|
|
-
$8,000 First-time Home Buyer Tax Credit at a Glance - The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000 or less.
- The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
- For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance - To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
- The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
|
-
The Allen Tate Job Loss Protection Program is an optional, seller-funded mortgage protection program that helps home owners with monthly mortgage payments if they experience a loss of employment. The Job Loss Protection Program is part of the HELP (Home owner Education and Loss Protection) program administered by the Rainy Day Foundation. Eligibility — Must be employed full-time (minimum of 30 hours per week) at time of closing. — Cannot be self-employed, independent contractor or active duty military . — Cannot own greater than 10% interest in his/her employer’s business. — Must be between the ages of 18 and 66 and reside in the U.S. — Must be eligible for state unemployment Benefits. — Program applies to primary residence, secondary homes and single unit investment properties. Coverage Period 24 months from the closing date of the mortgage. Maximum Benefit The lesser of the actual mortgage payment (PITI) or $1,800 per month. Benefit Period Up to a maximum of six payments during the 24-month coverage term. Vesting Period 60 days from mortgage closing date; no coverage if unemployment begins during. Waiting period 30 days from first date of unemployment. Contribution Clause For joint mortgagors, benefit amount will be based on the percentage the unemployed person’s income is to total qualifying income at the time of mortgage closing. *Other Conditions Apply Please call for more details. 704-779-6194
|
-
First-Time Buyer Tax Credit NEW 2009 First-Time Homebuyer $8,000 Federal Tax Credit As part of President Obama’s “Homeowners Affordability and Stability Plan of 2009” that was recently signed into law, Congress has increased federal income tax credit from $7,500 to $8,000, providing even greater incentive for first-time homebuyers. The modifications to the federal tax credit are as follows:
FEATURE | 2008 $7,500 TAX CREDIT | 2009 $8,000 TAX CREDIT |
Effective Date |
Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year. |
All revisions are effective for properties purchased on or after January 1, 2009 and before December 1, 2009. |
Amount of Credit |
Lesser of 10 percent of cost of home or $7,500. |
Maximum credit amount increased to $8,000 |
Eligible Property |
Any single-family residence (including condos, co-ops, townhouses) that will be used as a principal residence. |
No change, all principal residences eligible. |
Refundable |
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit is refunded to the purchaser. |
No change, purchasers will continue to receive refund for unused amount when tax return is filed. |
Income Limit |
Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Refund phases out above those caps ($95,000 and $170,000). |
No change, same income limits continue to apply. |
First-time Homebuyer Only |
Purchase (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. |
No change. |
Revenue Bond Financing |
No credit allowed if home financed with state/local bond funding. |
Purchasers who utilize revenue bond financing can use credit. |
Repayment |
Yes, portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing. |
No repayment for purchases on or after January 1, 2009 and before December 1, 2009. |
Recapture |
If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale. |
If home sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. |
Please note: - Eligibility is for first-time homebuyers only. In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the past three years, but who may have done so previously. Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single.
- Individuals whose Form 1040 filing status is single (or head of household) are eligible for the tax credit if their income is no more than $75,000. Individuals who file a joint return may have no more than $150,000 in income.
- Individuals with incomes between $75,001 and 94,999 (single) or $150,001 and $169,999 (joint returns) are eligible for a partial tax credit.
- Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit.
In addition, visit www.federalhousingtaxcredit
|
-
You've cleaned, repaired, painted, de-cluttered, and de-personalized -- all good tips to prepare the inside of your home for potential buyers. But make sure your spruce-up strategy doesn't stop at the door. Here are a few tips for staging the outside of your home to make sure buyers take the next step and come inside: 1. Paint the front and garage doors. Replace them if dented. 2. Professionally touch-up exterior paint or have the siding power-washed. Clean the gutters and windows. 3. Wash and repaint or reseal decks, and tidy any surrounding plants. Make sure any patio furniture is clean and in good condition. 4. Replace any missing roof shingles. 5. Clean, repave or repair the driveway. 6. Replace any outdated or damaged light fixtures. 7. Repair or replace any landscaping bricks. 8. Clean all landscaping beds. Replace bedding material and add seasonally appropriate plantings. 9. Trim or prune all trees and bushes, and fill in bare dirt under large shade trees. 10. Maintain the lawn, including weeding and trimming. 11. Ask a trusted friend or neighbor to tell you what you've missed, and make those fixes. Do some or all of these things and you'll have a greater chance of selling your home quicker today in a buyers market. All Realtors® are not createded equal and all companies are not the same. I am a trusted advisor to all of my clients and as their full time professional Realtor®, I have made a difference and I will work with you to get the same results. I challenge you to contact me today.
|
-
Home ownership: it’s the American dream, settling in, putting down roots, and becoming part of a community. But home ownership also represents one of the safest, most solid investments you can make – yielding immediate benefits and long-term value. Home owners accumulate wealth for the future while enjoying the benefits of a shelter they can use, improve and sell. A home is the basis for positive community involvement and fosters participation in democratic institutions. According to data from the Federal Reserve Board, a home owner’s net worth is 46 times that of a renter. And home ownership remains affordable for many. More than two in every three households in America own their own homes (U.S. Census Bureau, 2008 data).
|
-
Positive Charlotte Indicators Ø Population continues to grow. Charlotte continues to lead the nation with in-migration of young, educated workers. Ø The number of employed workers in Mecklenburg has grown to 428,429, an increase of 1,243 since January 2008. Ø 2008 will see more than 10,000 new residential units added. Ø Nonresidential construction is running 30 percent above 2007, which is on target to surpass $2.8 billion as an all time record. Ø More construction cranes are in Charlotte’s skyline than ever before. Ø Cost of living in Charlotte continues to be nearly 7 percent below the national average. Construction cost is 20 percent below the nation’s. Ø Charlotte continues to have the second strongest housing market in the nation. Ø Air passenger enplanements at Charlotte Douglas International Airport are 5% above 2007’s record year, which is on target to surpass 17 million passengers. International passengers are up nearly 11 percent. Ø Charlotte continues to be the nation’s second largest banking center with $3.3 trillion in headquartered assets. Ø Charlotte continues to add jobs and business investments. It is projected 1,100 businesses will add 12,000 new jobs and invest over $2 billion in a record 25 million square feet of new facilities. . Ø New business prospects continue to consider Charlotte for new facilities. Each week on average ten new companies seek information from our staff and four visit the city for a closer look. With this many positives about Charlotte, the future is very bright for all of us. Hopefully, we can work through the country's finacial issues and come out stronger on the other end.
|
-
These are words from Pat Riley - Allen Tate's President By Pat Riley What’s on your “to do” list that won’t get done today? Most of us walk around with some kind of priority list, some sense of what we need to do and when we need to do it. Today’s instant technology gives us an easier opportunity to make that call, or return that message, but doesn’t necessarily allow us to focus on our true priorities. In recent years, buying a home was a priority for many of us. First-time buyers were anxious to settle in; others were quick to move up when the idea of a fourth bedroom, a bonus room, a deck or a more desirable community was considered. Relatives flocked to new cities to be near children and grandchildren; friends enticed friends to move close by. Hard-working employees channeled raises and bonuses into real estate, which steadily appreciated in value. Today, the market is different, and yesterday’s buyers are “sitting on their hands,” waiting. Buyers are putting off buying because they are paralyzed by fear. And the fear comes from lack of understanding of the market, its challenges, and its opportunities. We fear what we do not understand, and we tend to avoid what we fear. The economy, the Presidential election, rising gas prices, banking mergers – all have created uncertainty and eroded consumer confidence; we get that. What many would-be buyers don’t understand is that today’s market offers opportunities like never before. Interest rates are the best they’ve been in 25 years. Lenders still have mortgage money to lend, assuming you have the basics of a job, decent credit, and ability to come up with a reasonable down payment of 3 to 5 percent. Sellers can leverage the equity in their existing home to make a move up. If you reduce your selling price by 10 percent and purchase a new home at the same discount, you’ll realize a net gain of thousands. It’s a matter of keeping it in perspective. This isn’t a market where you’re going to steal on the sale and also on the buy. It’s not an environment where people who can’t make monthly payments will be handed an adjustable mortgage by unscrupulous lenders. It’s not a time where you’re going to get the price your neighbor got for his home two years ago. And it’s not a time when you are going to sell a house without the assistance of an experienced real estate professional. If you’re a seller, you need to be willing to price aggressively and do what it takes to sell your home. Neutralize your color scheme. De-clutter. Repair, polish and shine every corner and crevice. Make it memorable. And most importantly, list with an Allen Tate RealtorÒ and take their advice early and often. If you’re a buyer, stop waiting for the bottom. We’ve already been there and we’re working our way back out. Interest rates won’t stay low forever, and even an increase of one percent will give you a significantly higher monthly payment on a home with a lower value. We’re headed there soon. There’s money to lend – a variety of desirable loan programs are still available. Inventory is great and sellers are motivated. The habit of putting off an experience until the time is right, or the conditions are perfect – will rob you of one of life’s greatest joys, home ownership. If you’ve been thinking, even casually, of buying a home, make it today’s priority. Put it on your “to do” list and start the process. Call an Allen Tate Realtor. Don’t look back years from now, with regret, saying “I should have … I could have … if only I would have.” I couldn't have said it better and that' why I let Pat do it for me.
|
-
Before you begin house-hunting, it's best to know from your lender if you pre-qualify or are pre-approved for a loan. Pre-qualifying determines how much a lender will lend you. It involves obtaining a letter from the loan officer who looks at your debt ratios, gross income, and work history to see if you're qualified to make the monthly payments. This usually can take weeks while you wait for a pre-qualifying letter. Pre-approval, on the other hand, takes it a step further and usually involves non-refundable fees. This process takes into consideration your credit history report, income verification, confirmation of down payment, and ability to pay closing costs. Once approved, the pre-approval letter lets the real estate agent and seller know you're qualified to negotiate terms. Why you should maintain a good FICO score?
Derived from your credit history report, credit scores are based on points you receive for being a good borrower. The most common scoring system used for mortgage approvals is done by the Fair Issac Corporation (FICO), which accesses the three main credit reporting bureaus (Equifax, TransUnion, and Experian.) Credit scores can range from a low of 300 points to a high of 850. People with average credit usually score around 620, good credit at 660, and excellent credit above 720. Example Someone with a credit score of 620 requesting a 30-year loan term for $215,000 may pay an APR of 7.6 percent. A score of 720 or higher would qualify you for a 6.00 percent APR (a difference of 1.60 percent) or a potential savings of $230 per month. Should your credit score fall below 620 then you're in the sub-prime mortgage category and your mortgage rate could go as high as 8.53 percent. How to get the best rate?
A good strategy for securing the best rate would be to clean-up your credit report at least six months prior to applying for a mortgage loan. Maintaining a debt-to-income ratio of less than 36 percent could boost your score by as much as 10 percent. Lenders like to see a history of long-term credit and ability to pay off a loan over time. The goal of any loan applicant should be to make sure their credit report is as accurate and sound as possible. The lender should be able to provide you with a solid estimate of your closing costs and monthly payments. After you're approved, the lender will lock-in your rate for a specified period of time (usually 30 to 60 days). All Realtors® are not created equal and all companies are not the same. I am a trusted advisor to all of my clients and as their full-time professional Realtor® I have made a difference. I challenge you, at the very least, to talk with me about your goals, because I will save you both time and money when it comes to buying or selling your home.
|
-
As part of its major housing legislation this past summer, Congress created a tax credit to provide an incentive to first-time home buyers. I believe this legislation is a positive step to help stabilize the current housing market and make the dream of homeownership more attainable for many Americans. The tax credit of $7500.00 will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009. Who qualifies?
Only first time home buyers or someone who hasn't had ownership interest in a principal residence in the past three years. Is there an income restriction?
Yes. Basically if you are single and you earn less than $75,000 or married and filing joint return with less than $150,000 per year in income, you are eligible for the tax credit. If you make more than this, you may still be eligible but for less. What is a tax credit?
Essentially, the tax credit is a so-called "refundable" credit. Thus in an example where ones tax liability is $6000.00 for the tax year, the purchaser would receive an income tax refund of $1,500.00. The refundable amount is the difference between $7500.00 and the amount of the tax owed. Why is the credit sometimes referred to as an "interest free" loan?
Unlike most other tax credits, this tax incentive must be paid back. Elligible purchasers will be required to repay the tax credit over 15 years. The statute specifies that the repayment amount will be 6.67 percent of the credit amount each year. Therefore, a buyer who qualifies for the full $7500 credit will repay $502.50 each year. There will be no interest charge on the outstanding balances. This is just a little about the program. It is a great opportunity for first-time buyers get needed cash during the first year of ownership. And the great thing about the program is that you can purchase a home in 2009 and retroactively take the credit on your 2008 tax return.
|
-
Yes. Due to the perfect storm in the Charlotte market, it is indeed the right time for Buyers to purchase and Sellers to sell. This is a great time for buyers to purchase a home. Low mortgage rates. Large inventories of nice homes. And dropping prices. Some of you may say, I'll wait a little longer till the bottom of the market. The problem with this is you won't know the bottom of the market and when it turns to the upside, there will be so many buyers in the market, all of people just like you waiting on the sidelines, that pour into the market and prices will move quickly upward. So I suggest you take advantage of the significant leverage that buyers have in the market place right now and dont' wait. Also, mortgage rates are tending to move upward, which quickly reduces the amount of home you can afford, sometimes more than any savings on lower prices. Sellers, unfortunately, prices in Charlotte are expected to continue to fall into next year. If you are concerned about maximizing your sales price, you should consider selling now at a realistic price and taking advantage of the opportunities to save on the buying side of the transaction. Prices are expected to fall because, even though Charlotte escaped the subprime mess relatively good, the next wave of foreclosures will not. Many homebuyers purchased with exotic adjustable rate loans that will be resetting soon and they will be unable to afford the increase in payments. When you have to sell your home against a forced sale, you will not win. We will come out of this downturn, slowly, but surely. I suggest if you are wanting to sell to move up or down, really think about doing it sooner, rather than later. Buyers, there is no excuse not to be looking in this market. You will not see this opportunity again in the immediate future. Don't be saying WOULDA COULDA SHOULDA when you miss out.
|
-
-
Split Ranch Surprise
• 1,236 sq. ft., 2 bath, 3 bdrm ranch
-
MLS®
SALE PENDING
$110,000
- Great Value!
Hemby Woods, Charlotte
-
Well maintained split ranch home looks practically new. Home is in great shape, clean, well lit, with vaulted ceilings and newer wood flooring. No work needed, move right in. Large lot with fenced rear yard and storage shed. Centrally located in University area near shopping, highways, and downtown. Terrific home-Terrific price. Don't miss out!
Property information
|
-
Splendid Ranch Home - Has Everything
• 1,625 sq. ft., 2 bath, 3 bdrm ranch
-
MLS®
$167,500
Harris Pointe, Charlotte
-
Don't miss this fantastic RANCH HOME in great location. Rich hardwoods in foyer, dining room, kitchen, and breakfast area. Vaulted ceilings throughout living areas. Kitchen has light oak cabinets with center island and under cabinet lighting. Lovely mantle over living room fireplace. Second bedroom has wonderful bay window. Unique corner lot with terrrific floorplan and neutral colors throughout. Won't last long.
Property information
|
-
You Won't Want To Leave After Seeing
• 2,014 sq. ft., 3 bath, 3 bdrm 1 1/2 story "Transitional"
-
MLS®
$285,000
Quail Hollow, Jacksonville
-
Walk into this home and you won't want to leave. Gorgeous walnut colored hardwoods in foyer and living room greet your entry into open floor plan with vaulted ceilings. All brick with too many upgrades to list. Custom tile in dining room and kitchen. Black granite countertops and 'tumbled stone' tile backsplash accent the grand kitchen. Stainless steel appliances. All three full baths have custom tile flooring and surround. Home looks brand new with professionally painted neutral colors and bamboo blinds. Master down suite great for those who don't like going up and down all day. Huge bonus room, surround sound, Berber carpeting, and finished patio bring to life the great feeling this home will give you. Walk into this home and you won't want to leave.
Property information
|
-
New Home in Hot Biddleville
• 2,700 sq. ft., 3 bath, 4 bdrm 2 story "Bungalow"
-
MLS®
$650,000
Biddleville, Charlotte
-
New home on quiet, tree-lined street in HOT Biddleville just blocks from Uptown. Grand views of center city skyline from two story rear balcony and patio. Gourmet kitchen includes granite countertops, GE Profile appliances, and ceramic tile flooring. Hardwoods, 3 piece crown moldings, wet bar, and fireplace make great room a relaxing retreat for entertaining friends or family. Master suite upstairs leads to private rear balcony with views of Uptown. Master bath has separate his/her sinks, tile, and refreshing steam shower. Open floorplan gives interior a modern feel and exterior cedar shake and stone give you that old world charm. Home is being finished and buyer has opportunity to put their own touches into house if time permits. Hot location with many other new homes and renovations happening in the area. Don't miss out.
Property information
|
|
|
|