Steve Young
RE/MAX Associates
(817) 276-5149
www.steveyoung.pro
www.steveyoungtexasrealestate.pro
http://stevesellsdfw.wordpress.com
steve@steveyoung.pro
Why? Because now, as you calculate your tax bill or your refund, you can finally see in real terms just how beneficial a tax credit of up to $8,000 can be to your bottom line.
Here's the basics:
Qualified 2009 and 2010 first-time home buyers can get up to 10% of the home's purchase price or a maximum of $8,000. In November 2009, legislation extended a tax credit of up to $6,500 (or up 10% of the home's purchase price) to long-time residents of the same primary residence if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their previous homes for a five-consecutive-year period during the eight-year period ending on the closing date of the new home.
Important details to remember:
1) You don't have to pay it back (as long as you stay in your qualified home for at least 36 months).
2) If you qualify for the credit, you can still apply it to this year's taxes, even if you've already filed your returns, or save it for your 2010 returns.
3) This is a true tax credit, not a deduction. If you qualify for the full credit, there will be an actual dollar-for-dollar reduction of up to $8,000 (or up to $6,500 for qualified repeat buyers) on your tax bill now or in 2010.
4) New income qualification limits have been put in place that expanded the pool of qualified buyers.
5) If you purchased a qualified home or plan to after reading this article, you must have a contract in place by April 30, 2010 (with closing to take place by June 30, 2010), so don't wait!
Steve Young
RE/MAX Associates
(817) 276-5149
www.steveyoung.pro
www.steveyoungtexasrealestate.pro
http://stevesellsdfw.wordpress.com
steve@steveyoung.pro
For locations and times to vote in your county, check your
Steve YoungSee more at www.1803nueces.com
If you do not want to receive emails from Steve Young, please reply with “remove” in the subject line, and I will remove you from my mailing list.
If you do not want to receive emails from Steve Young, please reply with “remove” in the subject line, and I will remove you from my mailing list.
Incentive Part of Ongoing Effort to Stabilize Neighborhoods
WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010.
"Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover. Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Homebuyers have the option to choose between financial assistance toward closing costs or new appliances for their home."
Properties eligible for this incentive are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing which offers homebuyers an opportunity to purchase with as little as 3 percent down.