After weeks of listening to the news, and reading about "The Economic Stimulus Package" also known as The American Recovery and Reinvestment Act of 2009, it has passed both the House and the Senate. Now how does this affect YOU if you are trying to buy or sell your home? The new Stimulus Package has a few things in it that affects Real Estate Transactions. If you are like the rest of us, we just want to know how this will affect us and the home we want to buy or sell. In other words how will this affect YOU?
Our office is dedicated to listing and selling homes in the three Active Adult Communities of Sun Lakes Country Club, Solera at Oak Valley Greens and Beaumont's Four Seasons. All three of these developments are Guard Gated Resort Style communities in Banning and Beaumont, CA. If you are thinking of buying in one of these communities and you haven't bought a home in the past 3 years, and meet a few other requirements, then there is good news for you.
How the new Stimulus Package concerns you, and your Real Estate Needs
One of the things the Stimulus Package did was raise the limit for FHA loans, however The Average Price for a home in Sun Lakes, or Solera, or Four Seasons is not anywhere near the FHA loan limit of $727,000, so this wouldn't affect anyone buying or selling in one of these 3 Active Adult Communities.
The next big thing is The Tax Credit of $8,000 - this one is something that could affect you. Before this new Stimulus Package this was a $7,500 LOAN, which you had to pay back in payments over a period of 15 years. The good news for you is that now it is NOT a LOAN. Here's how it works:
- If you are a 1st time Home Buyer (haven't bought a home in the past 3 years)
- Must buy a home Between January 1,2009 and December 31,2009
- You have to live in the home for at least 3 years, or you will have to pay the money back.
- Income limits for people that file single or joint (taxes)
If you are looking to buy or sell in Sun Lakes Country Club
Call us to see how one of our Certified Senior Specialists can help you
Sun Lakes Realty in Banning, CA wants to make sure that our clients and prospective clients have the information they need to help them with all their Real Estate Needs.
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