The right information is the key to assisting each other in our communities. As a Certified Distressed Property Expert, I have been trained to do just that. Share information and solutions to best meet homeowners needs during financial hardships you might be facing. During this economic crisis there are many families in our communities that don't know where to turn or how to resolve the challenges they face. The help is there, we just have to reach out to one another. If you or someone you know struggling to pay their mortgage, let's sitdown and weigh your options. There are solutions available to you. Whether it's foreclosure prevention, short sales, or loan modifications, help exists.
www.jamiehelps.com
Wednesday, December 30, 2009
Top 5 Facts You Need to Know about the Expanded Home Buyers Tax Credit
On November 6, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law, extending and expanding the important home buyer tax credit, and thereby providing many Americans with just the break they need to buy a first home or move up to a new home.
One of the requirements for becoming a Member of the Top 5 in Real Estate Network® is to provide my community with critical real estate information so you can make the best possible decision when buying or selling a home. To that end, I wanted to pass along some key facts about the extended and expanded tax credit that are critical for you to understand in order to take advantage of this opportunity:
1. Eligibility: The tax credit is now available for first-time home buyers and eligible current homeowners. A first-time home buyer is an individual who has not owned a principal residence during the three-year period prior to the purchase. This law applies for both parties in a married couple; if you haven’t owned a home for three years, but your husband has, then neither one of you can qualify for the tax credit. A qualified current homeowner who wished to move to a different home, must have owned and resided in their residence for five consecutive years out of the last eight.
2. Salary requirements:Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
3. Amount of credit: The maximum credit amount for first-time home buyers is $8,000; the maximum credit amount for current homeowners is $6,500. The federal tax credit amounts to 10% of the cost of the home, up to a maximum credit of $8,000 for first-time home buyers and $6,500 for current homeowners. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less. The tax credit is a true credit—it does not have to be repaid unless the homeowner sells or stops using the home as their principal residence within three years after the purchase.
4. It’s refundable: The tax credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if you owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405, which you file with your original or amended tax return.
5. Timeline: The credit is available for homes purchased on or after November 7, 2009 and before May 1, 2010. The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home (newly-constructed or resale, single-family detached, townhomes or condominiums) between the dates of November 7, 2009 and April 30, 2010. Home purchases subject to a binding sales contract signed before May 1, 2010 will also qualify for the tax credit as long as closing occurs by June 30, 2010.
For more information on the home buyer tax credit, e-mail me. Please forward this blog and my contact information to friends and family who may also be able to take advantage of this unique opportunity to purchase the home they’ve always wanted.
One of the requirements for becoming a Member of the Top 5 in Real Estate Network® is to provide my community with critical real estate information so you can make the best possible decision when buying or selling a home. To that end, I wanted to pass along some key facts about the extended and expanded tax credit that are critical for you to understand in order to take advantage of this opportunity:
1. Eligibility: The tax credit is now available for first-time home buyers and eligible current homeowners. A first-time home buyer is an individual who has not owned a principal residence during the three-year period prior to the purchase. This law applies for both parties in a married couple; if you haven’t owned a home for three years, but your husband has, then neither one of you can qualify for the tax credit. A qualified current homeowner who wished to move to a different home, must have owned and resided in their residence for five consecutive years out of the last eight.
2. Salary requirements:Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
3. Amount of credit: The maximum credit amount for first-time home buyers is $8,000; the maximum credit amount for current homeowners is $6,500. The federal tax credit amounts to 10% of the cost of the home, up to a maximum credit of $8,000 for first-time home buyers and $6,500 for current homeowners. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less. The tax credit is a true credit—it does not have to be repaid unless the homeowner sells or stops using the home as their principal residence within three years after the purchase.
4. It’s refundable: The tax credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if you owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405, which you file with your original or amended tax return.
5. Timeline: The credit is available for homes purchased on or after November 7, 2009 and before May 1, 2010. The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home (newly-constructed or resale, single-family detached, townhomes or condominiums) between the dates of November 7, 2009 and April 30, 2010. Home purchases subject to a binding sales contract signed before May 1, 2010 will also qualify for the tax credit as long as closing occurs by June 30, 2010.
For more information on the home buyer tax credit, e-mail me. Please forward this blog and my contact information to friends and family who may also be able to take advantage of this unique opportunity to purchase the home they’ve always wanted.
Thursday, December 24, 2009
Short Sale or Not, That is the question?
In this economy, odds are, you know someone who might be facing the possibility of foreclosure. But, you as well as they should understand that they are NOT ALONE. The idea of losing your home can be quite daunting, and overwhelming to say the least. There are options for those possibly facing foreclosure. Most are unaware. It is vitally important that I share the options that are available. My desire is to help as many families as possible save their families and their homes from foreclosure; we just need to figure out what the solution is for you. Problem solving has to start somewhere. Start with a professional REALTOR® who has been equipped and trained through earning the CDPE designation. Visit my website to learn more about the designation and options for those possibly facing foreclosure! Don't wait today is the best day to start working towards a solution!
http://www.jamiehelps.com/
http://www.jamiehelps.com/
Tuesday, December 22, 2009
Featured Website to Help Homeowners in Distress
In today's economy there are many, many homeowners that are in distress with their mortgage. For various reasons, there is a hardship that exist and the homeowner is no longer able to afford their mortage. There is help. I have a website that is totally devoted to educating everyone on what a short sales, foreclosures, deed-in-lieu and things you should consider during this time of hardship. The one thing you SHOULD NOT DO, is doing nothing. There is help! http://www.jamiehelps.com/.
You might not be the one in distress, but lets reach out to all in the community to assist families in getting the help they need and deserve during difficult times! Please spread the word!
You might not be the one in distress, but lets reach out to all in the community to assist families in getting the help they need and deserve during difficult times! Please spread the word!
Monday, December 21, 2009
INTEREST RATES
Okay, so I have to give an example of how important and crucial it is to understand that now is a really good time to buy. So, interest rates are low, which means that this will potentially allow you to qualify for more house. Current example for a client. Because he did not lock in his interest rates months ago when he first entered into a ratified contract, the interest rate is higher than what he was initially quoted and now has a major problem with the monthly payment. Had he locked in when interest rates were lower, his payment would be almost $300 less than what we are anticipating it to be now. Each and every case is very different, but I can not stress enough how it can make all the difference in the amount of house you qualify for! I know it may sound simple, but it's true. The better the economy gets, the higher interest rates will go!! I know that sounds a little backwards too. The economy dictates that the better condition our economy is in, the more interest and more money consumers can pay! So, as our economy stabilizes, and it will, and prices in the market will increase, you may potentially get priced right out of the house you thought you would not be able to afford, when all the time, you really could've!
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