Ann Urias

Great information regarding home buyer tax credit just passed!

Congress voted to extend and expand the $8,000 First-Time Home Buyer Tax Credit today. The bill is expected to be signed into law Friday.

If you're planning to claim the tax credit, the first thing you'll want to know is the new milestone dates.

You must be under contract by April 30, 2010

You must be closed by June 30, 2010

It's use it or lose it, folks. For the second time.

The First-Time Home Buyer Tax Credit was originally part of the American Recovery and Reinvestment Act of 2009. It granted qualifying first-time homebuyers a tax credit of up to $8,000 as a means to stimulate entry-level home purchases and, by most measures, the First-Time Home Buyer Tax Credit program was a success.

Since its February 2009 passage, the First-Time Homebuyer Tax Credit helped to spawn 400,000 homes sales which, in turn, lowered housing inventory, raised home prices, and generated tax revenues for U.S. municipalities.

Figures like these persuaded Congress to grant the program a 30-week extension, and also to extend its reach.

The "First-Time Home Buyer Tax Credit" isn't just for first-time home buyers anymore.

Under the new rules, homeowners with at least 5 years in their current residence qualify for the tax credit, too. However, instead of the full $8,000 bonus afforded to first-timers, "move-up" buyers get capped at $6,500.

Most of the program's qualification criteria remain as-is, with a few notable changes:

You may not acquire the home from a mother, father, spouse, or child

You may not acquire the home from an entity in which you're a majority owner

You may not acquire the home by gift or inheritance

You must be 18 years of age or older

The subject property's purchase price may not exceed $800,000

The subject property must be meant for use as a primary residence

All parties to the purchase must be meet the eligibility requirements

And then assuming you qualify, there are two ways by which your credit can be reduced.

First, the tax credit is limited to 10 percent of the home's purchase price. If the subject property sells for $75,000, your credit is limited to $7,500. And, second, your income can affect the credit, too.

Single-filers earning more than $125,000 and joint-filers earning more than $225,500 forfeit 5% of the expected tax credit for each $1,000 in earnings over the program's limit. A single-filer earning $135,000, therefore, gets 50% of the tax credit. A single-filer earning $145,000 gets none.

If you qualify, claiming your tax credit is simple:

Go under contract by April 30, 2010

Close by June 30, 2010

Submit IRS Form 5405 and your HUD-1 settlement with your tax returns

That's it!

But be aware -- the First-Time Home Buyer Tax Credit program comes with some issues. For example, if you sell your home, or stop using it as your "main home" within 36 months of your purchase, the IRS will require a 100% payback. This policy has few allowable exceptions so don't count on getting one.

Also, I recommend that first-time (and move-up) buyers review the IRS "scenario page" -- it's got every wacky home-buying setup you could think of. Most "Do I qualify for the First-Time Home Buyer Tax Credit" questions are answered pretty clearly from the government guys that make the final call.

WWW.REMAXANN.COM

Looking to purchase contact Ann Urias 714-588-7676 or Brad Butler 949-400-6031

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$750 STUDIO FOR RENT (ALTA LOMA, RANCHO CUCAMONGA)

500 SQ FT STUDIO IN THE SUNSCAPE COMMUNITY.

Property Features: 2nd floor unit, balcony,brand new paint, new laminate wood floors, Close to Laundry Room, Covered Parking, Pool & Spa, Tennis, Peaceful Atmosphere, Nice Landscaping. Easy access to 210 & 10 Freeways, close to shopping & restaurants and Chaffey College.

DEPOSIT 750.00 AND 1ST MONTHS RENT NO CREDIT CHECK!!!!!!!!

CALL ANN AT 714 588 7676 OR EMAIL ME FOR MORE INFO

ADDRESS: 8990 19TH ST UNIT 342

cats are OK - purrr

Location: ALTA LOMA, RANCHO CUCAMONGA

RE/MAX Homes & Estates

Pre-Foreclosure Division

(714) 588 -7676 ∙ www.orangecountyshortsalerealtor.com

If you are in a situation where:

• You lost your job

• Your Medical Expenses are too high

• Just went through/going through a divorce

• You are behind on your payments

• You have no equity

• You can't afford the cost of selling your home

• Your income has been reduced

• You are in foreclosure

WE CAN HELP YOU! It's easy and doesn't cost you any MONEY! Our services are Free!!!

WHEN THE DEBT EXCEEDS YOUR HOME'S VALUE... we can help is with a SHORT SALE.

Benefits of a Short Sale:

• Avoid Foreclosure

• Avoid Bankruptcy

• Reduced damage to your credit

• Postpone your foreclosure sale date

• A short sale will stay on your credit approx 3 years

• BE FREE of financial and emotional burdens!

We are licensed Realtors that specializes in avoiding foreclosure. We will NOT buy your home, but will assist you in selling your home quickly. The lender will cover all closing costs including Realtor commissions. We can make selling your home MUCH EASIER FOR YOU and lift much of the financial burden off your shoulders-- OUR SERVICES DOES NOT COST YOU ANY MONEY!!!

You can sell your property and lift the financial weight off yourself with the help of a experienced short sale Realtor. Re/Max Homes and Estates short sale division has closed over 120 short sales nationwide within the last year. We have a 95% success rate. Do not trust just anyone to handle your short sale. List your home with an experienced Orange County short sale Realtor.

Regardless of your current situation I am here to assist you, so call me today to help you find a solution! You have options which can enable you avoid foreclosure proceedings and escape the 10 year scar it will leave on your credit, therefore, your future. Stop the inevitable and don't face Foreclosure IF YOU DO NOT HAVE TO! Best of all with a short sale my commission will be paid by the bank, so you won't have any out-of-pocket expense!

www.orangecountyshortsalerealtor.com for more info or give me a call at (714) 588-7676

#01451803

RE/MAX Homes & Estates

Pre-Foreclosure Division

(714) 588 -7676 ∙ www.orangecountyshortsalerealtor.com

If you are in a situation where:

• You lost your job

• Your Medical Expenses are too high

• Just went through/going through a divorce

• You are behind on your payments

• You have no equity

• You can't afford the cost of selling your home

• Your income has been reduced

• You are in foreclosure

WE CAN HELP YOU! It's easy and doesn't cost you any MONEY! Our services are Free!!!

WHEN THE DEBT EXCEEDS YOUR HOME'S VALUE... we can help is with a SHORT SALE.

Benefits of a Short Sale:

• Avoid Foreclosure

• Avoid Bankruptcy

• Reduced damage to your credit

• Postpone your foreclosure sale date

• A short sale will stay on your credit approx 3 years

• BE FREE of financial and emotional burdens!

We are licensed Realtors that specializes in avoiding foreclosure. We will NOT buy your home, but will assist you in selling your home quickly. The lender will cover all closing costs including Realtor commissions. We can make selling your home MUCH EASIER FOR YOU and lift much of the financial burden off your shoulders-- OUR SERVICES DOES NOT COST YOU ANY MONEY!!!

You can sell your property and lift the financial weight off yourself with the help of a experienced short sale Realtor. Re/Max Homes and Estates short sale division has closed over 120 short sales nationwide within the last year. We have a 95% success rate. Do not trust just anyone to handle your short sale. List your home with an experienced Orange County short sale Realtor.

Regardless of your current situation I am here to assist you, so call me today to help you find a solution! You have options which can enable you avoid foreclosure proceedings and escape the 10 year scar it will leave on your credit, therefore, your future. Stop the inevitable and don't face Foreclosure IF YOU DO NOT HAVE TO! Best of all with a short sale my commission will be paid by the bank, so you won't have any out-of-pocket expense!

www.orangecountyshortsalerealtor.com for more info or give me a call at (714) 588-7676

#01451803

RE/MAX Homes & Estates

Pre-Foreclosure Division

(714) 588 -7676 ∙ www.orangecountyshortsalerealtor.com

If you are in a situation where:

• You lost your job

• Your Medical Expenses are too high

• Just went through/going through a divorce

• You are behind on your payments

• You have no equity

• You can't afford the cost of selling your home

• Your income has been reduced

• You are in foreclosure

WE CAN HELP YOU! It's easy and doesn't cost you any MONEY! Our services are Free!!!

WHEN THE DEBT EXCEEDS YOUR HOME'S VALUE... we can help is with a SHORT SALE.

Benefits of a Short Sale:

• Avoid Foreclosure

• Avoid Bankruptcy

• Reduced damage to your credit

• Postpone your foreclosure sale date

• A short sale will stay on your credit approx 3 years

• BE FREE of financial and emotional burdens!

We are licensed Realtors that specializes in avoiding foreclosure. We will NOT buy your home, but will assist you in selling your home quickly. The lender will cover all closing costs including Realtor commissions. We can make selling your home MUCH EASIER FOR YOU and lift much of the financial burden off your shoulders-- OUR SERVICES DOES NOT COST YOU ANY MONEY!!!

You can sell your property and lift the financial weight off yourself with the help of a experienced short sale Realtor. Re/Max Homes and Estates short sale division has closed over 120 short sales nationwide within the last year. We have a 95% success rate. Do not trust just anyone to handle your short sale. List your home with an experienced Orange County short sale Realtor.

Regardless of your current situation I am here to assist you, so call me today to help you find a solution! You have options which can enable you avoid foreclosure proceedings and escape the 10 year scar it will leave on your credit, therefore, your future. Stop the inevitable and don't face Foreclosure IF YOU DO NOT HAVE TO! Best of all with a short sale my commission will be paid by the bank, so you won't have any out-of-pocket expense!

www.orangecountyshortsalerealtor.com for more info or give me a call at (714) 588-7676

#01451803