Alpharetta Cumming Lake Lanier Real Estate Blog

The Worker, Homeownership, and Business Assistance Act of 2009 was extended through April 30, 2010. This tax credit of up to $8,000 is for qualified first-time home buyers purchasing a principal residence. The tax credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns. The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

Click here for questions and answers that will provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

If you qualify and would like to take advantage of the tax credit at a time when mortgage rates and home prices are low, contact us today. It's a fantastic time to buy a home in the Cumming, Alpharetta and Lake Lanier area. Visit our website at www.VanderhoffRealEstate.com and search all available listings in the area. We'd love to help you find your next home.

Labels: 8000, buyer, first time, home buyer, tax credit

In today's real estate market there are a lot of good deals out there, but the process can be complicated. Between pre-foreclosures and short sales, sheriffs' sales and post-foreclosures it is difficult to know how, and oftentimes risky to purchase one of these properties.

A home goes into pre-foreclosure when a borrower has fallen behind on the payments, but the house has yet to be auctioned off. Many owners are open to doing a short sale in this type of situation. A short sale is when a buyer pays less for a house than the mortgage that is owed on it. Lenders must agree to a short sale, and will then forgive the rest of the debt.

In the next stage of foreclosure, homes in default are auctioned off on the county courthouse steps. These homes can be real bargains, but the process is incredibly risky. Bidders can't inspect the property, so there's no telling how much work it needs. There could also be liens against the home, due to unpaid taxes and so forth, which can also increase the cost of these homes. Additionally, buyers need to come with cash, ready to put 10%-20% down on the spot, and be able to fund the rest within a few days.

Post-foreclosures are when a lender has taken back a house and the property goes back on the market as what's called an REO (real estate owned) property. These are treated like ordinary sales and listed with a broker. Typically, bargains are not as sharp, but the process is a lot easier and neater. You have the right to make an offer with a right to inspect and walk away if anything too severe is discovered. The title will generally be clear and the property is delivered vacant.

If you are not a pro, but are looking to find a good deal in a great market, contact us today. Mike & Melody Vanderhoff have been in the real estate business for years. Let them share their experience with you, and help you navigate the complicated process of buying your next home at a great price.

Also check out our new "Foreclosure" link on our website which will show you all available foreclosures listed in the area. Call us today, and let us be your bridge to success in your next real estate transaction.

Labels: auction, buyer, foreclosure, Home, sheriffs sale, short sale

Confused about whether or not you can apply the 2009 home buyer tax credit (up to $8000) to the down payment on your FHA loan? It seems many, including lenders, were unclear at first. The 2009 First Time Homebuyer's Tax Credit lets those buying their first primary residence to get a tax break up to $8000.

For FHA lenders and borrowers alike, May was a very confusing month, but the FHA seems to have sorted out the mess. The rules are clear now--bridge loans are permitted, but the FHA's required down payment must still come from the borrower's own funds. According to the Department of Housing and Urban Development's official site, FHA guidelines are designed to allow people interested in an FHA mortgage to cut their up front costs while requiring the borrower to have a personal investment in the property bought with an FHA home loan.

Click here to read more.

Labels: 8000, buyer, down payment, FHA, first time, Home, HUD, loan, tax credit

Are you taking advantage of the $8000 new home buyer tax credit? The new law refers to the tax credit as a first-time home buyer tax credit, but the law defines a first-time home buyer as someone who has not owned a primary residence for 3 years prior to the date of purchase of the new home. So as long as you have not owned a home in the past 3 years, you would qualify for this credit.

Here are the basics to this specific tax credit:

* The home must be your primary residence
* The home must be purchased in 2009
* The homebuyer must not have owned another primary residence for at least 3 years
* The $8,000 credit is applied to the federal income taxes you file in 2010 for the 2009 year.
* You must live in the home as your primary residence for at least 3 years or you'll have to pay the credit back to the federal government
* Single filers are limited to income of $75,000 and $150,000 for joint filers.

If you qualify and would like to take advantage of the tax credit at a time when mortgage rates and home prices are low, contact us today. It's a fantastic time to buy a home in the Cumming, Alpharetta and Lake Lanier area, especially since you may also qualify for the new $1800 home buyer tax credit passed in Georgia.

The new Georgia Homebuyer tax credit makes for a powerful new home stimulus plan when combined with the Federal $8,000 first-time homebuyer tax credit. For more information on the Georgia Tax Credit click here.

Call us today! It's a great time to buy in Georgia! Also, check out the foreclosure listings in the area through a special link on our website.

Labels: buyer, federal, first time, foreclosure, georgia, listing, new home, real estate, tax credit, vanderhoff

The Secretary of the Department of Housing and Urban Development (HUD) announced this week that home buyers will be allowed to use the $8,000 first-time homebuyer tax credit for down payments on purchases financed by FHA loans. FHA will allow approved lenders, nonprofits, and government agencies to advance the funds in the form of bridge loans that buyers would use for down payments. Buyers would repay the loans after they receive their tax refunds. The FHA will release more details on the program soon.

Labels: Bridge loans, buyer, FHA, home loans, HUD, tax credit, tax refund

The Georgia House passed a housing tax credit that would benefit Georgia homebuyers. Under the bill, home purchasers would receive income tax credits of up to $3,600 over three years. This would be split into increments of up to $1,200 for each of the three years. Lawmakers voted 162-4 passing the bill in the Georgia House. The measure now moves on to the Senate.

The goal is to help revitalize Georgia’s residential real estate market. Lawmakers understand that we have to get the large amount of inventory in the area moving, and they hope this bill will stimulate home buyers who have been sitting on the fence.

The legislation would apply to new and previously occupied homes as well as residences that have been foreclosed. The credit could be used either for houses and condominiums and either on primary or second residences. In order to qualify, homeowners would have to apply for the credit within six months of the date the governor signs the bill.

This bill, if passed, could mean a total of $11,600 in tax credits for the purchase of a new home in Georgia if the home buyer qualifies for the federal tax credit as well. Even without the federal credit, a $3,600 tax credit could encourage many home buyers to act who previously had no incentive. We will keep you posted on this bill, and perhaps soon you can take advantage of this great home buying opportunity. With home prices and mortgage rates at their lowest in years, this bill could be the boost we need to get homes moving again.

Labels: 2009, atlanta, buyer, georgia, georgia house, Home, march, market, real estate, tax credit