Toledo, OH

Get the Basics on The Home Buyers Tax Credit Extended Upgrades

The Home Buyers Tax Credit for 2009 was for first time home buyers that purchased a residential home till Dec. 1 2009. But the Extended version has made it possible for others to qualify till April 30, 2010.

The Extended version Of the Home Buyers Tax Credit - you now may qualify if you didn't before. The income level has risen and no longer is it limited to first time home buyers.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.

Pay Rate to Qualify? Effective Nov. 7, 2009
Wage earnings for a Single Income has jumped to 125,000
Wage earnings for Family Income has jumped to 225,000.

Do you have to be a first time Home Buyer?
No!
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010 still can qualify for the 8,000 Home Buyers Tax Credit. But Home owners purchasing a home can now qualify too.

I own a home - can I qualify for the Tax Credit?

• Yes! Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutiveyears within the last eight. With this Extended Version to the Tax Credit, you may be eligable for 6,500 tax credit.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Will keep adding Detailed information about the Extended / Expanded Tax Home Buyers Tax Credit on my website.

Technology is amazing--today I discovered that RE/Max has a site where your can view on a map of the entire United States to see where people are searching remax.com for listings & information on agents, communities, neighborhoods, schools, etc. Take a look if you're interested at: http://workingforyou.remax.com/.

Anyone have other sites that are really cool? Sometimes I think someone should put up a list of new sites or places of interest each day so that we can search to our heart's content and not have to Google every time we want information! Anyone up for that type of search?

Justin Moore WSG: Rodney Parker & Liberty Beach

Date: November 20, 2009
Time: 8:00 pm
Tix $15/$18

Location:
Erie Street Theater
237 S Erie St
Toledo,OH
43604

BUY TICKETS

The fast-rising song has become the number 1 hit on both the Billboard and USA Today/ Country Aircheck. The singer-songwriter landed coveted spots on tours with Trace Adkins, Hank Williams Jr. and Lynyrd Skynyrd and opened for Brooks & Dunn, Kenny Chesney and ZZ Top. "Moore's take on the (small-town) theme is clearly resonating with country music fans," states The Washington Post. During this time of corporate greed and economic uncertainty, his music is a timely reminder of what's truly important in life.

This is the last section of this blog thanks to Barb Corcoran...

III. How to Get the Financing the Buyer Needs

1. Order the house appraisal first. The appraisal may come in lower than the price you plan to bid!

2. Ask the seller to pay part of your closing costs. It reduces the cash you need up front.

3. Ask not-for-profit organizations about financing. They're good advocates for consumers who otherwise get overlooked or taken advantage of by major banks and mortgage companies. Check out NACA (the Neighborhood Assistance Cooperation of America), NHS (Neighborhood Housing Services) and Acorn.

4. Review your own credit report early. Correct any errors in the report and fix everything possible before you shop for a home.

5. Ask for owner financing. Many older homeowners are not buying another home and like the idea of a steady 5% return using their old home as collateral.

6. Ask for a family contribution. Many parents are very happy to help the first-time homebuyer and their grandchildren secure their first home.

7. Pre-qualify for financing with your lender or mortgage broker before you begin your search.

8. Don't take "no" for an answer. If you're turned down by a local bank, you may still be approved by a national mortgage lender. If you're turned down by a national lender, you're often approved by your local bank.