Debbie Baldes, Roseville, CA RE Broker-Owner

Lawmakers tried to get you $15,000 but settled on $8,000. The next stimulus package called the American Recovery and Reinvestment Act of 2009, has been passed by Congress and signed into law.

So what does that mean to you?

Details were still sketchy but here's what to expect:

- The tax credit increases from $7,500 to $8,000.
- Anyone who has not owned a home in the last 36 months is eligible.
- The new provisions begin January 1, 2009 and will extend through the end of the year.
- The tax credit does not have to be paid back if the buyer stays in the home for at least 3 years.
- No changes to income eligibility: Buyers must make less than $75,000 for singles and $150,000 for couples. If you make more money than that you may be eligible for a partial credit.

How do you get the money? Here are a couple examples:

Example: At the end of the year your tax liability is $5,000, but you've overpaid by $1,000 through your withholdings. Normally, you would get a $1,000 refund check from the IRS. In this example, you get $9,000. The $8,000 credit plus the $1,000 you overpaid.

Example: Your final tax liability is $6,000, but you've underpaid through your payroll withholdings by $1,000. Normally, you would have to write the IRS a $1,000 check when you file your taxes. This time, the first $1,000 of the tax credit pays the amount you owe, and you get the remaining $7,000 as a refund.

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The not so good news: Those who bought a home last year and were eligible for the $7,500 credit. You still fall under the old rules requiring the tax credit to be paid back beginning in year 2010 at the rate of $500 a year.

Please contact me if you have any questions about this bill and how it may affect you.

www.ExecutivePropertiesOnline.com

Buying a home is no easy task. It's rather a complex process. To help insure that your home purchase is a profitable and successful one, I have teamed with with mortgage professionals to sponsor a Free Home Buyer Class to teach you the secrets of a successful home purchase.

Here's what you'll learn:

* Secrets of foreclosures and short sales
* How to find the hot deals
* How much can I afford to buy
* Is my credit good enough
* Loan programs available in this market
* Who qualifies for zero down payment
* Can the seller pay for my closing costs

Please register below for reserver you seat. Space is limited!

Our next class is:

Date: Thursday, April 16, 2009
Time: 6:30pm - 8:30pm (Registration starts at 6:00pm)
Place: Watt Ave. in Sacramento

Click Here to sign up before the class fills up!

Did the housing market trip you up?

Buying a home in California through a California Housing Finance Agency, aka CalHFA, assistance program? Not so fast! The real estate and mortgage industry suffered yet another blow this past Friday.

Due to the nature of the unsettled California budget, or lack of, CalHFA had no other option but to suspend their programs.

The Rest of the Story....

The good news...any loan in their system through Friday, December 19th, will be honored. After that, the program is at a standstill.

Remember FHA allows gift money.....so if you are thinking about buying a home....you know what to ask for this Christmas!

One more bit of useful information....After January 1st the new minimum down payment goes from 3% to 3.5%.

Search for your next home at www.ICanSearchtheMLS.com

WHEN: Thursday, December 4, 2008
7:00 p.m.

WHERE: Citrus Heights City Hall parking Lot
7117 Greenback Lane
Citrus Heights

Free cookies & hot chocolate! Visit with Santa & Mrs. Claus! Music!

For more information you can visit the city's web site at: www.citrusheights.net

Wishing you and those you love a very blessed Thanksgiving!

Thanksgiving is a time to sit back and be thankful for the many blessings that you have been given. Every day you are given is a gift...make the most of it.

Tell someone that you are thankful for them today!