My New Blog

8,000 Reasons to Buy Your "First" Home

First-time home buyers who purchase a home before December 1, 2009 may be eligible to take advantage of an $8,000 tax credit as part of the American Recovery and Reinvestment Act of 2009.  Qualifying first-time home buyers may claim a tax credit of ten percent of the purchase price, up to $8,000, or $4,000 for married individuals filing separately. The tax credit begins to phase out for those whose adjusted gross income exceeds $75,000, or $150,000 for joint filers.

Buyers must purchase a home before Dec. 1, 2009 to be eligible and the credit may be claimed on a home buyer's 2008 or 2009 tax return. Filing an amended 2008 return after purchasing a home provides an option to buyers who wish to receive the credit sooner.

Unlike the previous $7,500 credit available to first-time buyers, the credit outlined in the American Recovery and Reinvestment Act of 2009 does not have to be paid back as long as the home remains the buyer's primary residence for at least 36 months after the date of purchase. First-time buyers, for the purpose of this credit, are those who have not owned a home in three years.

If you or anyone you know would like to take advantage of this program by purchasing a home, please do not hesitate to let me know. Call Barbara at 312-863-9560.

Over the past 18 months, Fannie and Freddie Mac have increased their loan fees in response to market conditions and rising delinquencies.  How much are these fees?  They can add $2,000 to $6,000 to the cost of the mortgage at closing for borrowers with less than perfect credit. 

So, look closely at your good faith estimate for a GSE (Government Sponsored Enterprise) adverse credit fee.

Bottom line, know who you are dealing with and know what you are paying for at closing.

During these economic times, every penny counts.

Barbara

850,000 properties have been repossessed in the U.S. alone...

More than 2.6 million American Jobs have been lost...

$30 Trillion of Global Stock Market Value has been wiped-out in less than 12 months...

Did you see today's Unemployment First Time Claims today exceed expectations? 

Over the past few months, I've been talking to many clients about how to survive the economic perils we're facing. Most of them are struggling like never before... please call me and lets look at your current mortgage and make sure you are in the best product for your current financial situation.

I want you to LOVE your mortgage!

Barbara