Saturday, February 21, 2009

Understanding the First-Time Home Buyer Tax Credit

We've all been hearing a lot the past couple of weeks about the first-time home buyer tax credit. Here it is in a nutshell for you. Notice that even if you have owned a home previously, you still qualify for this program if you have not owned a home in the past 3 years.

The American Recovery and Reinvestment Act of 2009 contains a provision to assist / encourage first-time home buyers with a home buyer tax credit of $8,000. Below is a brief synopsis of the program.

Give me a call if you have any questions at all, OR if you would like to go House-Hunting!

Amount of the Credit Lesser of 10% of the cost of the home or $8,000
Eligible Property Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence
Refundable Reduces income tax liability for the year of purchase. Any unused amount of the tax credit is refunded
to the purchaser
Income Restriction Individuals with an adjusted gross income of less
than $75,000 ($150,000 for a joint return) can receive the full tax credit amount. The program phases out completely above $95,000 per
individual and $170,000 for a joint return.
Who is a first-time buyer? Any purchaser who has not owned a
principal residence in the past three years.
Revenue Bond Financing Buyers can take advantage of this credit even
if local or state bond financing is utilized
Repayment This credit contains a recapture clause that will require that the entire credit is repaid if the home
is sold within three years after purchase.
Effective Dates For purchases between January 1, 2009
and September 1, 2009

Saturday, February 14, 2009

A Night for Telly

My good friend and colleague, Telly Olympiadis, was seriously injured in an ATV accident last November. Telly, a self-employed contractor and handyman, was hospitalized for several weeks, and he has been wheelchair-bound in his home since then.

Telly's friends have organized a benefit concert, coming up on Saturday evening, February 28th at Trilogy in Marietta featuring live music by THREE great bands from 8:30 pm-12:30 am 4930 Davidson Road, Suite 200, Marietta GA 30068

8:30- Fox Trot November
9:30- Kevin Spencer
10:30- The Mixx
Doors open at 7:00 p.m. Dinner is available at Trilogy.

Admission is FREE, and donations for Telly and his family will be accepted at the door.

Mike Cohen, who is heading up the event, books bands and said that one of these three is ready to sign a recording deal!

Bring your friends and join us for music, fun and a chance to help a young family!

And Meanwhile, Happy Valentine's Day!


Thursday, February 12, 2009

Calling All First-Time Buyers..... Best Home Sale Ever

If you are currently renting a house or apartment, now is an excellent time for you to look at all the options available in this buyer's market.

First of all, your present cost of living might really surprise you. If you pay $1,000/month for rented housing, you will have forfeited a whopping $36,000 over the next three years with no equity to show for it. You’re paying the mortgage for the property owner when you could be building equity for yourself.
Tax deductions for home ownership vary, but the IRS dictates that mortgage interest, pre-paid interest and interest on construction loans are all things to consider as tax benefits.

Another important thing to consider is that right now there is an excellent supply of homes for sale at bargain prices in pretty much every price range, AND interest rates are very attractive, too!

On top of all that good news, if you are a renter and don't have to sell a home before you can buy, you are in the absolute best position! Sellers and their agents will be eager to negotiate with you, because they know that you are ready to move and won't have to wait to close until your present home sells.

Whether you are looking for new construction or an older home that could use your personal TLC, let's get out there and do some serious looking! By the time Spring has sprung, you'll be ready to plant your favorite flowers in your own backyard!

Call me soon, so that I can unlock the door to your favorite house!