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
A classified ads mashup site for the Detroit metro area -
A page with links to sites that track housing related product recalls and class action law suits.
Leveraging the power of the Internet to help you find your first home
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FIRST- As Modified in the American Recovery and Reinvestment Act Major Modifications Shaded February 2009 | ||
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FEATURE |
CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008 |
REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009 |
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Amount of Credit |
Lesser of 10 percent of cost of home or $7500 |
Maximum credit amount increased to $8000 |
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Eligible Property |
Any single family residence (including condos, co- |
No change All principal residences eligible. |
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Refundable |
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. |
No change Purchasers will continue to receive refund for unused amount when tax return is filed. |
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Income Limit |
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). |
No change
Same income limits continue to apply. |
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First- |
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. |
No change Still available for first- |
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Revenue Bond Financing |
No credit allowed if home financed with state/local bond funding. |
Purchasers who utilize revenue bond financing can use credit. |
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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 |
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Recapture |
If home sold before 15- |
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. |
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Termination |
July 1, 2009 (But note program changes for 2009) |
December 1, 2009 |
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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 as of January 1, 2009 |
First-
There’s never been a better time to be a first time home buyer. The inventory is
very large right now, including many foreclosed homes. Mortgage rates are at all
time low levels and you have a program directly aimed at giving you an incentive
you to buy -
See the table below for a quick overview of this program vs. Last year’s $7,5000 program. For the complete story on this great program here’s a great site
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.
There are also loans available under the USDA programs that will give you money to fix the place up. You can borrow more than the sale price, if the appraisers agree that the place will be worth more, once you get it fixed up.
In Oakland County, areas like Milford, Highland, White Lake and many others qualify for the programs, so go look and see if you can maybe qualify for these programs.
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
at Real Estate One -
