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By Norm Werner

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Real Estate One

560 N. Milford Rd.

Milford MI

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Tax break for buying a home extended and expanded - The Tax Credit extension and expansion is now law.  The program  extends the $8,000 home buyer tax credit to contracts signed by April 30 and closed by June 30. The tax credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.

 

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-time home buyer as someone who has not owned a residence within the past three years. The credit would be available only for the purchase of principal residences priced at $800,000 or less.

 

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-time Buyer program and the newly enacted program.

 

When the banks say NO - Where to go to find mortgage money

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 - click here to see if the area that you are looking in qualifies.

 

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

Real Estate News you can use

 

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-fraud Rule

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.

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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)763-2497 or send me an eMail at normwerner@comcast.net . I hope you find this site to be useful to you in your home search.