Get your $8000 Tax Credit in 2009!!
First-Time Homebuyer Tax Credit
As Modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
February 1, 2009
|
Features |
Credit As Created JULY 2008 Applies to All Qualified Purchasers on or After April 9,2008 |
Revised Credit-Effective For purchases on or After January1, 2009 and Before December 1, 2009 |
|
Amount of Credit |
Lesser of 10 percent of cost of home or $7500 |
Maximum credit amount Increased to $8000 |
|
Eligible Property |
Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence |
No change All principal residences eligible |
|
Refundable |
Yes. Reduces (or can eliminate) Income tax liability for the year of purchase. Any unused amount of tax credit refunded to the purchaser. |
No Change Purchaser will continue to receive refund for unused amount when tax is filed. |
|
Income Limit |
Yes. Full Amount of Tax credit available for individuals with adjusted gross income of no more then $75,000 ($150,000 on joint return). Phases out above those caps ($95,000 and $170,000). |
No change
Same income limits continue to apply |
|
First-time Homebuyer Only |
Yes Purchaser (and purchasers spouse) may not have owned a principal residence in 3 years previous to purchase |
No change Still available for first-time purchasers only. Three year rule still apply. |
|
Revenue Bond Financing |
No credit allowed if home financed with state or local bond funding |
Purchaser who utilizes revenue bond financing can use credit. |
|
Repayment |
Yes. Portion (6.67% of the credit or $500) to be paid each year for 15 years starting with 2010 tax filing. |
No repayment for purchases on or after January 1, 2009 and before December 1, 2009 |
|
Recapture |
If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale |
If home is sold within 3 years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009 |
|
Termination |
July 1, 2009 (But note program changes for 2009) |
December 1, 2009 |
|
Effective Date |
Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year. |
All revised are effective as of January 1, 2009 |
Effective March 1, 2009 Fannie Mae will allow investors to own up to ten (10) financed properties based upon borrower eligibility requirements. This is a much anticipated and welcome change to regulations that temporarily sidelined seasoned investors who owned more than four (4) financed properties. Fannie Mae returned to the ten (10) property limit because experienced borrowers will play a key role in the housing recovery.
This change in Fannie Mae regulation will allow investors with 4+ properties to resume purchasing property for investment or resale. The goal of this change is to help stimulate the current housing market and in turn help stimulate the overall economy.
Now is the time for real estate investment! Now is the time when millions of dollars will be made! Now is the time to take advantage of the loosening of regulations! DO NOT LET THIS OPPORTUNITY PASS YOU BY! For help with selecting the right property visit us at: www.JesseAllenHomes.com
Check out the new listing located in the new subdivision of Allen Ridge, located on Allen Road just minutes from the medical district. This new subdivision qualifies for 100% USDA financing with no PMI, this is a great deal for the first time home buyer. Visit us at www.JesseAllenHomes.com for more local listings in the Greenville / Pitt area.
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HOW LONG WILL IT TAKE TO SELL?
If your property isn't sold within 30 days, a price adjustment should be made! Statistics are based on National average of homes sold. |
I get this question all the time on listing appointments so I put together this chart that helps clients see the National averages of home that are selling. Its important to remember that this is just a guide some areas sell much faster than others. For more free home info check us out at www.JesseAllenHomes.com .
Home Buyer Tax Credit Will Create 255,000 Jobs, NAHB Study Shows
RISMEDIA, February 12, 2009-The $15,000 home buyer tax credit, which is an integral part of the economic stimulus legislation adopted yesterday by the Senate, will result in nearly 500,000 additional home sales and create 255,000 new jobs in the year ahead, according to research conducted by the National Association of Home Builders (NAHB).
"The tax credit will get prospective buyers back into the housing market on the day the bill is signed and stimulate activity throughout the economy," said NAHB President and CEO Jerry Howard.
Increasing home sales, Howard added, will help to stabilize home values, slow the rate of foreclosures and shore up mortgage portfolios held by financial institutions, all of which will bolster confidence generally and trigger even more economic activity.
In addition to the 255,000 jobs created during the first year, NAHB estimates that the additional half million home sales will generate:
· $12.3 billion in wages and salaries,
· $9.7 billion in net business income,
· $6.6 billion in federal taxes, and
• $2.1 billion in state and local taxes.
But the ripple and multiplier effect doesn't stop there. NAHB research shows that the tax credit would result in $7.4 billion in economic activity outside the construction sector, including $4 billion in broker services, $2.5 billion in spending related to sales transactions and $350 million in spending for property improvements.
vist: www.JesseAllenHomes.com
Your local Condo & Townhouse connection! Serving the Greenville, Winterville and surrounding areas. Our Client's Homes sell for more in less time!
Welcome to Greenville and Pitt County - the hub of Eastern North Carolina! Greenville is now the retail, healthcare, educational, cultural and sports hub of Eastern North Carolina. The designation has been rightfully earned by the people of the region by both carefully preserving a rich historical heritage and displaying an energetic willingness to adapt to a changing economic and commercial world. From every retail store you can imagine, to a world-class regional medical facility and heart center, to one of the state's largest universities and a top-notch medical school to college athletics and "Sportstown USA" recreation to high-achieving public schools to cultural opportunities akin to big-city life, Pitt County is rich in opportunity. Progressive planning and cooperation between government, business and private citizens has allowed the Greenville MSA to maintain a careful balance between economic growth and a high quality of life for old-family residents and newcomers alike. The region continues to combine a low cost of living with ideal climate, truly superior recreational capabilities, excellent medical and educational facilities, a well-trained, eager and loyal work force and cultural amenities usually found in much larger and more cosmopolitan population centers. Greenville offers something which is becoming increasingly rare in today's fast-paced world - a small town atmosphere ideal in which to live, work, play and raise a family and all without sacrificing any of the "big city" lures of arts and culture, shopping centers, entertainment, education and medical services. Pitt County is also home to 8 other municipalities, each with their own charm and unique atmospheres. Whether you are visiting this region of North Carolina for recreation and relaxation or are considering becoming a part of its ever-expanding business, medical or educational communities, we welcome the chance to show you that we're dedicated to make your stay (short or life-long!) here one that is second to none.
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What our clients are saying...
We have been in the market for a new home ... and are anticipating a move this summer. I work with computers and websites and this site is very impressive. My hats off to the IT Team that designed this site. If as much care and information is put into your work as you do with your website, all I've got to say is you must have one helluva' business. I've seen twenty five to thirty real estate websites thus far but none compare to this in any way, shape or form. I don't know if this will reach the people you work for but I hope it does. It's blown the twenty five to thirty websites I visited right out of the water. Not to sound to crude but it's finally nice to go to a website where they really care.
Thanks,
John G. Bartlett
Jesse did a great job helping us find a townhome for our college age son. He listened to our requirements and in just one day, we found the place that was right for us! It was more economical to get a townhouse than to pay the ridiculous amount of rent the apartment complexes charge in Greenville. My son loves the place, it is on the ECU bus route which was important to us. When it came time for closing and financing, he put us in touch with great attorneys and financing and all went off without a hitch!
Thanks Jesse,
Barbara Ashley, Fayetteville NC
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