Nancy Fulton

First Time Home Buyer Tax Credit Fact Sheet This was put together by Gregory Brown, Assistant Staff Vice President for Government Affairs of the National Association of Home Builders Who is eligible The 7,500 tax credit is for first-time home buyers only. That is someone who has not owned a home during the past 3 years. U.S. citizens who file taxes. Income Limits Single head of household full 7,500 is their income is less than 75,000. Patial credit if income is between 75,000 and 95,000 Married couples filing a joint return less than 150,000. Partial credit if income is between 150, 170,000 Above those limits it is not available. Effective Dates for home Purchase Between April 9, 2008 and July 1, 2009. SHORT TIME FRAME! Payback Provisions Tax credit is essentially an interest free laon since it has to be repaid over 15 years at 500 a year starting two years after purchase. If the home is sold proceeds would pay off the loan. If there was insufficient profit then the remaining credit payback would be forgiven. For More Details on the tax credit and to see if you or your student qualify go to http;//www.federalhousingtaxcredit.com/ I hope this helps you better understand this part of the new housing stimulus package. I believe there many people who could benefit from checking this out. Please call me if you have any questions about buying, selling or leasing real estate. I am the SMU Real Estate Expert. I can be reached at www.SMURealEstateAgent.com or 214-316-9872

Well who says there is a housing slump? Agents working with SMU students and parents like myself are working hard to secure housing for the students. SMU has phased out much of its older more affordable apartments. So students and their parents are frantically trying to secure a place for next year. SMU guarantees housing for freshman but there is not much availalble for the older students. The surronding city of University Park has a small rental market that range from the original 1928 buildings without much improvement to new, expensive luxury units. But the current supply is very limited. The new occupancy and parking ordinances enacted by the City of University Park have made and already tight rental market even tighter. SMU students and their families especially need an experienced agent this year who knows this area.