We have compiled a brief of the Obama Housing Stimulus Package highlights and specifics. If you are a First Time Home Buyer there has never been a better time to buy.
Congress Enacts Bigger and Better Home Buyer Tax Credit. A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
Enhanced Tax Credit Provides Outstanding Opportunity for Home Buyers. In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.
But time is of the essence for buyers who want to take advantage of this opportunity! Homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. Learn more here>>
First-Time Home buyers Have Several Options to Maximize New Tax Credit.
Realtors for your potential new home buyers, there are several options for maximizing New Tax Credit.
"The new credit can get money in the pockets of first-time home buyers quickly," said IRS Commissioner Doug Shulman. "For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get this tax credit even if they've already filed their tax return."
Filing options to consider are:
- File an extension
- File now, amend later
- Amend the 2008 tax return
- Claim the credit in 2009 rather than 2008
Click here for details on each option
IRS.gov provides even more information, including guidance for people who bought their first homes in 2008.To learn more about the overall implementation of the Recovery Act, visit www.Recovery.gov.
Use our Rent to Buy Calculator to convert those buyers still on the fence
Do you have some customers who need that extra nudge to take the next step? With interest rates being great right now, our Rent-to-Buy calculator can help evaluate fees, taxes, and monthly payments to help the decision process. Also, send your clients to Realtor.org for this helpful guide on "7 Reasons to Own Your Own Home."
LENDERS: ‘Making Home Affordable Program' brings good news to keep people in their homes
Home Affordable Refinancing. Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today's lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage. Full details here>>
Home Affordable Modification. Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford. Learn more here>>
Loan lookup resource. If a mortgage loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Only loans owned or guaranteed by Fannie Mae or Freddie Mac are eligible. Your mortgage company can tell you who owns your loan, or you can contact Fannie Mae and Freddie Mac directly by clicking on the links here and completing the forms for each company.
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