A Site for First-
From our milfordteam.com site
Copyright 2007 -
All Rights Reserved
By Norm Werner
Site Created and Maintained by Norm Werner, Realtor®
Real Estate One
560 N. Milford Rd.
Milford MI
Leveraging the power of the Internet to help you find your first home
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Tax break for buying a home extended and expanded -
The law also creates a $6,500 credit for those who buy a home after living in their
current house at least five years. That measure would apply to contracts signed by
April 30 and closed by June 30. The current credit defines a first-
The new program raises the adjusted gross income cap to $125,000 for single filers
and $225,000 for joint filers. The amount of the credit currently begins to phase
out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for
joint filers. See the table below for comparison details on the old., First-
Where can you go to find 100% financing?
There is still 100% financing available under a program
form the USDA. Yes the same people who inspect the
meat and produce in your local grocery also provide
mortgage loan programs. These programs support rural
development and you’d be surprised at what local areas
qualify under the programs -
Of course there are also earnings limitations on these programs, so click here to go to the USDA Rural Development site, where you can read about the programs and see what the eligibility requirements are for your state.
Where do you want to live? Here’s a good article from the HGTV FrontDoor Web site on the pro’s and Con’s of 12 different neighborhood settings
|
FEATURE |
Jan 1 – November 30, 2009 Rules as enacted February 2009 |
December 1 – April 30, 2010 Rules as enacted November 2009 |
|
Firsttime Buyer – Amount of Credit |
$8000 ($4000 married filing separate) |
$8000 ($4000 married filing separate) |
|
Firsttime Buyer – Definition for Eligibility |
May not have had an interest in a principal residence for 3 years prior to purchase |
Same |
|
Current Homeowner – Amount of Credit |
No Provision
|
$6500 ($3250 married filing separate) |
|
Effective Date – Current Owner |
No Provision |
Date of Enactment |
|
Current Homeowner – Definition for Eligibility |
No Provision |
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years |
|
Termination of Credit |
Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.) |
Purchases after April 30, 2010 |
|
Binding Contract Rule |
None |
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. |
|
Income Limits (Note: Increased income limits are effective as of date of enactment of bill) |
$75,000 – single $150,000 – married Additional $20,000 phase out |
$125,000 – single $225,000 – married Additional $20,000 phase out |
|
Limitation on Cost of Purchased Home |
None |
$800,000 Effective Date of Enactment |
|
Purchase by a Dependent |
No Provision |
Ineligible Effective Date of Enactment |
|
Anti- |
None |
Purchaser must attach documentation of purchase to tax return |
To read a FAQ on the 2009 Tax Credit from the Natl. Assoc. Of Realtors, click here.
Remember to come back here when you’re through looking at these homes and use my search page to get the MLS details on any of these houses. I can show you any of these houses or any other houses inteh area that you may find.
I help first time buyers find new homes in the Southeastern Michigan communities
of Milford, Highland, Commerce, White Lake and Lyon Townships in Oakland County and
Brighton, Hartland, Oceola, Green Oak, Marion and Genoa Townships in Livingston County.
Now is a great time to get out of that apartment or to move away from yor childhood
home and have your own home. Call or text me at (248)763-
