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Buyer Credits, Rebates & Loan Programs
Welcome >Buyer Credits, Rebates & Loan Programs...

 

First Time Home Buyer Credit for 2009

Who is a First Time Homebuyer?
A person or persons that have not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.

What is the homebuyer tax incentive for 2009?
The 2008 $7,500, repayable credit is increased to $8,000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8,000 amount. If the house costs less than the $80,000, the credit will be 10% of the cost.

How does the tax credit work?
Every dollar of tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owned has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9,500, and $8,000 credit would wipe out all but $1,500 of the tax due. If less than $8,000 total tax liability is due, the difference is credited to the tax payer just like a tax refund. This is called “refundable” credit.

If I the home is bought in 2009, do you have to wait until next year, 2010, to get the benefit of the credit?
Eligible homebuyers who make their purchases between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008.
a. If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8,000 credit on the 2008 return due April 15.
b. They can extend their 2008 income-tax filing until as late as October 15, 2009 (contact IRS for extension instructions)
c. If they have filed their 2008 return before they purchase the home they may file an amended 2008 tax return.

What are the income restrictions?
The income restriction is based on the tax filing status of the purchaser claims when filing his/her income tax return. Individuals filing form 1040 as Single or Head of Household, are eligible for the credit if their income is no more than $75,000. Married couples who file a joint return may have an income of no more than $150,000. Know that individuals with incomes higher than $75,000, the credit phases out between $75,000 - $95,000 for singles and $150,000 - $170,000 for married filing joint. As an example, if a married couple had income of $165,000, their credit would be reduced by 75%.

Are there restrictions on the location or type of property?
Home must be located in the United States and be a single family residence (condos, townhouse etc).

There are many other parts to this credit which I would be happy to further explain individually. This information was obtained at National Association of Realtors website and the entire “frequently asked questions” document can be viewed there.

CONSULT YOUR TAX ADVISOR FOR MORE INFORMATION

California First Time Home Buyer Tax Credit at a Glance

Eligible on NEW homes purchased between March 1, 2009 and March 1, 2010 (must be new construction to qualify)

No income restrictions, meaning that all home prices and incomes can participate.

Any home buyer buying a new home qualifies. You do not have to be a first time buyer as in the Federal credit above.

The total credit is $100 million which means approximately 10,000 home sales would qualify—don’t delay!

$10,000 credit is received in 3 annual installments of $3,333. Home buyers receive a credit $3,333 the first three years after purchasing the new home.

CONSULT YOUR TAX ADVISOR FOR MORE INFORMATION


HomePath

What is HomePath you ask?

When foreclosures occur on Fannie Mae Mortgages, the property that once collateralized the mortgage is called a Real Estate Owned (REO) Property. The investor’s primary goal is to sell the REO Property in a timely manner.

Coldwell Banker Mortgage, in conjunction with Fannie Mae, is now offering special financing for many of these REO Properties.

HomePath products provide benefits such as:

·       No Appraisal
·       No Private Mortgage Insurance (regardless of Loan To Value)
·       Max LTV 97%

97% financing available on owner occupied with no mortgage insurance required. No appraisal necessary. Second homes and investment purchases allowed

This is a program to be used solely for properties currently held in Fannie Mae’s portfolio. To search for properties in your area that are eligible for HomePath financing go to homepath.com

Under the basic search tab put in the city and state and hit “search.”

If there are properties in that city, this will bring up the list. In some areas there may be no properties available and you will get a message to that effect.

As a Buyer with the Kurt Congdon Real Estate Group you not only get the Best Possible Service Available - You also get Paid! Use the Kurt Congdon Group to Buy a Home & Receive $1000.00 at close of escrow (must present coupon prior to submitting offer). Ask me any question about buying a home in Nevada City, Grass Valley and Penn Valley. It's my job to help you! There's no obligation, and I promise to respond quickly... 

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Real Estate Tips
Cosmetic Improvements >Interior Decorating

Many people recognize a decorating style they like when they see it, but they find it difficult to combine colors, fabrics, furnishings and window treatments to create the total finished look they want.

Where can you find a good decorator? If you like the interior of your friends' home, ask them for recommendations. Many communities have decorator showcases where you can see first hand the work of several local designers. Furniture retailers sometimes hire professionals to assist their customers.

Before you commit to working with a designer or decorator, sit down and discuss your taste and goals, their fee structure, and your budget. Pay particular attention to whether the person is an active listener and communicates well. Whether you are trying to make your home look wonderful in order to sell it or want to fix up a new home, the investment in professional advice can save you costly mistakes and make your home a reflection of your good taste.

See All Tips In The "Cosmetic Improvements" Category >
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Real Estate Trivia
Q 
What famous Art Deco skyscraper is decorated with eagle hood ornaments, hubcaps and abstract images of cars?

A 
New York's Chrysler Building, designed by architect William Van Alen in 1930, was one of the first buildings composed of stainless steel over a large surface area.
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Kurt Congdon, REALTOR®, real estate agent and broker for Nevada City, Grass Valley and Penn Valley, California home listings, property and land for sale - NUMBER1EXPERT(tm)

Kurt Congdon
Coldwell Banker Grass Roots Realty

855 Sutton Way
Grass Valley, CA 95945
Toll Free: 800-471-4570
Office: 530-273-0073
Fax: 530-687-0309
Email: kurt@gv.net

DISCOVER YOUR DREAMS in Nevada City real estate or Grass Valley real estate. Kurt will guide you through the process of understanding the purchasing of rural property such as Penn Valley land, Nevada City Acres & Grass Valley homes. His love and enthusiasm for Nevada City and Grass Valley are genuine. With over 10 years experience, and honors in the top 5% of all agents nationwide...Kurt will provide both exceptional personal service and HI-TECH communications. The Nevada County area offers extraordinary natural beauty, rare communities, arts, entertainment, and the highest quality of living. Let Kurt help you DISCOVER YOUR DREAMS in the Sierra Nevada Gold Country towns of Grass Valley, Nevada City and Penn Valley. DRE License #'s Kurt Congdon - 01076146, Jason Moore - 01391772, Ruth Poulter - 01267839, Cindy Argento - 01747092

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