<>
The Renno Lending Team Jason & Keith Renno Loan Consultants (661) 290-3819 Office- Jason (661) 290-3817 Office- Keith (818) 644-0686 Cell- Jason (818) 521-8515 Cell- Keith (866) 371-7991 Team E-Fax Team Email:TheRennoLendingTeam@Prospectmtg.com Website and Online Application: www.RennoLending.com
President Obama has signed legislation to extend the Homebuyer Tax Credit. Passage of the bill was widely anticipated to further spur economic recovery in the housing sector, as more buyers are now eligible for tax breaks under the new law. The $8,000 first-time homebuyer tax credit was originally set to expire on November 30.
In addition to offering the $8,000 first-time homebuyer tax credit, the new law also allows a $6,500 credit for repeat or move-up homebuyers who have lived in their primary residence for five years or more.
The tax credits are available to buyers who sign purchase agreements on a new or existing primary residence between December 1, 2009, and April 30, 2010. Buyers would have until June 30 to close on their new homes.
There is an $800,000 price limit on all homes eligible for the credit. The income limits for all buyers are now $125,000 per year for individuals and $225,000 for married couples. Under the old program, the limits were $75,000 and $150,000 respectively. The first-time homebuyer credit is also available to those who have not owned a home in the previous three years. The credit does not have to be repaid unless the home is sold or ceases to be the primary residence within three years.
We are committed to meeting your home financing needs, and to answering questions about how the new law could impact your unique financial situation. Call us if you have any questions.
Thank You,
The Renno Lending Team
Jason & Keith Renno
Loan Consultants
(661) 290-3819 Office- Jason (661) 290-3817 Office- Keith
(818) 644-0686 Cell- Jason (818) 521-8515 Cell- Keith
(866) 371-7991 Team E-Fax
Team Email:TheRennoLendingTeam@Prospectmtg.com
Website and Online Application: www.RennoLending.com
For Mortgage Updates and Info.- www.SCVMortgageBlog.com
Yesterday, I (Keith Renno with The Renno Lending Team of Prospect Mortgage, LLC) was interviewed by Robert Mickalson with The Robert & Brian Team @ Realty Executives (www.TheSCVagents.com) using Wetoku for the first time. It was a lot of fun. We discussed the "State of the Mortgage Market", including interest rates, The Homebuyer Tax Credit, new lending guideline changes and much more....
Keith Renno
Mortgage Consultant
The Renno Lending Team
Prospect Mortgage, LLC
(661) 290-3817: Office
(818) 521-8515: Cell
(866) 371-7991: Fax
Stay updated on our blog at www.SCVmortgageBlog.com and www.RennoLending.com
|
Senators Agree to Extend Homebuyer Tax Credit Senators have agreed to extend the $8,000 first-time homebuyer tax credit originally set to expire on November 30. Once the Senate officially votes on the bill it will move to the House of Representatives, which strongly supports the extension. The Obama administration has also signaled its strong support for an extension of the tax credit. Aside from the first-time homebuyer credit, the new plan would offer a $6,500 credit for repeat or move-up homebuyers who have lived in their primary residence for five years or more. The tax credits would be available to buyers who sign purchase agreements on a new or existing primary residence between December 1, 2009 and April 30, 2010. Buyers would have until June 30 to close on their new homes. There is an $800,000 price limit on all homes eligible for the credit. The income limits for all buyers would rise to $125,000 per year for individuals and $225,000 for married couples. Under the current program, the limits are $75,000 and $150,000 respectively. The first-time homebuyer credit is also available to those who have not owned a home in the previous three years. The credit does not have to be repaid unless the home is sold or ceases to be the primary residence within three years. According to the Treasury Department, more than 1.2 million borrowers have claimed $8.5 billion of the $13.6 billion set aside for the first-time homebuyer tax credit. Please be advised that this legislation has not yet passed, but I will be sure to keep you informed as it moves through Congress toward approval. I'm committed to meeting your home financing needs. Call me if you have any questions, or if you would like to get started on a loan application today! |
|
|
The Renno Lending Team of Prospect Mortgage, LLC. Keith and Jason Renno. www.RennoLending.com www.SCVmortgageBlog.com
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
