The $8,000 First-Time Home Buyer Tax Credit Expires December 1, 2009

If you're planning to claim use the credit and haven't started looking for a home, your clock is officially ticking.  You must be closed on your new home on or before December 1.

Because purchase closings come 60-days standard, therefore, your $8,000 is in jeopardy unless you go under contract prior to October 2, 2009.  That's 73 days from now.

Use it or lose it. The First-Time Home Buyer Tax Credit is part of the American Recovery and Reinvestment Act of 2009.  In it, Congress authorized a first-time homebuyer tax credit of up to $8,000 for home buyers meeting certain qualifying criteria.  The program's goal was to stimulate entry-level home purchases and, by most measures, the plan has been successful.

First-time home buyers accounted for about one-third of all home resales in May.

Now, the IRS definition of "first-time home buyer" may be different from what you expect.  According to the IRS, a first-time home buyer is anyone who has not owned a "main home" in the last 3 years with "main home" defined as a home in which a person has lived "for most of the time".  Main homes can include traditional homes, houseboats, trailers and other residence types.

For couples -- married or otherwise -- both home buyers must be first-timers to be tax credit-eligible.

Moreover, not every first-time home buyer is eligible for the $8,000 First Time Home Buyer Tax Credit.  Some notable exclusionary cases include first-time home buyers who:

• File taxes separately and whose adjusted gross income exceeds $95,000
• File taxes jointly and whose adjusted gross income exeeeds $170,000
• Acquire property from a mother, father, sibling or child
• Acquire property from an entity in which they're a majority owner
• Acquire the home by gift or inheritance

And then, the First-Time Home Buyer Tax Credit may not deliver the full $8,000.

The tax credit is limited to 10 percent of the home's purchase price and it also diminishes as home buyer income rises.  Tax credit phase-outs start at $75,000 for homebuyers filing separately and $150,000 on joint returns.

Assuming you qualify, though, the good news is that it's easy to claim your tax credit.

1. Buy and close on a new, "main" home before December 1, 2009.
2. Submit IRS Form 5405 with your 2009 tax returns in April 2010.

That's it.

Meanwhile, the program does come with some gotchas.  For example, If you sell your home, or cease to use it as your "main home" within 36 months of purchase, the IRS will require a full payback.  There are only a few allowable exceptions to this policy and you shouldn't count on being granted one.

Not moving in the next 3 years? Don't worry about it.

Loans with a balance between $417K and 729K will no longer be subjected to a 1% add to the rate. This is a great improvement as we move towards ending the recession in the housing industry.

The lenders still require loans to be fully documented and clients have to have a high FICO score with an equitable position of less than 80%. This is an excellent opportunity for folks who want to refinance or buy a single family residence in Southern California. The rate today 6/26/09 is 5.375 fixed for 30 years.

Further information; please call 714-404-6099

RE License # 01508012

For California home-buyers, tax time can now be called tax relief time too.

Two recent laws, a California home-buyer may qualify for $18,000 in tax credits for buying his or her piece of the American dream. The two tax credits are a first-time home-buyer credit up to $8,000 under federal law, and a new home credit up to $10,000 under California law.

For more information please contact me and I can provide a quick view chart with tax credit laws, and appropriate website links.

This information is from the C.A.R. legal Department.

The Buy America Team would like to assist you in finding your prefect property.

We back our knowledge in the real estate foreclosure marketplace, with years of experience. The most important variable is keeping updated on the ever-changing lender climate. We are always aware of new and updated loan programs that help first time home buyers and or investors.

 We cannot think of a better place to live than in Southern California's beautiful Orange County. We think you will agree!

 Contact Suzanne, today, for a full spectrum of properties and loan options available that meet your needs and your dreams.

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You heard it here first!

 This is HOT! A new streamlined rate/term refinance program that will actually help homeowners.

 •·      105% Loan to Value and unlimited Combined Loan To Value

•·        Fico Scores above 620

•·        New borrowers can be added

•·        Stated Income-Stated Asset ( Banks may require additional documentation)

•·        Closing costs can be included in new loan

•·        Reduce the interest rate of the first mortgage

•·        Replace an ARM, Interest Only Mortgage

 If you want more information, please do not hesitate to contact me.

Did you know you could use your VA to buy a home or receive help if you are having trouble making your mortgage payments?

There are many benefits of a VA home loan

Equal Opportunity

Loan Limit $625,000.00 CA

No Down payment, (unless required by the lender or the purchase price is more than reasonable value of the property.

Negotiable interest rate

Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5%

An assumable mortgage

Right to repay without penalty

Lastly, existing VA loans are eligible for VA Assistance to veteran borrowers in default due to temporary financial difficulty.

Congressman ® John Campbell has proposed a great idea for California, and that is to eliminate Capitol Gains for any real estate purchased in 2009. In other words, if you bought any type of real estate in 2009 and kept the real estate for a short or long period. Regardless of when you sold, there will be zero Capitol Gains.

Now, let us look at what the market is offering.

         Historically low interest rates

         Huge inventory

        Zero Capitol Gains (if escrow closes in 2009)

 I strongly recommend we get behind the congressional representatives proposal because this helps all homeowners.

 If you would like to hear more, please contact me, and I will send you the link to John Campbell's laptop library.

Suzanne

 714-404-6099

Mortgage Interests Rates have fallen. A fixed rate loan for 30 years is below 5.000%, and Prime has dropped to 3.500%. Are you ready to take advantage of this once in a lifetime opportunity?

It is true; banks have tightened their guidelines. That is why I am reaching out to you to let you know, this is the time to get your loan file ready to lock at the lowest rate possible.

If for whatever reason, I cannot help you refinance, there will be no cost to you.

What are you waiting for? Call a seasoned loan broker that will save you money.

Cell direct 714-404-6099

Did I Hear Refi Boom?

Rates Are Falling and are under 5.000%

This could be a really big refi market- Are You Prepared?

Prepare Now, and Qualify for the New Lending Policies.

Now is the time to contact me and schedule your appointment! Take advantage of the new conforming loan limit of $625,500.00

Conforming ($417.000.00) rates plunge this week to a new low 5.25% fixed for 30 years.  Many lenders are accepting applications now for the conforming loan limit increase to $625,500.00  ahead of scheduled publication in January 2009

The only caveat is that the applicant would have to schedule closing after January 1 2009, but there is a strong possibility that refi mania is on its way.

To my mind,refi mania may start slow because of home equity issues, but as demand continues and lenders become confident that the market can sustain the momentum, property values are likely to increase and the pent up demand will force property values upwards.

I have noticed that some lenders are allowing cash out with well-qualified buyers, so one could essentially combine first and seconds to reduce monthly mortgage commitment substantially. If you have any questions or have an actual scenario, you would like to share with me. I am at your service.