Business Professional With a Passion For Real EstatePrincipal & Vice President, BROKER, Accredited Buyer's Rep., SFR, and REALTOR
As of 01/19/10 ** 30 year Fixed -- 5.125%
** 15 year Fixed -- 4.625%
** THDA (“Great Rate”) -- 4.98% ** KHC -- Kentucky Housing ~ 5.28% when using 2% of State Funds; 5.58% when using 4% of Funds ~ ~ Over 700 Fico – 4.375% ~~~ 620-700 Fico – 4.75% ~ ** FHA/VA 30 year ** Single Family & Modular Homes --- 5.125%
** USDA -- 5.375% ~ True 100% program - no PMI ~ ** With 1% Origination!! Certain Conditions and Adjustments may apply. APR available upon request. “This information is provided for the real estate professional and is not an advertisement to extend consumer credit as defined in Sec. 226.2 of Regulation Z. Rates and terms are subject to change without notice. This form may not be reproduced.” ”Please note that the information above is not intended to be any decision of, or commitment to, any loan type or amount of loan for which one may qualify with any financial institution. The information is not intended to extend any legal, tax or financial advice. The accuracy of the information contained in this advertisement is not guaranteed. Please consult a loan professional to learn more about your eligibility for and availability of a particular loan product.”
thanks to Mick Reese with PrimeLending a Plains Capital Company
TAX CREDIT EXTENDED
It’s official! President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. In addition, the extension also opens up opportunities for others who are not buying a home for the first time. TAX CREDIT OVERVIEW Who Gets What? First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000 Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount. Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount. What are the New Deadlines? In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. What are the Income Caps? The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible. What is the Maximum Purchase Price? Qualifying buyers may purchase a property with a maximum sale price of $800,000. A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence. How Much are First-Time Homebuyers (FTHB) Eligible to Receive? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000. Who is Eligible fort FTHB Tax Credit? Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible. As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500. How Much are Current Home Owners Eligible to Receive? The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property? No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place. Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property? Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. Right of possession, Are There Other Restrictions to Taking the FTHB Credit? Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:
Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit? Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed. If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit? Yes, provided that the child meets the other requirements for the tax credit.
HOME LOAN OPTIONSAll Cash
QUALIFYINGBankruptcies & Foreclosures
OTHER MORTGAGE CONSIDERATIONSAppraisals & Market Value
GOVERNMENT LOAN PROGRAMSFederal Housing Administration (FHA)
CALCULATORS
Use the mortgage calculators below to assist you in making some decisions around financing your new home. Mortgage Qualification Calculator This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables. Mortgage Payment Calculator & Amortization Table This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage. |
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