April 2009

$8,000 Tax Credit for First Time Home Buyers…What you need to know.

As a first time home buyer you may be eligible for a federal $8000 tax credit. To take advantage of this tax credit you will have to qualify. Here is some basic points to get you familiar with the program.

• The deduction is worth 10 percent of a home’s value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount.

• There is an income limit to qualify. A married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000.

• Partial tax credits may be available for married couples with MAGI incomes over $150,000 but under $170,000, and single filers with incomes over $75,000 but under $95,000.

• If married couples file separately, they can both claim 5 percent of the home purchase ($4,000 each for a home over $80,000) on their tax returns.

• It’s a tax credit, not a deduction. That means the entire amount goes back to the first-time homebuyer unlike deductions, such as mortgage interest, that are subtracted from gross income before tax is calculated. If qualified for $8,000, the buyer gets $8,000, even if they would not owe that much in taxes otherwise.

• The tax credit applies to homes purchased from Jan. 1, 2009, through Nov. 30, 2009.

• The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home.

• To qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.

• If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.

• The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009. A buyer could close on a home the same day that President Obama signs it into law, fill out their income tax forms the next day, and receive the tax credit fairly quickly.

The tax credit is not a downpayment, but it could be used toward a downpayment if first-time homebuyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. If they owe more tax than the amount deducted, they pay the IRS; if they owe less, they get a tax refund.

By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, these buyers could cut down on their tax withholding this year and save the money toward a downpayment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time.

for more information here is a useful link: http://www.federalhousingtaxcredit.com/2009/faq.php

New Home Builder Inventory Homes

Looking for good home values? Buying a new home may not be the first thing you think of. The truth is that buying a new home builders inventory/spec home is one of the best values around. Builder’s do not want to continue losing money on already built inventory/spec homes and these days they must be very competitive with the resale market.

The end result is a great value on a home which more than likely will include upgrades which you would have had to pay much more for if you were to have the home custom built.

To learn more about New Home Builder Inventory Homes check out the the list of builders on this website.  Please call me at (407) 310-9396 or contact me here with any questions.

New Listing: 3442 Glen Village Court

Bring your pickiest buyers. Pride of ownership shows in this beautiful 3 bed/ 2 bath southeast Orlando home. This home features an ongoing list of impressive features.

Congratulations Frankie and Melanie!!!

 

Congrats to Frankie and Melanie. They closed on thier fabulous new south Orlando custom home. I wish the best of luck to my new friends and thier new adventures in life.  This home is GREAT!

A special thanks goes out to M/I homes and thier staff for making this all happen.

Baldwin Park … A ‘True’ Orlando Community.

Baldwin Park is the place to live in Orlando.

I am a native of Orlando and if I had a choice of any place to live this would be in my top 5 Destinations. It’s feel, atmosphere, diversity, and convenience make it a popular destination for everyone.

Baldwin Park, Orlando is home to over 22,000 residents. Housing options include Single Family homes, City Homes, Condominiums, and lots for sale for building your dream home.

Baldwin Park has been carefully planned to create a definite sense of community. The community has no gates or walls, so it blends seamlessly into surrounding areas.  More than 25 entries and exits to the neighborhood help disperse traffic and easily flows into so traffic is dispersed and flows easily, and residents have quick access to other Orlando communities. Garages are accessed by alleys in the rear of homes for prettier, friendlier streetscapes.

 The list of amenities in Baldwin Park include but are not limited to: Junior Olympic swimming pools, fitness facilities, lighted basketball courts, lighted baseball fields, dog park, playgrounds, parks, lakes, running and biking trails.

The Baldwin Park – Orlando Village Center is the neighborhood’s most recent addition. The Center combines residential, commercial, retail and entertainment amenities and is a popular spot for locals and visitors alike.

Contact me today for a free consultation and be sure to view all the available homes in Baldwin Park here.

Congratulations Adam. :-)

Adam is now a proud owner of a beautiful home in Deltona. Alot of work was put into making this work by alot of different people. We are all very happy to see Adam take this big step in life.

Special Thanks goes to Rick with Integrity Mortgage who put in hour after hour of work to get Adam’s loan closed in a timely manner.