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Tax Credit

Thursday, February 04, 2010

by Heidi Hines

You’ll love your tax credit.

We wanted to be certain you were aware of the tax credit you could receive. If you have been in your current home for over 5 years you may be eligible for a $6500 tax credit for a limited time. To learn how to take advantage of this excellent opportunity, call or come by our office today.

Happy Valentines Day from TeamHeidi.

Tax Credit

How to Use the New $8,000 tax credit at Closing

Friday, May 15, 2009

by Team Heidi

Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment. There have been tax credits in the past, but the 2009 tax credit version does not have to be paid back to the government if you live in the house you are purchasing for at least 3 years. However, this is a temporary break and will expire December 1, 2009.

How can you capitalize on this credit? Don’t worry if you are not a first time home buyer. The 2009 tax break can be for anyone that hasn’t owned a primary residence for the last three years or a first time buyers but you must buy a home between January 1, 2009 to December 1, 2009. A single borrower can not make more than $75,000 per year and married couples that file jointly can not make over $150,000. The “three year” requirement effects married couples either of which can not have purchased a primary residence in the last three years.

The FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Do you know anyone that has been renting? This is the perfect time to buy since interest rates are at a historic low and the $8000.00 tax credit could be used as a down payment.

Call us today and we can help you understand if you qualify for this tax credit.