Huntsville Real Estate Alabama Walter Jones

The IRS is allowing a "Tax Credit" for 1st Time Home Buyers up to 10% or

$7,500....received when they file their 2008 tax return.

Below is a little information on this credit...

COPIED FROM IRS WEBSITE:

Who is eligible to claim the $7,500 tax credit?

First time home buyers purchasing any kind of home-new or resale-are eligiblefor the tax credit. Contact Jennifer Taylor with Colonial Bank to pre-qualify. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs.

Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2008 tax return?

Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the future home buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment

Feel free to contact me with any questions ...

Thanks!

Walter Jones

IT'S HERE!!!! 100% Alabama Housing Bond Money: Released Today! (08-27-08)

The First Step Bond Program through Alabama Housing Finance Authority has just been released. Colonial Bank is happy to be a participating lender for this zero down payment program. $30,000,000 has been allocated at a rate of 5.875% fixed for 30 years. There are sales price limits of $289,705 for Target Areas, and $237,031 for Non-Target areas. It's not just for first time home buyers! Search the entire Huntsville, Madison, and Athens MLS to find a property then contact me and I will help you negotiate the best price on your next home!

Pre-qualification simply means you haven't been ruled out for any particular loan program. But a pre-approval means your credit, income and assets appear to satisfy all of the requirements for the loan of your choice. Today, credit scores are more important than ever! No one wants to waste time. Allow myself and your choice of a mortgage professional help you with your Huntsville and North Alabama Real Estate needs. Our real estate market in North Alabama is still as strong as anywhere in the country, and it will continue to grow stronger as the BRAC relocation brings more opportunity to the Huntsville and North Alabama area.

IT'S HERE!!!! 100% Alabama Housing Bond Money: Released Today! (08-27-08)

The First Step Bond Program through Alabama Housing Finance Authority has just been released. Colonial Bank is happy to be a participating lender for this zero down payment program. $30,000,000 has been allocated at a rate of 5.875% fixed for 30 years. There are sales price limits of $289,705 for Target Areas, and $237,031 for Non-Target areas. It's not just for first time home buyers! Search the entire Huntsville, Madison, and Athens MLS to find a property then contact me and I will help you negotiate the best price on your next home!

Pre-qualification simply means you haven't been ruled out for any particular loan program. But a pre-approval means your credit, income and assets appear to satisfy all of the requirements for the loan of your choice. Today, credit scores are more important than ever! No one wants to waste time. Allow myself and your choice of a mortgage professional help you with your Huntsville and North Alabama Real Estate needs. Our real estate market in North Alabama is still as strong as anywhere in the country, and it will continue to grow stronger as the BRAC relocation brings more opportunity to the Huntsville and North Alabama area.