time homebuyers who purchases a home between Jan 1, 2009 and Nov 30, 2009
• Must be used for primary residence for at least 3 years 

Who does not qualify for $8,000 Tax Credit

•  Buying a home from a close relative
•  Non resident aliens
•  Anyone who stops using the home as main residence
• Purchaser's whose gross income exceeds $95,000 (Single) and $170,000 (Married) 

Repayment

•  2009 Tax Credit does not have to be repaid as long as you live in the home for 3 years

Refundable Tax Credit

• $8,000 Tax Credit is a refundable tax credit
• Refundable Tax Credit: Tax credits may be characterized as either refundable or non-refundable. Refundable can reduce the tax owed below zero, and result in a net payment to the taxpayer beyond their own payments into the tax system, appearing to be a moderate form of negative income tax. This means you can receive money back. 

Limitations

•  Homes can be a Condo, Single Family Residence, Co-op, or townhouse
• New Construction homes must be occupied by Dec 1, 2009
•  Vacation, Investment, and Rental homes not eligible
• Tax Credit equals 10% of purchase price with max of $8,000
• Homes less than $80,000 will receive less than $8,000 respectively
• Purchaser's whose gross income exceeds $75,000 (Single) and $150,000 (Married) will receive a proportionally reduced tax credit as income approaches $95,000 (Single) and $170,000 (Married).

When can someone file to receive their $8,000 Tax Credit

• 2008 Tax Return
• Amended 2008 Tax Return
• 2009Tax Return

Many homebuyers looking at homes in Warner Robins  say they are waiting to find the right home before getting pre-approved with a lender, and I let them know that is a bad idea. Everyone should get pre-approved before starting to look for a home, because it helps narrow down their search into homes they can afford, helps their negotiating ability, and helps them find the most home for their money.

A good faith estimate from a lender can make a big difference in negotiating an offer because it helps in writing that offer. If you know how much the closing costs and prepaid items will be, then you can ask the seller to help pay for these items. Not being pre-approved hurts the buyers negotiating ability by not having all the information such as loan type, closing costs, pre-paids, and interest rate, when the offer is written. Also giving the seller a copy of the pre-approval letter with the offer helps give the offer more credibility. Waiting to find the right home and then getting pre-approved slows down the offer process and hurts the chances of getting that home, because if someone else submits an offer on the same home with a approval letter, then they have a better chance of having their offer accepted. 

Last but not least, waiting to get financing until after finding the right home decreases the amount of time the homebuyer has to shop around for the best lender/financing available. Homebuyers should get pre-approved first, then look for a home, shop around with different lenders while looking at homes, find the right home, and then decide on a lender within 1 or 2 days of writing an offer on a home.