The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before April 30th, 2009, it also expands the credit and it allows a $6,500 for move up or repeat home buyers.
Newport Real Estate - Services for today's world - Servicing the entire Rhode Island market!!
Good news for everyone, the United States Congress has approve new legislation that extends the $8.000 first time buyer credit until April 30th. The new legislation also expands the credit to buyers purchasing a home before April 30th. 2010, this credit is in the amount of $6,500 .
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer's tax credit is determined by tow additional factors:
The price of the home.
The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Take your real estate search to a new level, click the link below to get started
We have helped many property owners before and would love to help you as well. We have real estate consultants with knowledge of the local real estate market. We have bilingual real estate agents, Spanish and English and can provide services in the following areas:
Newport Real Estate - Services for today's world - Servicing the entire Rhode Island market!!
Thank you for coming back again, for those of you who have read my blog but do not know me yet, my name is Jorge Muralles; I am real estate consultant here in Newport RI.
We had a very good year so far, interesting to say the least, we have kept up with all the trends in the real estate market; we are very proud to say that we are in very good position to help our customers with anything regarding real estate; from short sales to buying, selling or renting, just call us, we should be able to help.
What have we been up to?
we are getting ready for next year, as we have done the last several year, we are getting our Newport Timeshares inventory ready, we have many units for rent, we also have many units for sale.
We have some incredible deals for those of you looking to vacation in Newport, we weeks at all the resorts, click the link below for more information:
As always, we are providing top of the line services to our customers looking to buy, sell or rent property, click the link below for our real estate websites
Lastly, we are very proud to introduce the newest feature of our website, now you can search the MLS in Rhode Island, click the links below to get started.
Take your real estate search to a new level, click the link below to get started
We have helped many property owners before and would love to help you as well. We have real estate consultants with knowledge of the local real estate market. We have bilingual real estate agents, Spanish and English and can provide services in the following areas:
Newport Real Estate - Rhode Island Market Update - MLS search available in our website!!
Thank you everyone for stopping by, I know you are all busy and I appreciate the time that you are taking to read this update.
We had a great year so far at Newport Real Estate, we have changed and adjusted to the market situation; it has been a very interesting year to say the least.
We are very happy to be positioned in a very good place to help our clients with all their needs from renting to selling or buying real estate. Right now we have agents with experience to help people in all areas of real estate including foreclosures, short sales, and REO's amongst others.
Right now we are very proud to introduce our newest internet service, from now on, our customers will be able to search for property in Rhode Island from the comfort of their homes.
Go ahead, give a try, click the link below to get started, once you find the property of your dreams, all you have to do is call and we will help you the rest of the way.
We have helped many property owners before and would love to help you as well. We have real estate consultants with knowledge of the local real estate market. We have bilingual real estate agents, Spanish and English and can provide services in the following areas:
Rhode Island Real Estate market update - Home buying guide - Get loan pre-approval !!
Few people can buy a home for cash. According to the National Association of REALTORS® (NAR), nearly nine out of 10 buyers in 1999 financed their purchase, which means that virtually all buyers -- especially first-time purchasers -- required a loan.
The real issue with real estate financing is not getting a loan (virtually anyone willing to pay lofty interest rates can find a mortgage). Instead, the idea is to get the loan that's right for you -- the mortgage with the lowest cost and best terms.
Real Estate services for today's market: We can help you with all your real estate needs, from buying, selling, or renting to avoiding foreclosure, we do it all. Call us with any questions.
We have bilingual real estate agents: English and Spanish
Newport Real Estate - Services for property sellers!!
Dear Property Owner: I hope that you are doing well today. Selling property in this market can be very challenging, there are plenty of houses for sale, it is actually a good time for buyers, interest rates are low and because of the inventory, it has become more affordable to buy that it is to rent.
We have a dedicated team or real estate agents and can help you with everything regarding real estate; our services include foreclosure prevention, short sales and much more. Call today with any questions or to get a free market analysis for your property Let me tell you a little more about our business.
Part of our practice includes helping first time buyers and sellers come together to put deals together. We also help customers who are interested in investing in real estate, to this folks we also provide property management services. Additionally, we help our customers with foreclosure prevention and short sales services.
The other part of our practice is geared to corporate clients, we help financial institutions with management and disposal of properties they might have acquired through foreclosure or any other method.
We have helped many property owners before and would love to help you as well. We have real estate consultants with knowledge of the local real estate market. We have bilingual real estate agents, Spanish and English and can provide services in the following areas:
Newport Real estate is a full service real estate office, we have been around since 1970 and provide a range services from real estate consulting to property and asset management.
We are a very diverse office, our agents now can provide services in English and Spanish.
The real estate market is very challenging and our focus is to help people with objective advice in the purchase, sale or rental of real estate.
We specialize on helping first time buyers accomplish their goals by guiding them through the buying / selling process.
We help investors acquire and manage property.
We also help investors minimize tax liability when they sell their property. This is done through a 1031 exchange.
We have also set up a team of consultants to help people avoid foreclosure. We have many options available.
Keep us in mind for your friends or relatives who need assistance in Spanish.
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
Real Estate services for today's market: We can help you with all your real estate needs, from buying, selling, or renting to avoiding foreclosure, we do it all. Call us with any questions.
We have bilingual real estate agents: English and Spanish
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
Rhode Island Real Estate market update - Foreclosure overview & foreclosure process
Foreclosure Overview & Foreclosure Process
What is Foreclosure?
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:
The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
A third party buys the property at a public auction at the end of the pre-foreclosure period.
The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure, via a short sale foreclosure or by buying back the property at the public auction. Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).
This foreclosure process allows for three opportunities for finding bargains on foreclosure homes.
Click the link below if you would like learn about these three opportunities:
Newport Real Estate has agents serving the entire state of Rhode Island, including Newport, Middletown, Portsmouth and surrounding areas. We can help you with all your buying, selling or renting real estate needs.
Please visit our website or call us directly if you need any assistance regarding any of our services.
Jorge Muralles Real Estate Consultant 401-855-1335
Newport Rhode Island Real Estate - Residential & commercial real estate sales and rentals!!
Real Estate services for today's market: We can help you with all your real estate needs, from buying, selling, or renting to avoiding foreclosure, we do it all. Call us with any questions.
We have bilingual real estate agents: English and Spanish
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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