Marcus Bruno

Home Buyer Tax Credit Extended and Expanded!

The U.S. government recently extended and expanded the home buyer tax credit. The $8,000 first-time home buyer credit that was scheduled to expire December 1 will continue in effect until April 30, 2010.

In addition, beginning December 1, many current homeowners will qualify for a $6,500 tax credit if they've lived in their current home for at least five years and are seeking to relocate. Plus, the income limits for single buyers and married couples were also raised.

There has never been a better time for you or someone you know to take advantage of this tax credit because hundreds of homes are now priced below market value.

If you have a family member or friend who could benefit from learning more about this tax credit program, please have them call me for a free one-hour consultation so we can discuss how these changes will help them.

"One of the big items needed to claim the credit is a copy of a properly executed settlement statement which must be attached to the tax return where the homeowner is claiming the credit. This goes for both First Time Homebuyers as well as those claiming the "Upgrade" credit of $6500. The new law gives the IRS a wide purview to summarily deny claims for the credit without having to audit the taxpayer or notify them. I heavily advise those thinking about claiming the credit to see professional tax advisory services from a reputable accountant with experience in this arena", says Mike Fine of Finesse Tax Accounting.

Marcus Bruno
HomeSource Real Estate
240 460-6318
301 464-0044

P.S. Because this program is a tax credit - it does not have to be repaid. Who's the next person you know who should learn about this program

If you know anyone in foreclosure please tell them not to go to court without an attorney.

Forecloure AID

• Maryland Foreclosure Prevention Pro Bono Project: 877-462-7555.
• Civil Justice Network: 410-706-0174
• Legal Aid in Maryland and Virginia: MD 888-2115-5316 & VA 866-534-5243
• Neighborhood Legal Services Program in the District: 202-269-5100

Also, I can help you if you need to modify your loan or sell your home before forclosure.

Marcus Bruno

Homes@MarcusBruno.com cell: 240-460-6318

A $7500 tax credit is available to singles, married couples and unmarried co-purchasers who purchase a home by July 2009. Only principle residences are eligible. No investments, or second homes are eligible however, houseboats, house trailers, cooperative apartments, condominiums are eligible. You must be a first time homebuyer or have not owned a home in the last three years. As a single buyer your income must not be over $95,000 and married joint filers cannot gross more than $170,000.

Congress is currently debating a deadline extension to Dec 31 and possibly making this tax credit free from repayment. Currently purchasers are required to repay the $7500 over a certain number of years interest free.

Whether or not they eliminate the repayment requirement it's still a great benefit to get the tax credit because $7500 can go be used as reserves for any unexpected challenges.

Hope this helps,

Marcus Bruno

240 460-6318 or Homes@MarcusBruno.com

1. Do you have a variety of loan programs to fit my cash flow and expected length of ownership needs?
2. Do you offer pre-approvals, not just pre-qualifications?
3. Do you have the ability to handle difficult credit history?
4. Is the rate that you quoted me the rate I will get at closing?
5. Can you give me a list of your last five clients as references with their phone numbers?

We have just heard that the D.C. Government-funded Home Purchase Assistance Program and the Maryland Bond Program's CDA loans have been indefinitely suspended for budgetary reasons. What does this mean if you are among those buyers who have been approved for zero-down loans by lenders using these products? You'll have to wait for the suspensions to be lifted or you can use more traditional forms of financing. The good news is that down-payment assistance programs like Nehamiah and Ameridream should be rolled back out pretty soon. Also, some lenders still offer zero-down loans that allow closing-cost assistance from the home sellers. I know that the PG County Association of Realtors and the Greater Capital Association of Realtors are lobbying pretty hard to get these programs up and running again. Efforts are also underway to pressure the D.C. Council to reconsider their decision.

Contact me by email or at 240-460-6318 for more zero down opportunities.