There has been a lot of interpretation and paraphrasing on the new Tax Credit. Below, for your information, is the mortgage bankers take.
A couple points of interest:
Iit is NOT a loan, and cannot be used for down payment money.
It DOES have a limit, based on the sales price of the property. Typically (but not always), in this area the maximum will be available.
It DOES have an income limit for full availability. Limits on both single and married buyers. It does phase out the more your earn.
It CAN be accelerated for use in 2008, or 2009 taxes.
There IS a "first time homebuyer" requirement, defined as 72 months (3 full years) of non-home ownership.
There ARE stipulations on the future
President Obama gave his first official address to a joint session of Congress last night. I, much like many others, blocked aside time to watch President Obama address the nation, and more specifically, address the state of the overall health of our economy in general.
President Obama understandably focused the majority of his speech on the economy—the issue that is on the minds of every citizen of this great country. He laid out an economic recovery plan that was large in scope and complex in nature; an aggressive plan that has the hopes of a nation riding on it. After listening to his speech and subsequent rebuttal by Gov. Bobby Jindal (R), I am fairly certain of one thing- I firmly believe
Learn about the DC neighborhoods that are bucking the trends, as well as other neighborhoods to watch down the road.
About 4 months ago, we unveiled our text-on-demand technology available for all consumers who list their home with Avery-Hess, Realtors. This service has worked out tremendously, adding yet another avenue with which to share information about your home for sale with the ever-increasingly tech-savvy homebuying public.
We are currently working on making this tremendous technology available on every lsiting available in the Metropolitan Washington, DC area including Maryland and Northern Virginia. This technology will enable a prospective home purchaser to text the keyword AVERY to 59559 from their mobile device and receive information about any active property, instantly, via text message delivered
In a recent survey released by Forbes Magazine, Washington DC was named the best place to invest in Real Estate in 2009. The turmoil in the financial and credit markets coupled with 4 years of falling home prices have created a "perfect storm" for first-time homebuyers and investors. While the Forbes article focused on Real Estate Investment, this current Real Estate market in the DC area (which includes Maryland and Northern Virginia) provides an opportunity for a wide spectrum of home ownership not seen in the area in more than half a decade.
Home prices are affordable again for many home purchasers, and coupling that with interest rates hovering at or below the 5% mark really makes for
Here is my first cut at the Tax Credit the new bill contains. Please consult your tax advisor (or congressman….lol) for additional details.
There is a new $8,000 first-time home buyer tax credit.
It does not replace the $7,500 tax credit issued last year (that one must be paid back). If you purchased your home between 4-8-2008 and 12-31-2008 you do not qualify for the new tax credit.
The $8,000 tax credit is available for “qualifying” home purchases from 1-1-09 until 12-1-09 (that is correct, December 1st)
The tax credit will reduce the tax you owe dollar for dollar. This is great! A tax credit reduces the taxes you owe, a tax deduction reduces your taxable income,