Home Buyer Tax Credit Countdown Begins
The first-time home buyers tax credit ends Nov. 30. Is it possible to buy in the next two weeks and still close in time to collect it? Some professionals say yes. “It still can be done in six weeks," says RE/MAX Town & Country associate Lynn Ayers in West Chester, Pa. Economist Kevin Gillen of Econsult predicts a mad rush to close as the deadline nears. Bruce Hahn, president of the American Homeowners Grassroots Alliance in Arlington, Va., is pushing for an extension and an expansion of the credit. Legislation to do that is critical, he says, because the recovery has so far been mostly jobless and people need more time to get their feet on the ground in order to buy.
Source: Philadelphia Inquirer, Alan J. Heavens (08/31/2009)
Saturday, September 5, 2009
Another rental listing at 212 W. Washington!
$1800 a month. 2 bedrooms, 1 bathroom at 212 W. Washington. All utilities except electric. A large indoor parking spot is available for $200 a month. The unit has hardwood floors, fireplace, kitchen island, an IN-UNIT washer and dryer, etc, etc. The building has a 24 hour doorman, exercise room, storage locker, bike room, etc. Great location! Walk everywhere! Super close to all of the "L" lines and easy access to both airports.
New Rental Listing! 1BR at 212 W. Washington!
Great 1 BR soft loft available at 212 W Washington! Huge balcony, hardwood floors, in unit washer and dryer, etc, etc. Only $1350 a month! Rental parking available in the building for around $200 a month!
New Listing! 20 N. State
GREAT VALUE! 1BR UNIT AT 20 N. STATE FOR ONLY $204,900! UNIT FEATURES EXPOSED BRICK, HIGH CEILINGS, IN UNIT WASHER/DRYER, HARDWOOD FLOORING, GRANITE COUNTERTOPS, AND BLACK GE APPLIANCES. BUILDING FEATURES EXERCISE ROOM AND STORAGE. CLOSE TO EVERYTHING! RENTAL PARKING AVAILABLE!
Tuesday, June 30, 2009
$8000 can now be used towards closing costs!
HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment. There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today. The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment. Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.
Source: Robert Freedman, REALTOR® Magazine Online
Need advice on buying or selling Chicago real estate? Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment. There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today. The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment. Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.
Source: Robert Freedman, REALTOR® Magazine Online
Need advice on buying or selling Chicago real estate? Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
FAQ's about the $8000 tax credit
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers. Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors: 1) The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000; and 2) The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum 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 $75,000 and $95,000 for single buyers and between $150,000 and $170,000 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 $95,000 for singles and over $170,000 for couples are not eligible for the credit.
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 the three-year period, the credit will be recouped on the sale.
Courtesy of the National Association of Realtors
Need advice on buying or selling Chicago real estate? Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors: 1) The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000; and 2) The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum 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 $75,000 and $95,000 for single buyers and between $150,000 and $170,000 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 $95,000 for singles and over $170,000 for couples are not eligible for the credit.
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 the three-year period, the credit will be recouped on the sale.
Courtesy of the National Association of Realtors
Need advice on buying or selling Chicago real estate? Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Sunday, June 14, 2009
What a time to be a first time home buyer!
First-time Home Buyers Grabbing Houses and Tax Credit
By Kevin Collison RISMEDIA, June 4, 2009-(MCT)-Generation Y is getting jazzed about a new $8,000 federal tax credit for first-time home buyers-jumping at the opportunity to move up and out of their rentals.
"The last 90 days I've seen it go crazy," Kevin Foster, a real estate agent with Reece & Nichols in Lee's Summit, said Tuesday. "Every conference room has been full with agents working on offers, and many are people in their 20s."
Peter Abbey, 26, and his girlfriend, Abigail Barnett, 27, were among them.
Abbey, bar manager at Avenue Bistro in Kansas City, and Barnett, a hospital administrative assistant, had been saving to buy a house the past couple of years but weren't quite there yet. Until Congress approved the expanded tax credit in February.
Now they're leaving their rented home in the city for their own place in Roeland Park.
"We were saving money and waiting for the right time, and that definitely helped give us a push," Abbey said. "We were able to buy a little bit earlier because of the government tax credit."
The Kansas City Regional Association of Realtors® said April sales of new and existing homes were up 10% from March, with almost 2,500 homes sold. "We're seeing a lot of first-time buyers back in the market again," said Chris Collins of Keller-Williams and president of the association. "The tax credit along with historically low mortgage rates is affecting the market."
The tax credit was part of President Barack Obama's $787 billion American Recovery and Reinvestment Act. It's available to people buying their first home in 2009 as long as the purchase is completed by Dec. 1.
Because of the one- to two-month lag between a contract and a done deal, many home buyers are making offers on homes now.
As opposed to a $7,500 tax credit available in 2008, the latest incentive doesn't have to be repaid if the taxpayer remains in the home for at least three years.
At the national level, a report Tuesday said pending home sales in April were up 6.7% from March, the biggest monthly increase since October 2001, according to a seasonally adjusted index of sales contracts kept by the National Association of Realtors®.
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
By Kevin Collison RISMEDIA, June 4, 2009-(MCT)-Generation Y is getting jazzed about a new $8,000 federal tax credit for first-time home buyers-jumping at the opportunity to move up and out of their rentals.
"The last 90 days I've seen it go crazy," Kevin Foster, a real estate agent with Reece & Nichols in Lee's Summit, said Tuesday. "Every conference room has been full with agents working on offers, and many are people in their 20s."
Peter Abbey, 26, and his girlfriend, Abigail Barnett, 27, were among them.
Abbey, bar manager at Avenue Bistro in Kansas City, and Barnett, a hospital administrative assistant, had been saving to buy a house the past couple of years but weren't quite there yet. Until Congress approved the expanded tax credit in February.
Now they're leaving their rented home in the city for their own place in Roeland Park.
"We were saving money and waiting for the right time, and that definitely helped give us a push," Abbey said. "We were able to buy a little bit earlier because of the government tax credit."
The Kansas City Regional Association of Realtors® said April sales of new and existing homes were up 10% from March, with almost 2,500 homes sold. "We're seeing a lot of first-time buyers back in the market again," said Chris Collins of Keller-Williams and president of the association. "The tax credit along with historically low mortgage rates is affecting the market."
The tax credit was part of President Barack Obama's $787 billion American Recovery and Reinvestment Act. It's available to people buying their first home in 2009 as long as the purchase is completed by Dec. 1.
Because of the one- to two-month lag between a contract and a done deal, many home buyers are making offers on homes now.
As opposed to a $7,500 tax credit available in 2008, the latest incentive doesn't have to be repaid if the taxpayer remains in the home for at least three years.
At the national level, a report Tuesday said pending home sales in April were up 6.7% from March, the biggest monthly increase since October 2001, according to a seasonally adjusted index of sales contracts kept by the National Association of Realtors®.
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
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