Connecticut FHA LOANS,CT VA Loans CT First Time Home Buyer:CT Home Loans

Completely updated 2 Family Home on nice corner lot at dead end street, walk to Waterville park, Nothing to do here but move in!. Great opportunity to live in one unit and rent the other or investors take notice, the number work with this property! Close to RT 8 and Minutes from rt 84.

What's New? New roof, new vinyl siding,new seemless gutters,new bathrooms,new kitchens, new floor covering, updated electrical, just painted inside, new garage doors, new back porches, new paved driveway and walkway, new plumbing, new vinyl windows, new interior doors, new front door, new shrubs,new interior lighing fixtures, too much to list everything..... Must see, don't let this one pass you by. Each unit is approx 820 sq ft and has 2 Bedrooms, 1 Bath , Living Room and Kitchen. Gas hot water, Hydro-Electric baseboard heat

See more @ www.46Manville.info

Get pre-approved for a mortgage @ www.LeoLends.com

First-time home buyers who purchase(d) a principal residence on or after April 9, 2008 and before July 1, 2009 are eligible for the credit. A first-time home buyer is defined as an individual who has not had an ownership interest in a principal residence in the three-year period before the date of home
purchase, and someone who has never taken advantage of the first-time home buyer credit available to residents of Washington, D.C. (see below). In the case of married couples, both must be first-time home buyers.

For other groups purchasing a home, the statute is less clear. Take a couple who is planning to be married in 2009. The bride-to-be and her fiancé purchased a home on June 1, 2008. She previously
owned a home in 2006 while her fiancé has never owned one. The bride will not qualify for the tax credit for the 2008 purchase because she owned a home after June 1, 2005 (three years before the date of the couple's purchase). But, since both were single when they purchased the home, the groom may
qualify for the credit. He may be eligible because both of them will file tax returns as Single for 2008. (If they married in 2008, neither would be eligible). When purchasers file a joint tax return, both
must be first-time buyers.

Obviously there are other types of households, and in some of these cases the statute could be somewhat ambiguous. As for any major financial investment, purchasers should consult a tax advisor.

Income Restrictions

There are some income restrictions with this program. Those restrictions are based on the tax filing status the purchaser claims when filing his/her income tax return. The maximum income for individuals filing as "Single" (or "Head of Household") is $95,000; individuals filing a joint return may have income of no more than $170,000.

How Does it Work?

The credit directly reduces the total amount of taxes owed and is refundable. When the buyer files his/her taxes, for the year he or she purchased the home (2008 or 2009), the taxpayer will be able to subtract the amount of the credit from his/her Federal income tax liability, increasing their refund
or reducing the amount owed.

The amount of the credit is based on the price of the home being purchased. The tax credit is equal to 10 percent of the purchase price of the home up to $7,500. The full credit is available for single buyers whose adjusted gross income is less than $75,000. If the buyer's adjusted gross income is greater than
$75,000 and his/her home purchase qualifies the buyers for the full credit, the credit phases out. For married couples filing jointly, the credit begins to phase out at an adjusted gross income of $150,000 (for details, see charts).

The tax credit is not completely free money for buyers to keep. It has a payback provision that makes it similar to an interest free-loan. Two years after the credit is claimed, buyers will have to begin repaying that "loan" so that the credit is paid back in full over the course of 15 years. For first time buyers who qualify for the full credit, the payback amount is $500 per year. Those getting less than the full credit pay equally over the 15 years (which is a rate of 6.67% per year).

If a qualifying home is resold before the credit is repaid, the seller will have to immediately pay the outstanding balance of the credit. If the home is sold at a loss, then nothing more is owed.

Other Eligibility Conditions

A home buyer tax credit has been available for first-time buyers in Washington, D.C. for many years. But buyers cannot claim both the DC and the national first-time home buyer tax credit. In addition, purchases by non-resident aliens and purchases financed by proceeds from a qualified mortgage issue are not eligible. Home purchases between relatives and other gifts of residences are not eligible for the credit. Also, the credit is good only for a principal residence located in the United States. This includes
single-family detached housing, condos or coops, townhouses or any similar type of new or existing dwelling.

Ceteris Paribus

Even with the above exclusionary factors, first-time buyers purchasing a home will reap the other benefits of homeownership. They will be able to deduct their mortgage interest payments on their
taxes, as well as their property taxes. In addition, when they sell that home, those owners will be entitled to the capital gains tax exclusion. And of course, these first-time buyers will at last be able to
feel the pride and security of owning their own home.

If you live in Fairfield County Connecticut and have a Jumbo mortgage, you may be able to save thousands over the life of your mortgage with our new increased FHA Mortgage Limits.

With the new loan limits in place, you may now get a much better rate on your Jumbo mortgage than you now have. Here is an example of savings:

If your current Jumbo Mortgage is $600K @ a interest rate of 6.875% your P&I payment is $3,941.57

The same $600K loan amount @ 6.25%, your P&I payment would be $3,694.30

(rates are for example only, actual rates will be determined at application)

THIS IS A MONTHLY SAVINGS OF $247.27!

Call now to find out what you may be able to save on your Fairfield County Connecticut Jumbo Mortgage

Purchase or Refinance A Jumbo Mortgage At Great Rates!

203-826-8964 or 1-866-334-526 Toll Free in CT

http://www.benchmarkct.com/

Benchmark Mortgage

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