Coffee with Mayor Maso happens on the 2nd Monday of each month. Although we skipped February due to the Mayor's busy schedule, we are meeting again this month. 'Coffee with the Mayor' will take place March 9, 2009 from 8:00 am - 9:00 am.
In December, I wrote about the Mayor's new initiative which was to start having these meetings at a new location. In January we met at the Frisco Emergency Operations Center where Mayor Maso had the best turnout I've seen. The information provided during this meeting was fantastic. I learned a new respect and understanding of how our city officials would respond in an emergency situation.
This month, we are meeting at the George A. Purefoy Municipal Center, 6101 Frisco Square Blvd (the original location). This will bring everyone back together to discuss the new location.
If you have never attending these meetings, I highly recommend it. Mayor Maso welcomes all questions about our community. Typically, the meetings will last a little over an hour because the discussions can get into quite a bit of detail. For a few of the summaries, check out these posts - January Summary and December Summary.
When - 3/9/09
Where - George A Purefoy Municipal Center 6101 Frisco Square Blvd
Time - 8:00 am - 9:00 am
Topic - Open Discussions about Frisco Texas. This meeting is very informal and is open to all Frisco Texas Residents.
Something you may not know about Mayor Maher Maso - He is a blogger! Thats right, Mayor Maso has a blog called FriscoFirst on Blogspot.
So, come on out and join us Monday to see what's going on in our neighborhood. If you are not able to attend, check back in to my blog for the summary and feel free to share any questions or concerns. Hope to see you Monday!
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Are you are looking to buy or sell a home in Frisco or another city in North Texas? Perhaps you love your home but would be interested in refinancing to a lower interest rate? If so, then I can help. I am a licensed Mortgage Consultant located in North Texas with over 15 years experience in the industry. I can help you get pre-approved for your new home loan in Texas and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice. If you are available to talk, I am available to listen. Give me a call any time or visit my website for more details.
Always available for your Frisco Texas Mortgage needs!
John Cannata Reliant Mortgage p# 214.545.5604
Frisco Texas Mortgage Consultant
Copyright 2009 John Cannata (Reliant Mortgage) - Coffee with the Mayor in March 2009, Mayor Maher Maso of Frisco Texas.
A few weeks back, I did a post on a new activity center called Fieldhouse USA in Frisco Texas, also known as Frisco Indoor Sports Center. It's considered to be a 'state-of-the-art' sports experience. The Open House for this AWESOME activity center is 3/7/09 and 3/8/09. You can also register online for Spring Sports Activities and save 20% off of registration fees. I believe this same discount is available during the open house.
To utilize this 20% discount, register online www.fieldhouseusa.com and use the promotional code 'FUN'
Here is what you will find at the Fieldhouse USA in Frisco Texas
The purpose of this facility is recreational and competitive sporting activities. These activities are for both Youth and Adults, whether for tournaments or instructional academics. The facility is available to everyone.
The official GRAND OPENING will be 4/11/09, which will include a ceremonial ribbon cutting. If you are not familiar with the location, the Fieldhouse USA Facility or Frisco Indoor Sports Center is located at 6155 Sports Village Way Frisco Texas 75034. This street is located just off of Main Street which is East of Pizza Hut Park, off of the North Dallas Tollway.
We are looking forward to many years of activities. Hopefully you will too!
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Are you are looking to buy or sell a home in Frisco or another city in North Texas? Perhaps you love your home but would be interested in refinancing to a lower interest rate? If so, then I can help. I am a licensed Mortgage Consultant located in North Texas with over 15 years experience in the industry. I can help you get pre-approved for your new home loan in Texas and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice. If you are available to talk, I am available to listen. Give me a call any time or visit my website for more details. Always available for your Frisco Texas Mortgage needs! John Cannata Reliant Mortgage p# 214.545.5604 Frisco Texas Mortgage Consultant Copyright © 2009 by John Cannata - Reliant Mortgage Ltd. Fieldhouse USA in Frisco Texas - Frisco Indoor Sports Center
By now you have probably read or have written a post about the $8000 First Time Home Buyer Tax Credit (Economic Stimulus Package) available to Frisco Texas Home Owners. I wanted to take some time to provide some common questions and answers about this Tax Credit. You probably want to read this if you are a First-Time Home Buyer or an agent that works with First-Time Home Buyers. The below Q&A pertains to any new home buyer whether you live in the Frisco Texas area or anywhere else within the United States.
First, the basics about the program that you may have read before:
Now for the things you may not have read about:
What defines a First-Time Home Buyer? Buyers who purchase any home which is utilized as their primary residence (new or resale) between January 1st and November 30th. As defined, the Frist-Time Home Owner could not have owned a primary residence within the last 3 years. For married couples, if one of the spouses has owned property within the last 3 years, they are both disqualified. Ownership of a vacation home or rental property not used a Principal Residence does not disqualify a buyer as a first-time home owner.
Income Clarification: What is the Income Limitation to claim the Tax Credit? The homeowners annual income can not exceed $75,000 to receive the full tax credit or $150,000 per couple to receive the full tax credit. Are you automatically disqualified because your income is above these limits mentioned? You are still qualified for the reduced refund if your MAGI (modified adjusted gross income) is above $75,000 (single) or $150,000 (married), but not above $95,000 (single) or $170,000 (married). If your income is above $95,000 (single) or $170,000 (married) then you no longer qualify. What is MAGI? This term is defined by the IRS and is not your Adjusted Gross Income (AGI). It's a calculation of your AGI and personalized deductions. It is best to seek an accountant for a clear understanding.
How is this tax credit different from the tax credit originally passed in July 2008? The biggest difference is that this is a true tax CREDIT, not a deduction. It is also no longer a loan, which means you will not need to pay it back over a period of time. The only exception for this credit is that you must keep your home for at least 3 years. If you sell your home before your third year, the refund would need to be paid back.
What does it mean that the tax credit is 'refundable'? Plain and simple, this is a credit and not a loan nor a deduction. Any unused portion from your 2008 or 2009 taxes will be refunded to you in the form of a check or wire. For example, if you owe the IRS $5000 in taxes, and your expected tax credit is $8000 then your net difference of $3000 will be refunded to you. If you owe $10,000 in taxes, then the $8000 will be applied so that you only have to pay the IRS $2000. And finally, if you are to receive a credit from your taxes of $3000, then the $8000 will be added to it for a total credit of $11,000.
What type of home qualifies? Any home used as a primary residence. This obviously includes single-family residence, but also includes attached homes like townhomes, condo's, manufactured homes, and even houseboats.
I am building a home. Would I still qualify for the credit? If you purchase the home from a home builder, then the 'settlement' date on the contract must be between 1/1/09 and 11/30/09. If you have hired a contractor to build your home, then the tax code defines the purchase date as the 1st date the homebuyer occupies the home. This date must be between 1/1/09 and 11/30/09.
My home was purchase in 2008, would I still qualify for this tax credit? Not if your home was purchased prior to 12/31/08. However, if you purchased between 4/9/08 and 12/31/08 then you would possibly qualify for the $7500 tax credit which was approved during the Bush Administration.
How do I claim the $8000 first-time home Buyer tax credit? The claim is made on your federal income tax return. The first step is to complete form 5406 which helps determine the amount of your credit. The amount is then placed on line 69 of the 1040 form. No other approval is necessary, however, you will want to be sure you qualify based on the First Time Home Buyer guidelines and Income limitations.
What if I already filed my 2008 taxes and claimed the $7500 tax credit? Home buyers need to file an amended return on a 1040X form. It's always best to consult an accountant prior to filing your return.
Do I have to claim the tax credit in 2009 or can I claim it in 2008? The law was written in a way that home buyers could claim this credit in either year. Someone with an adjustable income may 'elect' to claim the credit in 2008 because they know their current MAGI for 2008 where as in 2009 the MAGI may be above allowable limits. If the 2008 tax returns have been filed, see an accountant for further assistance and suggestions.
Does a homeowner have to wait to file their 2009 tax returns in order to utilize their tax credit? Yes. There is not a current program which allows you to utilize this credit prior to filing your tax returns. Some homeowners may choose to drop their deductions within their paychecks knowing a credit will be received. My suggestion is to wait for the full return at the end of the year or file an amended 2008 tax return. Should you choose to adjust your deductions, consultant an accountant.
There are a few more items that could disqualify a First-Time Homebuyer from this tax credit:
Should you have any additional questions about the First Time Home Buyer Tax Credit, feel free to contact me directly by phone or email. I'll be happy to answer any questions you may have.
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Are you are looking to buy or sell a home in Frisco or another city in North Texas? Perhaps you love your home but would be interested in refinancing to a lower interest rate? If so, then I can help. I am a licensed Mortgage Consultant located in North Texas with over 15 years experience in the industry. I can help you get pre-approved for your new home loan in Texas and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice. If you are available to talk, I am available to listen. Give me a call any time or visit my website for more details.
Always available for your Frisco Texas Mortgage needs!
John Cannata Reliant Mortgage p# 214.545.5604
Copyright © 2009 by John Cannata - Reliant Mortgage Ltd. Attention First Time Home Buyers in Frisco Texas - Details about the $8000 Tax Credit (Economic Stimulus Package)
Its been all over the news. By now, Im sure you heard something about it. The original push, specifically for Real Estate, was for a First Time Homebuyer to receive a tax credit of $15,000. That amount has been reduced to $8,000.
The House and Senate have reviewed the plans and made some minor enhancements to the original proposed plan. Below is a quick snap shot of the current plan and the proposed plan, as it pertains to Real Estate. Does the below mean "Go out and buy a home", not necessarily, but it certainly doesn't hurt.
Our current Stimilus Plan approved by the Bush Administration includes the following:
As I stated, the original proposed package was for a tax credit up to 10%, not to exceed $15,000. As of this morning, that has been revised to $8,000. Based on what I have read, here are the guidelines for the new proposed package as it relates to Real Estate. I have bolded the items that are clearly different from the original:
The new package has a bigger potential at stirring up business in Real Estate because this would be no longer considered a 'loan' from the government. The $8,000 would be a credit not to be paid back as long as you keep your home for at least 3 years. Sure, the $15,000 would have been nice but the revised proposal still sparks the interest if First Time Homebuyers.
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Other helpful reads may include:
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Always available for your Frisco Texas Mortgage needs!
John Cannata Reliant Mortgage p# 214.545.5604
BEWARE: There could be dangerous twins in your area. They are called Fear and Greed!
Although these twins do not always hang out together, you will often hear about how they destroy one thing or another. It's not their fault. They were left on their own as children and had to learn about the tough world. Unfortunately, they keep listening to the wrong people. Their idols are different than yours and mine. Most recently, they have had a lot of focus on Real Estate. I know you are wondering how can you tell them apart and what should you do if you find them?
Well, Fear is the younger twin. He is unsure of many things in the world and is easily influenced by the articles he reads and hears about. Plain and simple, he is just afraid of what 'could' happen. This feeling may have been caused when he was younger, tried to be like his brother, Greed, and was unsuccessful. Perhaps it did happened because he watched too many movies or maybe he went to Vegas and watched too many people lose their money. No one really knows why and no one has taken the time to show/tell him differently. You may have run into him in your area without even knowing.
Here are some things that Fear may say or talk about, as well as some helpful tips for you:
Now, Greed is completely opposite of his younger brother. Greed is always thinking WIIFM (what's in it for me). Often he is thinking of the quickest way to make a buck without spending money or working too hard. He wants to own the BEST and the BIGGEST, but doesn't want to pay more than the worst and the smallest. Again, its not necessarily his fault. Greed has always looked up to those that rolled the dice and got lucky. He is hoping to get lucky as well. You may have also run into Greed in your area without knowing.
Here are some things that Greed may say or talk about, as well as some helpful tips for you:
If you see these twins in your area, don't panic. As a matter of fact, welcome them into your home. Show them some pretty pictures of the real world and how it could be if they were a little more open-minded. There are a WIDE variety of homes on the market today, so the choices are almost endless. Mortgage Companies are still lending money to the majority of applicants. FHA is a fantastic loan product for those with less than perfect credit and/or with little money down. And lastly, the rates are still outstanding!
Bottom line... Explain to them why its still a good market to buy and sell Real Estate.
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Other helpful reads may include the following:
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Always available for your Frisco Texas Mortgage needs!
John Cannata p# 214.545.5604
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A Mortgage Consultant in Frisco Texas that specializes in removing the stress from buying or refinancing your home. Call me when buying your first home, tenth home, or just looking to lower your rate.
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