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Matthew Haviland

The New $6,500 Tax Credit For Home Owners

Did you know there is a $6,500 tax credit for home owners who have lived in their principal residence consecutively for 5 of the previous 8 years when they buy a new primary residence?

To be eligible for the credit the new principal residence must be under contract by April 30th, 2010 and must close by July 1st, 2010.

This tax credit is a great incentive for home owners who's families are expanding and need to move to a larger more spacious home.

This tax credit would also benefit someone that is looking to downsize to a smaller home.

Also, this tax credit does not require you to sell your current primary residence. So if you've been thinking about retiring to Florida but want to keep your home here, now there is a nice incentive to make that move.

If you know of anyone who is thinking about moving please forward this email or contact us now so we can give them all the details on the tax credit. Our number is 609-484-9890 ext. 132

Thank you and best wishes,

Matt

P. S. Who do you know that can take advantage of this $6,500 tax credit?

P.P.S. Also, the first time home buyer $8,000 tax credit has been extended until April 30th of 2010. If you know anyone who has not owned a primary residence in the last 3 years please let us know who they are.

How to keep your home and avoid foreclosure.

I hate to see home owners loose their homes. There is help available and I'd like to give you an overview of your options.

A great option is a mortgage modification. This is a way for home owners to modify their mortgage or refinance to a more affordable payment. Here is the website regarding mortgage modifications: http://makinghomeaffordable.gov/

Also here is a link to a list of HUD approved free counselors that help home owners determine their best options: http://makinghomeaffordable.gov/counselor.html

If you can't afford to keep your home or must sell another option for home owners facing foreclosure is a short sale. This is something that we can help with to allow home owners to sell their home and negotiate with the bank to take less than what they owe.

There is help available and we are here to help. If you have any questions please call me at 609-484-9890 ext 132.

Best wishes, Matt

Home Buyer Tax Credit Extended and Expanded

Home Buyer Tax Credit Extended and Expanded

Great news for home buyers! Effective November 7th the tax credit has been expanded and extended.

The $8,000 tax credit has been extended for first time home buyers. Plus a new $6,500 tax credit has been added for existing home owners.

Here is a great website that will answer any questions you may have:

http://www.federalhousingtaxcredit.com/home.html

To take advantage of these tax credits please contact me immediately at 609-484-9890 ext. 132.

Best wishes,

Matt Haviland

What is a Short Sale? Short Sales Explained

A Client of mind just emailed me and asked me to explain a short sale. I thought I would explain it here on the blog.

Basically the seller of a home owes more than what the house is worth. Maybe they bought the home recently at the height of the market or refinanced too many times and no longer have equity. Then the seller has a financial hardship, perhaps a job loss or illness, and can no longer keep the home. The short sale is a way to avoid foreclosure and sell their house without damaging their credit as badly as going though a foreclosure. The seller negotiates with the bank for the bank to take less money than what they owe.

The problem with the short sale is that so many people are in this situation and the banks are overwhelmed. It takes an average of 90 to 120 days to hear back if you offer is accepted. Plus the short sales are usually sold in as-is condition so even if the bank approves the sale you may run into a problem with the home inspection. Also many banks are now doing a loan modification instead of a short sale. So as a buyer you could be waiting for months only to find out that the bank will not approve the sale.

For my buyer clients I usually recommend avoiding Short Sales unless you are willing to wait a very long time and face disappointment if the deal does not go through.

Best wishes,

Matt

P.S. If you have any questions about short sales or any other real estate question please contact me or call me at 609-484-9890 ext. 132.

USDA Direct Loan Program for Atlantic County New Jersey 100% financing with max rate of 4.625% and as low as 1%.

For home buyers with low to very low income the USDA single family housing direct loan program offers and incredible opportunity to own an affordable home.

Here are some of the details on this program:

Only certain cities qualify:

For Atlantic County, NJ

Borogh of Buena

Buena Vista Twp.

Corbin City

Egg Harbor City

Egg Harbor Township

Estelle Manor

Folsom Borough

Galloway Township

Hamilton Township

Mullica Township

Port Republic City

Weymouth Township

Eligibility requirements:

To be eligible applicants must meet very low and low income limits. This depends on the number of people in the household and the household income. For example a family of four in Atlantic County with $54,700 income would qualify as low income and $34,200 would qualify as low income. Moderate income would be considered $60,200.

The maximum loan amount is $249,600.

Subsidized Funds

Payment assistance is available to drop the rate to as low as 1% and currently the rate will not exceed 4.625%

For more details on this program, the $8,000 first time home buyer tax credit, or other financing opportunities, please call me at 609-484-9890 ext. 132.

Best wishes,

Matt

Matthew Haviland

Your Trusted Real Estate Expert For Life