For Active Duty Military personnel living overseas during any part of the $8,000 First Time Home Buyer Tax Credit or the $6,500 Move Up Tax Credit – you are still eligible to take advantage of the tax credits until April 30, 2011.
The $8,000 First Time Home Buyer Tax Credit will be ending soon. You must be under contract by the end of April to qualify for the tax credit and must close on your home by the end of June. To qualify, the purchaser(s) may not have owned a primary residence in the last three years. It does not have to be a resale home, you may purchase from a builder. You should use a Realtor even when you purchase from a builder. It’s free for buyer’s to use Realtors and your Realtor will be representing you and looking out for your best interest. You can receive the maximum $8,000 tax credit if you are single with an income up to $125,000 or married with an income up to $225,000. The amount of the tax credit decreases as home buyers income approaches the maximum limit. Homebuyers earning more than the maximum qualifying income are not eligible for the credit.

There is an existing home buyer tax credit currently in place for $6,500. To use this tax credit you must sell your current primary residence that you have lived in for atleast five consecutive years and purchase another primary residence. If you don’t want to sell your current home, but have lived there for five years and now want to move to a new primary residence, you can still qualify for the tax credit. There are some income requirements, so check with your accountant to be sure you qualify.

Neither of these credits have to be repaid as long as you live in the new primary residence for at least three years.

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1.  Decide how much home you can afford.  Generally, you can afford a home equal in value to between two and three times your gross income. 

2.  Develope a wish list of what you’d like your home to have.  Then prioritize the features on your list.

3.  Select three or four neighborhoods you’d like to live in.  Consider items such as schools, recreational facilities, area expansion plans, and safety.

4.  Determine if you have enough saved to cover your down payment and closing costs.  Closing costs, including taxes, attorney’s fee, and transfer fees average between 2% and 7% of the home price.

5.  Get your credit in order.  Obtain a copy of your credit report.

6.  Determine how large a mortgage you can qualify for.  Also explore different loan options and decide what’s best for you.

7.  Organize all the documentation a lender will need to pre approve you for a loan.

8.  Do research to determine if you qualify for any special mortgage or down payment-assistance programs.

9.  Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.

10.  Find an experienced REALTOR who can help you through the process. 

Reprinted from REALTOR Magazine Online by permission of the National Association of REALTORS, Copyright 2005, All rights reserved.

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The $8,000 First Time Home Buyer Tax Credit will be ending soon.  You must be under contract by the end of April to qualify for the tax credit and must close on your home by the end of June.  To qualify, the purchaser(s) may not have owned a primary residence in the last three years.  It does not have to be a resale home, you may purchase from a builder.  You should use a Realtor even when you purchase from a builder.  It’s free for buyer’s to use Realtors and your Realtor will be representing you and looking out for your best interest.  You can receive the maximum $8,000 tax credit if you are single with an income up to $125,000 or married with an income up to $225,000.  The amount of the tax credit decreases as home buyers income approaches the maximum limit.  Homebuyers earning more than the maximum qualifying income are not eligible for the credit. 

There is an existing home buyer tax credit currently in place for $6,500.  To use this tax credit you must sell your current primary residence that you have lived in for atleast five consecutive years and purchase another primary residence.  If you don’t want to sell your current home, but have lived there for five years and now want to move to a new primary residence, you can still qualify for the tax credit.  There are some income requirements, so check with your accountant to be sure you qualify. 

 Neither of these credits have to be repaid as long as you live in the new primary residence for atleast three years. 

 For Active Duty Military personnel living overseas during any part of this tax credit are still eligible to take advantage of the tax credits until April 30, 2011. 

 To take advantage of these tax credits call me today because time is running out to qualify.  For additional questions about the tax credit you can contact a tax professional or the IRS at 800.829.1040.

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Not only does owning a home give you a haven for your family, it makes great financial sense, too. You can use the “Calculators” on my website to help you figure out how much your mortgage payment will be based on the interest rate and the amount of the home you want to purchase. The calculation below will also help you figure out what you can afford. It assumes a 28% income tax bracket. If your bracket is higher, your savings will be, too.
Rent: _____
Multiplier: X 1.32
Mortgage Payment: __________
Because of tax deductions, you can make a mortgage payment – including taxes and insurance – that is approximately 1/3 larger than your current rent payment and end up with the same amount of income.

Reprinted from REALTOR Magazine Online by permission of the National Association of Realtors, Copyriht 2005, All rights reserved

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Don’t be fooled, take advantage of the $8,000 tax credit before it goes away.  It ends at the end of this month.  It’s the best gift Uncle Sam will ever give you!  If you would like to sell your home and buy another home, you may be eligible for the $6,500 tax credit.  Give me a call today so we can get you qualified for your tax credit.  I am not fooling around, these tax credits are a great deal!

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