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Federal Housing Tax Credit for First Time Buyers Presents Call to Action - 2009-05-31 |
Plenty of Americans have been sitting on the sidelines waiting to see if and when the recession would end and, more importantly, when housing prices would finally hit bottom. Their plan is to locate the absolute perfect combination of low price, low interest rate, and desperate seller.
They may have waited long enough.
Many market watchers believe that thirty year fixed rates, already in the below 5 percent range, won’t get any lower this cycle. In addition, prices are extremely attractive. And finally, there are enough highly motivated sellers to make a buyer’s efforts fruitful.
And there’s one more compelling factor urging buyers on to action. It’s the Federal Housing Credit for First-Time Home Buyers, and it’s proving to be a powerful motivator in our upcoming summer selling season. I’ve had lots of questions about the credit, so here is the program in a nutshell.
First-time homebuyers may be able to take advantage of a tax credit for homes purchased this year. The tax credit:
* applies only to homes closed between April 8 and December 1 of 2009.
* is available only to those purchasing their principal residence.
* reduces your tax bill (or increases your refund) dollar for dollar.
For the purposes of this credit, a first-time homebuyer is one who has not owned a principal residence anytime during the past three years. Ownership of vacation property or rental homes will not disqualify you.
If you qualify for the credit, you can claim it against your 2008 tax return. If you have already filed, you may file an amended return or wait until April 15, 2010. The credit does not have to be repaid unless you move out of your new residence during the three years following purchase, so plan on staying put.
The credit is 10 percent of your home’s purchase price, up to a maximum credit of $8,000. So even if you are purchasing a more expensive home, you may still get some help.
But there are some limitations:
* The credit begins to phase out for single taxpayers whose adjusted gross income is above $75,000 and is eliminated altogether at $95,000 or higher. Married filers phase out between $150,000 and $170,000. Check with your accountant for details.
* You may not purchase your home from a close relative. This would include spouse, parents or grandparents, children or grandchildren.
* If the property is no longer used as your principal residence during the three years after your purchase, the entire credit must be repaid as additional tax due on your next tax return.
The bottom line is that, for many Atlantans, this credit is a very real stimulus to buying a home. That’s exactly the reaction Senator Johnny Isakson hoped for when he originally proposed this program. For more information on this credit, visit IRS.gov and search on “homebuyer.”
Questions or comments?
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Upcoming Events
"EPA CERTIFIED RENOVATOR" TRAINING
Do You Work with Real Estate? You Must Be LEAD SAFE CERTIFIED as of April 22nd.
To all owners, realtors, investors, property managers, contractors, electricians, plumbers and painters. Do you ever engage in any level of renovation? If so, read this:
Any renovator, from owners to contractors, from plumbers to electricians to painters, who disturbs lead paint while working in a pre-1978 home, school or day care center, now must be Lead-Safe Certified. If you’re not, you can face tens of thousands of dollars in fines. Plus, you put the health of yourself, your workers and your customers at risk, which could result in lawsuits. One simple 8 hour class certifies you for five years. It’s that easy.
Since April 22, 2010, there are new Federal rules regarding how you perform any work that disturbs lead-based paint in homes, child-care facilities and schools built before 1978. You now must be EPA certified and follow specific work practices to prevent lead contamination.
Failure to follow the new rules can result in federal fines of up to $32,500 per day or up to 5 years in federal prison, or both. Don’t take a chance - it’s not worth it.
How To Become an EPA Certified Renovator:
In just one day, John Adams will teach you how to meet all EPA requirements and become an “EPA Certified Renovator.”
Don’t wait - register now! Click on “Seminars” and choose your day!
- Friday, July 30th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 06th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 13th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 20th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 27th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
Total Course Cost: $295, includes exam and EPA-HUD 400 page manual
Space is limited to 20 participants.
Training services provided by Seagull Environmental Management Co, Inc.
Courses are approved for purposed of certification under Section 402 of TSCA for the Certified Renovator.
This course has been approved by the Georgia Real Estate Commission for 7 hours of Real Estate Continuing Education
For more information, call toll-free 888-373-0029
Click above on the "Seminars" button to register
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John Adams Presents
“The MetroVestAtlanta.com REO Bus Tour”
Get on the bus for a tour of South DeKalb County’s “Real Estate Owned”
homes. Each house you visit will be available that day for purchase at
a giveaway price, regardless of current condition. Financing is
available!
Throughout the day, we will hear from mortgage providers, people in the
construction business and property managers all discussing today’s
situation with Bank Owned REO properties.
Who Should Attend: Investors, Realtors, Lenders, Prospective Buyers, and
anyone who might want to buy a super-bargain house and either do the
rehab themselves or have all the work performed by the pros.
You will see abandoned dumps and finished products, and everything
in between. And Snap will be there to answer all your questions and
explain the rehab and rental strategies.
Saturday, August 21st, 9:30 AM to 4:00 PM
Your $49 fee includes the bus tour and lunch. You must make reservations. No walk-ups.
There is limited seating and the seats are filling fast. ACT NOW before you miss the bus.
We will be meeting at Suburban Plaza, 2643 N. Decatur Road and Church Street, Lower Level, Decatur 30033 (beneath Hancock Fabrics, in the arcade.)
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