Okay, so the Federal Homebuyer Tax Credit is gone.
But, did you know...That if you purchased a home in 2010 in Missouri - you may be able to get your property taxes reimbursed? How about after purchasing, if you made your home more energy efficient, that you could be reimbursed up to $500?
It's true! The state of wants to promote homeownership, and encourage people to buy a home in Missouri. So, if you purchased a home after January 1, 2010 - you could qualify to get up to $1,250 of your annual property taxes from your 2009 real estate tax bill reimbursed. Repeat and first time buyers who occupy the property as a primary residence are eligible! This could be a wonderful and unexpected bonus for many current and future homeowners. Christmas in the Summer! Not enough people are aware of the Home Ownership Purchase (HOPE) Program, so sharing the details fits my goal of always trying to identify great information to share with our buying and selling public.
Warning: This program ends at the end of August and September. You have 2 choices:
•1. If you haven't purchased a home yet and want to see if you can take advantage: first, hire a Buyer's Agent today (it doesn't cost you a penny to have an expert working for you), then see if you can find a home that meets your needs quickly. Before looking at a single house, it is critical to ask your mortgage lender if they can close your loan by the 31st of August to meet the deadline. Your Buyer's Agent can refer you to a reputable lender that is approved for this program, if you don't know one. Then, you have until September 30, 2010 to get the required paperwork submitted for processing.
•2. If you have already closed on your home purchased after January 1, 2010 you just need to complete the required paperwork and submit it before the end of September.
Isn't this wonderful news? Let's spread the word to friends, relatives or co-workers who are in the housing market.
Here is the chart with the income guidelines:
Remember, loans must close by 8/31/10, and all forms and documents must be submitted by 9/30/10.
That isn't all...there's actually more. At the same time, if you purchase a home, then within 60 days remodel, or purchase items (i.e., Energy Star appliances, installing energy efficient windows, faucets, lighting, insulation, installing programmable thermostat controls, etc.) to make the home more energy efficient, you can get an additional $500, bringing you a possible total reimbursement of $1750! Many brand new homes may qualify, too. You would complete the paperwork for both parts: The Real Estate Property Tax HOPE Program & the Energy Efficiency Hope Incentive at the same time.
Believe it or not...
There's more - again, you may be able to qualify for down payment assistance and get up to 3% of your closing costs paid for at closing. It's true. This is the CAL Program, and only expires when the funds run out (not enough people are taking advantage of the program, so for now there are plenty). I'll write more about this program next week since there's not a hard deadline. But, for now to know that, and possibly combine it with the HOPE Program through your approved lender, makes it simply a great time to buy a home in Missouri!
Remember, homeowners with homes for sale in Missouri can use these wonderful additional incentives to offer buyers---if they know about them. If a buyer knows that they can get money back for property taxes, or for purchasing an appliance, it could make a difference in being able to afford to move forward on the house that they love.
Here is a link to the MHDC website that has more information about the program, qualification guidelines and the application forms.
http://www.mhdc.com/homes/HOPE/
Let's spread the word, and sell Missouri!
P.S. I represent buyers and sellers in the Metropolitan Kansas City market! : )
Comments(2)