There is a federal stimulus law for first-time homebuyers that offers $8,000 in tax credit. This credit is better than a deduction because you can get it even if you don't owe taxes. As with most federal things the fine print is so crazy complex that it is hard to figure out. This is unfortunate because if makes it hard for people to take advantage of these great benefits. Don't miss out on this amazing opportunity just because it's complicated.
To qualify for the credit you have to be a first-time homebuyer. The IRS considers you a first-time homebuyer if you (and your spouse, if you're married) have not owned any other home in the past three-years. You also have to purchase your home between April 8, 2008 and Dec. 1, 2009. That means you can still buy a home and qualify for this credit. (Homes for sale) To be considered for the credit the home you purchase needs to be your 'main home'. The IRS defines your 'main home' as "the one you live in most of the time." This can be "A house, houseboat, house trailer, cooperative apartment, condominium or other type of residence" according to the IRS.
The amount you qualify for depends on when you buy the home. The credit for homes purchased in 2008 are different from those purchased in 2009. The maximum tax credit is $7,500 for 2008 and $8,000 for 2009. But that's the maximum. The credit amount is also limited to 10% of the home's purchase price. So if you bought a home for $70,000, the maximum credit amount would be limited to $7,000.
Even though it's called a credit, the credit for 2008 homes is really more like an interest-free loan. You have to repay it over 15 years, without interest, in 15 equal installments. The 2009 credit does NOT have to be repaid unless the you move from that home in the next 3 years.
There are also income limitations. If your adjusted gross income is $75,000 or less ($150,000 if married and filing jointly) you may qualify for the full credit amount. If you make more than that you may still qualify, but not for as much. If your income is $95,000 or more ($170,000 if married and filing jointly) you wont qualify for the tax credit.
Here is a Wall Street Journal Article with more information about the credit.
There are a lot of other opportunities right now for free money to help you buy a home, but you need to know how to get it. I'm here to help you sort through all the jargon and get the home you deserve!
March 26, 2009
March 25, 2009
Irony of Free Money. Up to $28,000 free grant money up for grabs!
The housing burst has been blamed on the ability to buy homes with 0 money down. As the politicians blame the mortgage industry for giving away loans with no money down. The lenders create rules so that you need money down. Now the economy is doing worst so the politicians create funds for Free money to put down on a home. Well today, I can help anyone buy a home owner occupied for as little as 0 money down. Is the cat chasing its on tail? Possibly, but the early bird is going to get the worm today.
Although it seems to be intriguing, I will continue to have fun helping people grab the free money. We know of an accounting company that can help buyers use the $8000 tax credit as a source of down payment on a home. We also have a government grant here in Utah where you can get $6,000 for buying a new home. And there is another grant for $5,000 for first time homebuyers!
Want more free money? Go for the gold and possibly get $19,000 toward your home. We know of other programs as well where you can get $15,000 free grant money. You might just be able to ge up to $28,000 free grant money.
Although it seems to be intriguing, I will continue to have fun helping people grab the free money. We know of an accounting company that can help buyers use the $8000 tax credit as a source of down payment on a home. We also have a government grant here in Utah where you can get $6,000 for buying a new home. And there is another grant for $5,000 for first time homebuyers!
Want more free money? Go for the gold and possibly get $19,000 toward your home. We know of other programs as well where you can get $15,000 free grant money. You might just be able to ge up to $28,000 free grant money.
March 19, 2009
What is the $6,000 Grant?
A lot of people are asking me about the new $6,000 Grant.
Here are the basics:
The Home Run Grant offers $6,000 to home buyers who purchase a never-occupied residence in Utah.
The grants are available on a first-come, first-served basis.
There are only 1,600 grants left and they're going fast. The approximate number of remaining grants will be posted on the UHC web page at http://www.utahhousingcorp.org/.
Home buyers must meet the following income restrictions to be eligible:
Single person, $75,000
Married couple, $150,000
Home Run applications are submitted through a home buyer’s mortgage lender.
Here is a free application: Loan Application
You do NOT have to be a first time home-buyer
The $6,000 CAN be combined with the new $8,000* federal tax credit!
*The $8,000 federal tax credit is only available to first-time home buyers.
If you want more information about the Grant you can check out this link: $6,000 Home Run Grant or feel free to contact me.
Click here to view homes for sale
Click here to view NEW homes for sale
Here are the basics:
The Home Run Grant offers $6,000 to home buyers who purchase a never-occupied residence in Utah.
The grants are available on a first-come, first-served basis.
There are only 1,600 grants left and they're going fast. The approximate number of remaining grants will be posted on the UHC web page at http://www.utahhousingcorp.org/.
Home buyers must meet the following income restrictions to be eligible:
Single person, $75,000
Married couple, $150,000
Home Run applications are submitted through a home buyer’s mortgage lender.
Here is a free application: Loan Application
You do NOT have to be a first time home-buyer
The $6,000 CAN be combined with the new $8,000* federal tax credit!
*The $8,000 federal tax credit is only available to first-time home buyers.
If you want more information about the Grant you can check out this link: $6,000 Home Run Grant or feel free to contact me.
Click here to view homes for sale
Click here to view NEW homes for sale
March 13, 2009
Utah Legislature passes law giving any new home buyer $6,000 grant money.
The skinny for all buyers:
The details still aren't readily available on this money but you do have a chance to get pre-approved now. You can apply for an approval here: Application
Buy a new home and you can receive a free $6,000. There are many awesome deals right now, but once May comes around many of the new homes at great pricing will be eaten up and off the market. The people who move now will be getting the best deals. There are some restrictions to the grant money. If you are joint filing, your income can't exceed $100,000. For single filing the income limits are at $75,000.
Here is a link to the basic information about the grant: $6,000 Utah Grant
Double, even triple dipping for 1st time homebuyers.
With the $6,000 Utah grant money, the govenrment's tax credit of $8,000 and a 1st time home buyer grant of $5,000 1st time homebuyers could score up to $19,000 when buying a new home!
The ramifications of this to the economy.
Some people believe the grant money is a waste of money. What does housing do for the economy? Economists have breakdowns of how much a home sale affects the economy. Local economists at a class I went to through our local Board of Realtors showed on powerpoint for our class that an estimated $60,000 goes into the economy every time one home around the median price range is sold. This equates to a 10 fold return on the $6,000.
Should I build or buy an existing new home?
While many will be tempted to build there are going to be a couple things to consider. One: if someone truly wants the best deal, they should look for something now before the inventory dries up. Once that happens, prices go up. Also, when the deadline for this grant money is revealed it is possible that many people who have started to build a home may not finish their home before the deadline. Only 1666 grants are available so act now. Stay tuned for more details.
Why not give to Every Home?
If you were to give the grant to every home purchased. All the money would be gone. Last month in Utah there were appx 1600 homes sold. There are appx 1900 in the entire state set to close next month. There are only 1666 grants. All the money would be handed over to people already closing on a home. The money would have been handed out for no reason and not an incentive.
The money is now an incentive for people to get off the couch and buy. Also, this helps existing. If more new homes were to go into foreclosure, that would further devaluate the market. This will get more buyers into the market and help keep our values from going down like the rest of the nation.
You can also look for new homes online at http://www.utahdave.com/
or new homes in Utah's premier neighborhood at http://www.daybreakliving.com/
The details still aren't readily available on this money but you do have a chance to get pre-approved now. You can apply for an approval here: Application
Buy a new home and you can receive a free $6,000. There are many awesome deals right now, but once May comes around many of the new homes at great pricing will be eaten up and off the market. The people who move now will be getting the best deals. There are some restrictions to the grant money. If you are joint filing, your income can't exceed $100,000. For single filing the income limits are at $75,000.
Here is a link to the basic information about the grant: $6,000 Utah Grant
Double, even triple dipping for 1st time homebuyers.
With the $6,000 Utah grant money, the govenrment's tax credit of $8,000 and a 1st time home buyer grant of $5,000 1st time homebuyers could score up to $19,000 when buying a new home!
The ramifications of this to the economy.
Some people believe the grant money is a waste of money. What does housing do for the economy? Economists have breakdowns of how much a home sale affects the economy. Local economists at a class I went to through our local Board of Realtors showed on powerpoint for our class that an estimated $60,000 goes into the economy every time one home around the median price range is sold. This equates to a 10 fold return on the $6,000.
Should I build or buy an existing new home?
While many will be tempted to build there are going to be a couple things to consider. One: if someone truly wants the best deal, they should look for something now before the inventory dries up. Once that happens, prices go up. Also, when the deadline for this grant money is revealed it is possible that many people who have started to build a home may not finish their home before the deadline. Only 1666 grants are available so act now. Stay tuned for more details.
Why not give to Every Home?
If you were to give the grant to every home purchased. All the money would be gone. Last month in Utah there were appx 1600 homes sold. There are appx 1900 in the entire state set to close next month. There are only 1666 grants. All the money would be handed over to people already closing on a home. The money would have been handed out for no reason and not an incentive.
The money is now an incentive for people to get off the couch and buy. Also, this helps existing. If more new homes were to go into foreclosure, that would further devaluate the market. This will get more buyers into the market and help keep our values from going down like the rest of the nation.
You can also look for new homes online at http://www.utahdave.com/
or new homes in Utah's premier neighborhood at http://www.daybreakliving.com/
March 5, 2009
Utah Real Estate Top Selling Spots
Top Places in Utah to Sell a Home! (Utah Top Spots)
Recent statistics show where homes are selling in our ever changing market. Based on these statistics this list shows where the homes are selling, what price ranges they are selling in, and how quickly they are selling. These areas are Utah's hot spots! While most areas of the country are struggling to sell, those living in these areas can get top dollar for their home because of the high demand! Those looking to buy in these areas may expect to pay a little more, but they can count on being able to sell their home if they ever need to. For those who are living in this area thinking of selling now is the best time to sell! These areas are Utah's Hot Spots for selling homes right now.
1. SLC Zip 84103 300k-350k Price Range with a 3 Month Time Frame!
Sales History Click Here List of Homes for Sale Click Here
2. Sandy Zip 84093 200k-250k Price Range with a 3 Month Time Frame!
Sales History Click Here List of Homes for Sale Click Here
3. Orem Zip 84057 300k - 350k Price Range with a 3 Month Time Frame!
Sales History Click Here List of Homes for Sale Click Here
4. Layton Zip 84040 100k-200k Price Range with a 3 Month Time Frame!
Sales History Click Here List of Homes for Sale Click Here
5. SLC Zip 84109 200k-250k Price Range with a 3 Month Time Frame
Sale History Click Here List of Homes for Sale Click Here
To View all Zip codes and price ranges in Salt Lake County Click Here
Additional information:
Solds for Feb 2008 was 766
Solds for Feb 2009 was 553
Solds for March 2008 was 966
Predicted for March 2009 is no more than 750 now.
We are on track to be 25% lower than last year. This is Good News for Buyers!
Even with the new tax credit for first time homebuyers we are not seeing significant gains in buyers. This year is looking to be even lower than last year. Could it go any lower? I seriously don't know how it could. Our own local population grows at a rate that exceeds our current housing demand!
March 4, 2009
How does the Bailout help me?
Does the bailout help me with my mortgage?
All over the news you hear of corporations getting bailout money. But what is difficult to understand is what about the homeowner that needs a little mortgage relief.
There is a website that is being built that will help you understand if there is any help in it for you. http://www.financialstability.gov is the place to go to read more about the bailout.
Yes, that site might be a little technical or confusing. A friend of mine Ryan Wright here in Utah is also helping people save their homes. http://www.saveutahhomes.com/ You can go to his site to see options for saving your home.
If you are thinking of selling even if your home is upside down or if you are late on payments, we have higher short sale close ratio than anyone I know in the state. Top producing agents have been sending us their short sales so we can get them done. Call us or go to our website at http://www.utahdave.com and if you live in Daybreak go to http://www.daybreakliving.com
All over the news you hear of corporations getting bailout money. But what is difficult to understand is what about the homeowner that needs a little mortgage relief.
There is a website that is being built that will help you understand if there is any help in it for you. http://www.financialstability.gov is the place to go to read more about the bailout.
Yes, that site might be a little technical or confusing. A friend of mine Ryan Wright here in Utah is also helping people save their homes. http://www.saveutahhomes.com/ You can go to his site to see options for saving your home.
If you are thinking of selling even if your home is upside down or if you are late on payments, we have higher short sale close ratio than anyone I know in the state. Top producing agents have been sending us their short sales so we can get them done. Call us or go to our website at http://www.utahdave.com and if you live in Daybreak go to http://www.daybreakliving.com
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