About Lorain County, OH

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit this is from the NAR and can be very helpful to many. Just print it out and read.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a

new home. I have lived in my current home for more than 5 consecutive years and

am within the new income limits. I will go to settlement on November 20. If

President Obama has signed the bill by the time I go to settlement, will I qualify for

the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment

(when the bill is signed). There is no reference to the date of contract for the new credit. The

provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime

homebuyer but was not within the prior income limits at the time I

entered into my contract to purchase on October 30, 2009. I will be covered,

however, by the new income limits. If the new rules have been signed into law by the

time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill.

The income limit and other eligibility rules will look to your status as of the date of purchase,

which is the settlement date. So if the new rules have been signed when you go to settlement,

you should be eligible for the credit (or a portion of the credit if you're within the phaseout

range).

Question: I owned my home for 10 years, but sold it two years ago year and have been renting

since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the

other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you

will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000

and lived there until 2008 when he got a divorce. Whether John has been renting or bought in

the interim, he WOULD INDEED be eligible for the credit because he owned a home and

occupied it as his principal residence for 5 consecutive years out of the last 8 years. The

keyword here is "consecutive." As long as he lived in that house for 5 years straight what he

did since 3 years doesn't impact eligibility.

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who

meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I

have found a home with a nonnegotiable

price of $825,000. Will I be able to use any

of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount

above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an

absolute ceiling.

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Call me for more details!! Stan 440-476-0234

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Quantity- Price

250- $15

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To Place an Order:

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North Ridgeville Real Estate - 11/03/09 - 34756 Clear Creek Drive ( North Ridgeville, Ohio ) - Wildwood Estates - near North Olmsted, OH - WWW.CJHARRINGTON.COM - 440.336.0612

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North Ridgeville Real Estate - 11/03/09 - 34756 Clear Creek Drive ( North Ridgeville, Ohio ) - Wildwood Estates - near North Olmsted, OH - WWW.CJHARRINGTON.COM - 440.336.0612

Links CJ's TEAM SITE Photo Gallery Description Stunning Colonial Has A Family Room With Fireplace. Formal Living Room and Dining Room With Gorgeous Chair Rail And Crown Molding. Kitchen with Island Overlooking Deck And Great Back Yard. Spacious Master Suite with Glamour Bath. Sprinkler System. Refrigerator is negotiable. Cul-de-sac!! For more information ... Call or Email us at 440-336-0612, cjharrington.crs@gmail.com Or... visit our website at http://www.cjharrington.com for FREE information. -Buy a Home With Little Money Down -FREE Seller Reports-Sell Your Home Fast And For Top Dollar -FREE Buyer Reports-Get The Most Home For Your Money -FREE Home Value - Report & Evaluation -Find Out What The House Down The Street Sold For -And much more... Features Bedrooms: 4 Bathrooms: 2.5 Year Built: 1998 Subdivision: Wildwood Estates Lot Size: 46x268 Garage Size: 2. School District: North Ridgeville Square Footage: 2040 Agent Name: CJ HARRINGTON Broker: Keller Williams Realty MLS #: 3054998 Location 34756 Clear Creek Drive North Ridgeville OH 44039 Powered by vFlyer.com vFlyer Id: 2708625

Please visit our website at www.cjharrington.com for FREE information.

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-FREE Home Value - Report & Evaluation
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