Donny Belcher

Just when we were thinking the government had no love for all of us long-time homeowners, they bust out a new $6,500 tax credit for move-up/repeat homebuyers! Unfortunately this credit doesn't get a full year with a gracious extension, but it is what it is....available for limited time only J. All homes purchased with this credit must be $800,000 or less, and under contract by April 30, 2010.

Now don't go thinking that "yeah, yeah, I'm going to buy me a cheapo foreclosure and get a full $6,500!!!" Hold them horses, this credit (as with the $8,000) only covers 10% of the homes purchase price up to $6,500. Still a fabulous deal, just not for the greedy! Lets all remember too, a tax "credit" is applied directly to taxes owed. So it is a help come tax time, but don't expect it to be take home money.

Here is the big question. "Do I qualify?" Well, maybe. Let's do a little dissection of what that entails.

.First off, Move-Up/Repeat/Second Time Homebuyer means in this case, that you have owned and lived in a home for 5 consecutive years out of the last 8 years of your life. Kind of tricky. See, unless you without a doubt have owned and lived in your home for the last 5 years, you are going to have some questions, which you will need to ask someone else, like your lender and tax advisors.

Secondly, the income limits were expanded giving the opportunity to a wider range of homeowners. The new ones max out at $150K for Single/Individuals, and $225K for Married/Couples. If you happen to be married and filing separately, you both still better meet the guidelines to qualify. Lots of strings attached in this area...again ask your tax advisors for this one.

Fortunately, homeowners will not have to sell or be out of a home to get their piece. The catch here is that they have to use the new home as a primary residence for 3 consecutive years or pay back the money! Ouch! Didn't see that in the fine print! Just kidding but yes, it's true. Here is a neat little quirk though. Multi-Unit homes up to 4 units are acceptable under the tax credit and you can (can meaning have to) live in one unit while renting the rest! Makin money back now! Good luck finding a nifty deal like that, they are hard to come by (but not impossible).

There you have it, the $6,500 tax credit pretty much defined for general reading. I hope this helps some of you, entices others, and all around explains the basics of it to all of you! If you're ready to get looking at options on the market...let us know! We are happy to help and here to get you what you want, for the best deal you can get it! If you still have questions or just want further explanation then call our team, they are available all day long till 10pm every day! Now that's service!

CALL THE BELCHER TEAM at 405-314-6327

When buying a home you will have the option to purchase title insurance depending on how you finance the payment. If you are like most of us you are thinking... what is it? and why do I need it?

Title insurance is an insurance policy in which you will pay a one time cost, that will cover you, your home, and any expenses incurred due to deficiency in the title of your home should one arise.

You will need this very important insurance because, if there is a lein, claim, error in public records, or mistake in examination of the title to your property... YOU will be the first held accountable, and that is where the title insurance will defend you at no cost and reimburse you up to the face amount of your policy for any loss.

Not only does it cover you while you are the current owner, it will protect you after you have sold it. Let's say a lein or such is erraneously put on the title when you occupied the home, however you knew nothing of it when you sold the property (and apparently it wasnt found). 5 years down the road it comes up, well the current owners insurance company (if they bought it) will go to yours to correct it, your title insurance company will pay to fix it and the problem will not affect you. Now if you knew or did something fraudulently that is a different story, it will affect you and the consequences are not fun!

You, as the home owner are better off safe than sorry, and with the pretty much lifetime benefits of this sort of insurance, I'd say you need it!

The above information is only a scenario, please speak with a title company to discuss actual policy agreements and such.

The $7,500 VS $8,000 Tax Credit

The two tax credits available for first time home buyers today are the $7,500 tax credit of 2008, and the new $8,000 tax credit of 2009. Depending on when you buy or bought your home is the only difference in which credit is available to you.

If you purchased your home between April 2008 and December 2008, then you qualify for the $7,500 tax credit. The only drawback is that this credit will need to be paid back over the next 15 years. It works like an interest free loan.

Qualifying home buyers that bought their homes after January 1, 2009 will have the $8,000 tax credit available to them. Thankfully this one will not have to be repaid! A reduced amount of the tax credit may still be available to those whose annual income is over the qualifying limits yet under $95,000 for single persons and $170,000 for married couples.

What does this mean to you? The Government is attempting to stimulate our economy by increasing the potential buyer pool. Do remember that these tax credits are only equal to 10% of the purchase price and max out at the full specified amount. So should 10% of the amount you buy your home for be less than the full tax credit amounts, you will not be seeing the entire $7,500 or $8,000. Also that you first and foremost need to be sure you qualify as a first time home buyer within the limitations to claim them on your tax returns.

Our local economy is still going strong!

According to Forbes, Oklahoma City was named as the #1 recession proof market in the nation. With all of the bad news on the television it is nice to know that not all of it is applicable to the OKC market. We're only sayin' You're doin' fine, Oklahoma! Oklahoma - O.K L A H O M A - Oklahoma OK!