Charlotte Real Estate » first time home buyer

Interest Rates Starting to Climb!

admin — Tue, 21 Dec 2010 16:20:19 +0000

Are you the wandering buyer that’s been on the fence awhile when it comes to purchasing a home? Well, let me just say….get off off the fence!! Interest rates are now rising, and it’s anticipated they may jump up a few more times before the end of the week.

If you can currently buy a home (on a fixed rate) for close to what you would be paying in rent anyway, then buy the home! With home prices down, interest rates still in a good place, and mortgage interest deductions on your tax bill, it really doesn’t make much sense to keep writing that rent check.

I realize the economic uncertainity has paralized many potential home buyers, however unless you are planning to move again within the next 5 years, you have a very strong chance of weathering the storm and to be there for the next real estate upswing. Believe me, If I had the funds, I would be buying multiple properties all over the place.

Home Tax Credit Funds now delayed because of scams

admin — Thu, 21 Jan 2010 15:08:11 +0000

Plan on filing for a Home Tax Credit? Don’t plan on spending the money quickly!
You can now expect delays of up to four months to receive your money. Because of scams, the IRS is now requiring new forms with letters of home purchase proof that must be mailed in when filing your taxes (meaning NO E-Filing). Whether you are ammending 2008 returns or filing 2009, if you purchsed after Nov 6th, these are the new guidelines. The IRS started sending back amended returns asking for proof. You can’t really blame them however…….it’s people scamming the system who are at fault.

Possibly Tax Credit Extended and now includes Everyone!

admin — Thu, 05 Nov 2009 16:50:30 +0000

Great News! Senate Voted yesterday to exend the $8,000 First Time Home Buyer Tax Credit to June 1st (meaning a purchase agreement would need to be in place by April 3oth, 2010). They have also voted to give existing home owners a $6,500 tax credit to expire on the same date.
The House is supposed to vote on it today…….hopefully it passes and improves the housing market.

Rates have dropped again!

admin — Sat, 21 Mar 2009 02:07:10 +0000

WOW!!!

Can it get much better. For those of you with qualified credit, rates on FHA mortgages have dropped to the MID 4s!!!! Keep in mind, THE GOVERNMENT IS GIVING UP TO $8000 TO FIRST TIME HOME BUYERS WHO BUY A HOME IN 2009!!!!!!!!!! That coupled with the extremely low rates is a DREAM COME TRUE!!!

New revised First Time Home Buyers Tax Credit…The Details!

admin — Mon, 23 Feb 2009 06:20:41 +0000

Tired of Paying Rent? It’s official!…The new revision was signed last week. Take note first time homebuyers……..this is YOUR time to jump into the market!

A. Tax Credit is increased to $8,000

B. The income limits remain the same ($75,000 for an individual; $150,000 for a couple).

C. First Time homebuyers and Principal Residences only.

D. Tax credit is available until December 1st (previously it expired on July 1st).

E. Waiver of recapture (i.e. no repayment requirement) for properties purchased in 2009 prior to December 1st

The provision is retroactive to purchases made on or after January 1, 2009.
Recapture section does not apply to properties sold in first three years.

F. Waiver of prohibition on financing by mortgage revenue bonds is included.

There has never been an easier, better time to buy a home. Call me and ask about my rent buster program……I may be able to help you out of your lease.