“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Christopher Terry

Christopher Terry

Blog_tag

Things to Know about the NEW $8,000 Tax Credit

03-07-09
Christopher Terry

Things to know about the NEW 2009 First-Time Homebuyer Tax Credit!

  • The $8,000 (or 10% of the purchase price, whichever is less) Tax Credit is just that, a credit, not a loan. You get your money when you file your FY 2009 tax return. There is a recapture if you sell your home within 36 months.
  • You must have purchased your home between January 1, 2009 to December 1, 2009. Single family homes, condos, townhouses, and co-ops qualify so long as they are used as the taxpayer's principal residence. Home purchased in 2008 do not qualify. Also homes sold between family members do not qualify.
  • Only First-Time Buyers Qualify...a first time buyer is someone who has not owned a principle residence in the last 3 years.
  • There are income limits to qualify. The modified adjusted gross income limit for singles is $75,000 and for married couples in $150,000. The IRS determines what your MAGI is. Check with your accountant.
  • There are no clear guidelines for how the IRS will look at how this will affect buyers of multi-family homes. Check with your accountant or tax professional to determine if you qualify.

For more information about this tax credit you can visit: http://www.federalhousingtaxcredit.com/

0 Comments
Blog_tag

Don't Let Bad Credit Stop You From Getting the Credit and Home You Deserve!

03-07-09
Christopher Terry

More than 70% of all credit reports contain errors that negatively effect credit scores costing tens of millions every year in higher interest payments. Some are denied credit all together, preventing them form buying their dream home, others are denied employment, insurance and more! Don't let bad credit stop you from getting the credit and home you deserve! There is a solution!

For more information go to http://www.CustomCreditFix.com

0 Comments
Blog_tag

NEW FHA Guidelines Reduces Potential Home Buyers...

03-06-09
Christopher Terry

As of March 5, 2009 for all FHA loans, including Streamline Refinances, a minimum credit score of 620 will be required regardless of the automated underwriting systems decision.

It seems to me, with the amount of real estate inventory on the market, with the affordability index of homes at the highest levels, we should be looking at making obtaining credit for the purpose of purchasing real estate more available not reducing the it.

If you are in the process of purchasing or refinancing a home and using a FHA loan check with your mortgage professional to make sure you are not affected by this change.

Should your credit scores prevent you from obtaining credit there are some simple steps you can take to improve your credit scores. View my special consumers guide: 7 Simple Steps to Better Credit, it's a helpful guide to understanding credit. And for more information about credit reporting agencies and help to remove negative items from your report go to www.CustomCreditFix.com.

0 Comments