Dawn Phillips

First time home buyer tax credit!

08-13-09

Rules and Forms in Place for $8000 First Time Homebuyer Tax Credit

Tax credit forms and rules are now in place for those who want to claim the $8,000 first time homebuyer tax credit , which was part of the Stimulus Act - aka, the massive $787 billion American Recovery and Reinvestment Act of 2009.

Who is eligible for the $8,000 tax credit?

First-time homebuyers who have not owned a principal residence for three years prior to purchase.
The home must be purchased between January 1, 2009 and before December 1, 2009 (special note: the final date is December - not Dec. 31).
Buyers must make less than $75,000 for singles or $150,000 for couples (higher-income buyers may receive a partial credit).

How can I claim the $8000 tax credit?

You can claim the tax credit on the 2008 tax returns due April 15 or on the 2009 tax returns next year. Or, if you've already completed your tax return, you can file an amended return to claim the credit.
The claim can be 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
Claim the tax credit on your federal return by completing IRS form 5405 to determine your tax credit amount, and then claim this amount on Line 69 of your 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary.

Does it have to be repaid?

No. Unlike the $7,500 tax credit that needed to be refunded under last year's Housing and Economic Recovery Act, this does not have to be repaid as long as the home is your main home for 36 months after the purchase date.
IRS
Treasury Department
National Association of Home Builders

Rules and Forms in Place for $8000 First Time Homebuyer Tax Credit

Who is eligible for the $8,000 tax credit?

First-time homebuyers who have not owned a principal residence for three years prior to purchase.
The home must be purchased between January 1, 2009 and before December 1, 2009 (special note: the final date is December - not Dec. 31).
Buyers must make less than $75,000 for singles or $150,000 for couples (higher-income buyers may receive a partial credit).
How can I claim the $8000 tax credit?

Call to day for a free mortgage prequalification:

20 East US Highway 30
Schereville, IN 46375
Phone: 219-746-4176 or 219-781-1267

E-Mail: dawn_m_phillips@yahoo.com or dawn.phillips@mortgagefamily.com

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Dawn Phillips
Coldwell Banker Home Loans

Dawn Phillips: Loan Officer in Schererville, IN

Office: (219) 781-1267

Mobile: (219) 746-4176

FREE mortgage prequalification! Call, email or fax I can prequalify you in 10-15 Minurtes!! FHA LOANS, VA LOANS, FHA STREAMLINE, DEBT CONSOLIDATION, PURCHASE, 1st time home buyers...

About Us:

First Time Homebuyer Tax Credit:

If you are thinking about purchasing your first home, we have good news-you may be eligible for the 2009 First-Time Homebuyer Tax Credit which went into effect under the American Recovery and Reinvestment Act of 2009.

If you qualify, you may be able to reduce your income tax liability-or get a larger refund for the year of purchase by claiming the credit on your tax return.* Details include:

The full tax credit amount equals 10% of the purchase price of the home ($8,000 maximum)

The money does not have to be repaid-as long as you remain in the home for at least three years

The tax credit applies to the purchase of any single-family home that will be used as a principal residence-including condos, co-ops, town homes, etc.

You Must Act Soon!

The tax credit is intended to stimulate home buying immediately and it is only available for a limited time. Eligible buyers who want to benefit from the tax credit must purchase a home between January 1, 2009 and November 30, 2009.

Any individual (and if married, his or her spouse) who has had no ownership interest in a principal residence during the last three years may apply for the tax credit, as long as the following income limits are met:

Full credit for single taxpayers with incomes up to $75,000 ($150,00 on a joint return)

Partial credit is available for single taxpayers with incomes between $75,000 and $95,000 ($150,000 to $170,000 on joint returns)

If you are a first-time homebuyer, now is the ideal time to contact us to learn more about the tax credit and discuss your home financing options.

Get a same-day pre-approval decision, guaranteed!

The Value of a Pre-Approval

If you're thinking about buying a home, a pre-approval is a fast and simple way to make your home buying experience easier from start to finish.

Pre-approval means you get an approval for a mortgage loan before you make an offer on a home or even find a home you want. (This is in contrast to pre-qualification - a preliminary evaluation of your financial status that does not include a commitment to giving you a loan.) We even put our commitment to the loan in writing, in a pre-approval letter. That means you'll have the benefit of knowing how much home you can afford. In fact, many real estate agents will ask you to get pre-approved before you begin house hunting so they can show you homes that suit your budget.

Get an edge over other buyers

A pre-approval gives you buying power - the ability to make offers, negotiate price and terms, and even sign a contract to buy. It gives you an advantage over other buyers when you make an offer on the home of your dreams, because a pre-approval letter proves to the seller and real estate agent that you're financially ready to buy the home. And that can help make your offer attractive.

It's easy, fast and free.

Once you apply, it will only take 20 minutes or less to get a loan decision. We simply need your income, information about your assets, and Social Security number.

Upon pre-approval, we'll provide you with a pre-approval letter that shows the exact amount you are approved to have financed. Show the letter to sellers and real estate agents - it tells them you're a qualified buyer.

Get a pre-approval decision

For more information, call (219) 781-1267 to get started now- once pre-approved, we will send you a pre-approval letter immediately.

Coldwell Banker Home Loans makes home loans easy in many other ways too - including the strongest service guarantees in the industry:

We'll give you a same-day loan decision or pay you $250

We'll meet your requested closing date or we will reduce your interest rate by 1/8 of one percent for the life of the loan*

Why not contact us now? You could start enjoying the power of pre-approval in minutes!

*If applicable, private mortgage insurance, discount points, origination fee, standard FHA MIP charges, the VA funding fee and other non-lender fees, including but not limited to fees for title insurance and recording still must be paid by the customer.

Areas of Expertise

No Lender Fees Option

Every penny counts when you're buying a home. Lender fees can increase the amount of cash you need at closing by as much as $1,200 - an expense that many homebuyers would prefer to do without.

Reduce Your Closing Costs

Here's how our No Lender Fees* option allows you to reduce your closing costs:

No application fee
No appraisal fee
No underwriting fee
No processing fee
No credit report fee

With our No Lender Fees option, you'll have more money for a down payment or to spend on your home when you move in.

No Extra Paperwork

There is no need to apply or fill out extra forms to select our No Lender Fees option. It's just one more way that we make it as simple as possible for you to get the home financing that's right for you.

We'll give you a free, same-day pre-approval decision - guaranteed.

We make it easy for you to take advantage of our No Lender Fees option because we'll give you pre-approval decision in as little as 20 minutes.

Why Coldwell Banker Home Loans?

Along with Coldwell Banker Real Estate, we bring you a full-service solution

Customers across the country rely on Coldwell Banker real estate professionals to guide them through the home buying process. Every day, Coldwell Banker Home Loans works to provide home financing solutions for all of our customers. And we know we're doing it right: In 2008, 92 percent of the customers we surveyed responded that they were glad they called us, and indicated they would recommend us to friends and family.

With a wide variety of products to choose from, we'll help you find the mortgage that's right for you.

You'll enjoy the strongest service guarantees in the industry.

We're confident you'll receive superior service. Here's just one way we'll prove it:

We'll give you a same-day loan decision or pay you $250
We'll meet your requested closing date or we will reduce your interest rate by 1/8 of one percent for the life of the loan*

You'll gain buying power with our pre-approval letter

Our pre-approval process can help make your home buying experience easier from start to finish. Once you're pre-approved, we'll immediately fax or e-mail a pre-approval letter that shows your loan amount. That gives you buying power:

You'll know for sure which homes are in your range, and your real estate agent will be able to focus your search
You'll have the ability make offers, negotiate price and terms, and even sign a contract to buy
You'll have a possible edge over other buyers, because you have proof of financing that makes your offer credible to sellers

Get pre-approved fast

We'll give you a pre-approval decision in minutes - it's fast and simple.

We make home loans easy, from start to finish

Four to the Door^®, our four-step mortgage program†, gets you into your new home in four easy steps.

Get pre-approved. You'll receive a pre-approval decision in as little as 20 minutes! Contact us and we'll give you a same-day loan decision, guaranteed - or we'll pay you $250.
Find a home. Call us when you've found a property. With over 100 products to choose from, we'll find the loan that's right for you. For added peace of mind, we offer Pre-Purchase Rate Protection, which safeguards your interest rate against market fluctuations and gives you the option to lock in a lower rate if rates drop.** You can search for properties online at ColdwellBanker.com to get an idea of the homes that are available in your price range.
Return documents. Review your loan package, make any necessary changes and return the signed documents to us.
Close on time. As part of the best service guarantees in the mortgage business, We'll meet your requested closing date or we will reduce your interest rate by 1/8 of one percent for the life of the loan.*

We'll guide you through the entire mortgage experience.

We assign a dedicated mortgage professional to assist you every step of the way. Plus, you can get the information you want regarding the status of your loan and other information 24/7 at our online support centers.

Make your home buying experience something to smile about. Go with the mortgage professionals who make home loans easy - Coldwell Banker Home Loans.

Deciding to Refinance

If you're looking for an easier way to buy a home, you've come to the right place! As your local mortgage representative, I will review your needs, suggest financing options to meet them and take your application for a pre-approval loan decision - in person or over the phone. With 5 years of experience, I will ensure that one of the biggest and most important purchases you'll ever make will also be one of your easiest. Please contact me to start an easy and rewarding home loan experience.

Phone: (219) 781-1267 Fax: (856) 917-1302 Cell: (219) 746-4176  Email: dawn.phillips@mortgagefamily.com

http://dawnphillips.phhhomeloans.com/

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