Sheri Moritz

SIGN UP FOR HOME BUYER SEMINAR JUNE 6th 2009 at 10am or 2pm.....

Confusion over First Time Homebuyer Tax Credit Potential Program

According to the latest announcements HUD is working on allowing home buyers to use the First Time Home buyer Tax Credit of up to $8000 as a soft second mortgage/down payment; although the exact details of the plan are still being refined, this is yet another positive step for first time home buyers.

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development stated that the Federal Housing Administration (FHA) is working on details outlining how they are going to permit it's lenders to allow home buyers to use the $8000 tax credit as a down payment. Previously, buyers had to wait to file their taxes to take advantage of the tax credit, which hindered some home buyers from buying.

Hopefully the full details of the program will be available shortly. Making changes to policy takes time but they have been working diligently on the program.

NC Finance Agency's Mortgage Credit Certificate Program

Home buyers who meet the North Carolina Finance Agency's qualifying income requirements, sales price, and first-time home buyer guidelines may be eligible for a Mortgage Credit Certificate (MCC); this federal tax credit was authorized by Congress to assist home buyers with moderate and low incomes. Each lender sets the terms of the mortgage, and includes the interest rate, down payment, underwriting criteria, discount points, and closing costs.

While all homeowners can claim an itemized tax deduction for mortgage interest, an MCC takes it a step further; it reduces your tax liability, dollar-for-dollar, by a percentage of the mortgage interest paid.

If a home buyer qualifies, 20% of the interest paid on the mortgage as a credit on your federal income taxes can be claimed, which will save up to $2,000 per year on federal taxes, and is money that can be put toward the mortgage payment.

The MCC can be combined with the new $8,000 federal tax credit, if eligible, until that credit expires in December 2009. Also, the Mortgage Credit Certificate can be used with almost any type of mortgage, including adjustable rate mortgages. However, it cannot be used with the Agency's FirstHome Mortgage.

Now is a great time to buy. Contact Real Living Realty Experts for more information at 919-387-4100

I am speechless to see how much my baby girl has grown in the past year. In less than 12 months she has learned to crawl, stand, walk, talk and say "Love you Mommy". Each year we (my 12 year old included) make Strawberry jam and ice cream sauce to give to our friends, family and those who send referrals. This batch is a few berries short since the baby learned to feed herself.

This year we went to Page's Farm on Mt. Herman Rd. just behind the Super Walmart in Brier Creek

This is my first time participating in Wordless Wednesday. I am not good at keeping my mouth shut:)

This photo was taken last month at the NC Zoo in Asheville NC with the elephants

My daughter said that the sign is there because the female elephants stick together in the herd. I told her and her sister that it is a reminder that they are suppose to stay close to their mother. Today I got to see them with their grandmother who only visits once a year and no matter how far apart they are... they always stick together. Thanks Grandma for the visit!

If you qualify for an MCC, you will be able to claim 20% of the interest you pay on your mortgage as a credit on your federal income taxes. You can save up to $2,000 per year on your federal taxes, money that can be put toward your mortgage payment.

http://www.nchfa.com/Homebuyers/HBwhatweoffer.aspx#mcc

Now couldn't be a better time to buy in the Raleigh, NC area. We have been honored with so many growth awards in the past few weeks. Rates are at an all time low. 1st time home buyers have an incredible opportunity with the $8000 tax credit and now there are additional tax credit benefits being offered to home buyers in NC.

Real Living Realty Experts will be having a Home Buyers Seminar with Mortgage Lenders, Home Inspectors, Appraisers and more. To RSVP check out our facebook event page....

http://www.facebook.com/home.php?#/event.php?eid=75601973046

Another great news story for the Raleigh area! I have been saying that the news is acting like Chicken Little around here creating a fear that is not needed. For the 3rd straight year Raleigh was rank the Best Place for Business and Careers and Durham ranked 3rd! http://www.facebook.com/ext/share.php?sid=60810153950&h=NJdY2&u=iVATL&ref=nf

While this is great news it comes out on the heels of record unemployment rates in the state.

http://www.wral.com/news/local/story/4826610/

We are very blessed in the Raleigh/Durham area to be in our own bubble. Prices are holding relatively stable and we are picking up in number of sales. All the mortgage lenders that I talk with are busy. We have even ventured out to open a brand new 3000 sq ft office and had a wonderful grand opening that was featured on the local TV news station and in the newspaper. Check it out!

http://news14.com/Default.aspx?ArID=606752&ap=1&Flash