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An exciting new program is making funds available for Mississippi homebuyers to purchase bank owned foreclosures throughout the state. The program, "Home Buyer Advantage" hasn't received a lot of press, but it is a tremendous opportunity.
Don't confuse this program, which is funded by the Mississippi Development Authority (MDA) through Congress's Neighborhood Stabilization Program with the $8,000 Federal Tax Credit. They are two separate homebuyer incentive programs. And guess what? You could be eligible for BOTH credits!
The "Home Buyer Advantage" is designed to prevent neighborhood decline from having too many foreclosures. The requirements are relatively simple, but the highlights are as follows:
For further information, visit MS Home Corp or contact this Realtor.
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Get Your TAX CREDIT Buy Today!!!
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies for the Extended Credit?
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.
If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
Each home buyer’s tax credit is determined by tow additional factors:
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 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 $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
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 this three-year period, the full amount credit will be recouped on the sale.
Source: National Assocation of Realtors
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Recently, a study was released from the Brookings Institution called the "Metro Monitor" reported on the recession and recovery, prepared by the Washington-based think tank. They looked at six major measures of economic viability which include wages, gross metro product and housing prices and unemployment. The study was the fourth quarter of 2008 and the first quarter of 2009.
The report stated that no one area has been immune to the downturn but there are areas that have not suffered as much. All 100 metro areas showed a decline in economic output, with Florida, Michigan and Ohio showing the sharpest decline.
By comparison, Jackson, Miss saw a 2.9 percent falloff. and unemployment went up on 2.5 percent in the same time period.
The Brookings study, using the Federal Housing Finance Agency's Home Price Index found that in Jackson housing prices rose .06 percent from the first quarter of 2008 to the first quarter of this year.
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There is no doubt about it. Green is hot! It's everywhere! But, with respect to housing, what's the difference in "Green Verified" and "Green Certified"?
If you talk to 10 different people you'll most likely get 10 different answers to the "What does green mean?" question.
Everything from "Yes, we've gone green at my office, we've started buying recycled copy paper!" to "Green?, sure I bought one of GM's new SUVs, they're environmentally friendly. Don't you see how the commercials place their vehicles in a forest setting?" Actually, (according to www.greenwashing.com) General Motors is a member of the Coalition of Vehicle Choice, an organization that opposes clean air legislation and laws directed at reducing auto emissions.
So, when you purchase a home and the builder makes a green declaration how can you tell if he's done the right thing or just blowing smoke to ride a wave of hype!?!
There are two basic types of Green Certification programs in America today. The builder or owner verified program and the unbiased 3rd party verification.
The NAHB Green Building Standard, LEED-H, Energy Star, Earth Craft and Green Built are some of the more promenant certifying bodies in the US. Certifications for green construction are awarded upon successfully adhereing to the particular specifications of their respective programs. Typically, points are awarded for specific energy or resource efficient principles that are followed. Other areas of note are water efficiency, indoor air quality and home owner education.
The verification process is typically an indepth technical visual inspection process that confirms program adherence and includes performance testing. This test is provided by highly trained "energy raters" who deterime, amoung other readings, how air tight the building is and how well the heating and air conditioning system operates.
For more info about green building contact me toll free 1-877-809-6139 or online at http://www.greenbuildinginspector.com.
Find Green Verified Homes in America and Canada at http://www.greenverifiedhomes.com
Home Inspections in Central Mississippi at http://www.garynsmith.net
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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