Buyers Have an Edge in this Market:
Cheif Economist from NAR (National Association of Realtors), Lawrence Yun released information stating that buyer this year have gotten great deals. He also went on to say that buyers will have an edge over sellers for the remainder of this year. Because mortgage rates are still at rock bottom, buyers affordability will be reaching all time highs. The low rates were helped partly by the Fed's very accomodative monetary policy. Contact The Korn Team if you would like a free ebook explaining why now is the prime time to buy a home. You can reach us at 816-224-KORN (5676) or visit our website at http://www.kornteam.com/ for more infomation about the Kansas City Real Estate market.
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Showing posts with label first time homebuyer. Show all posts
Showing posts with label first time homebuyer. Show all posts
Monday, January 17, 2011
Monday, March 16, 2009
$8,000 Tax Credit Info:
We recently had a very successful lender, Gene Pulliam at Bank of America give us more information about the First Time Homebuyer Tax Credit.
* $8,000 Tax Credit - up to 10% of home purchase price, capped at $8,000 maximum.
*First Time Homebuyers - defined as those who have not owned a principal residence during the last 3 years.
* 2009 Buyer ONLY - eligible home purchases must occur after Jan 1, 2009 and before Dec 1, 2009.
* Income Limit - $75,000 adjusted gross income for single buyers and $150,000 AGI for married couples. Higher incomes - up to $95k single/$170k joint - may qualify for reduced tax credit.
* Refundable - unused portion of tax credit is refunded to homebuyer by the IRS, if they owe less than $8,000 in taxes.
*Recapture - if home is sold within 3 years of purchase, the entire tax credit will be returned to the government; one home ownership exceeds 3 years, there is no longer any recapture liability.
*Repayment - NONE!! this credit is not a loan to be repaid, like the tax credit offered in 2008.
*2008 Tax Return - this credit can be claimed on your 2008, 1040 filed by April 15, 2009 - IF the home was purchased after Jan 1, 2009.
If you have more questions about wether or not you qualify for this FREE money, give us a call today at 816-224-KORN (5676) or send us an email at brad@kornteam.com and speak with one of our first time home-buyer specialist.
We recently had a very successful lender, Gene Pulliam at Bank of America give us more information about the First Time Homebuyer Tax Credit.
* $8,000 Tax Credit - up to 10% of home purchase price, capped at $8,000 maximum.
*First Time Homebuyers - defined as those who have not owned a principal residence during the last 3 years.
* 2009 Buyer ONLY - eligible home purchases must occur after Jan 1, 2009 and before Dec 1, 2009.
* Income Limit - $75,000 adjusted gross income for single buyers and $150,000 AGI for married couples. Higher incomes - up to $95k single/$170k joint - may qualify for reduced tax credit.
* Refundable - unused portion of tax credit is refunded to homebuyer by the IRS, if they owe less than $8,000 in taxes.
*Recapture - if home is sold within 3 years of purchase, the entire tax credit will be returned to the government; one home ownership exceeds 3 years, there is no longer any recapture liability.
*Repayment - NONE!! this credit is not a loan to be repaid, like the tax credit offered in 2008.
*2008 Tax Return - this credit can be claimed on your 2008, 1040 filed by April 15, 2009 - IF the home was purchased after Jan 1, 2009.
If you have more questions about wether or not you qualify for this FREE money, give us a call today at 816-224-KORN (5676) or send us an email at brad@kornteam.com and speak with one of our first time home-buyer specialist.
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