Alpharetta Cumming Lake Lanier Real Estate Blog

NEW YORK (CNNMoney.com) -- Congress is considering proposals to greatly expand a soon-to-expire $8,000 tax credit for first-time homebuyers -- potentially applying it to all but the wealthiest homebuyers.

Supporters say doing so would further boost home sales, stabilize housing prices and generate jobs. Opponents say extending and expanding the credit would be a waste of moneyand only temporarily stave off further price declines.

The credit now can be claimed by anyone buying a home who has not owned one for three years and who closes the deal by Nov. 30.

Beyond extending that deadline, some lawmakers want to make the credit available to all homebuyers who meet income eligibility requirements. And some want to increase the amount of the credit from $8,000 to $15,000.

Currently the first-time home buyer credit is available in full to those buying their primary residence who make $75,000 or less ($150,000 for joint filers). A partial credit is available to those making between $75,000 and $95,000 ($150,000 to $170,000 for joint filers).

Labels: 2009, 8000, deadline, first time home buyer, november, tax credit

To take advantage of the $8000 HomeBuyer Tax credit your loan must close by November 30th, 2009!

Congress legislation providing a tax credit of up to $8,000 for first-time home buyer's general information refresher below...



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 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: $1800, $8000, 2009, Alpharetta, cumming, first time home buyer, georgia, Home, lake lanier, market, real estate, stimulus, tax credit

Great news for anyone planning to buy a home in the next 6 months. Georgia Governor Sonny Perdue signed HB 261 into Law on May 11, 2009 which will provide for an income tax credit for homebuyers in the state of Georgia. The legislation applies 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 secondary residences. In order to qualify, homeowners will need to apply for the credit within six months of the date the governor signs the bill (5/11/2009). According to the bill, the amount of the credit will be either 1.2 percent of the purchase price of such eligible single-family residence or $1,800.00, whichever is less. To read the bill signed by Governor Perdue, click here. Please note that this is available to all homebuyers, not just first time homebuyers. So take advantage of it before it's gone in six months!

Now, if you are a first time homebuyer, or have not owned a home in the past 3 years and are thinking about purchasing a home, now is the time to do it. With the new Georgia Tax Credit, the Federal First Time Homebuyer Tax Credit, Extremely Low Mortgage Rates and Such Great Deals On Homes, it's a great time to take that next step into Home Ownership!

Check out all of the available homes in the Milton, Alpharetta, Cumming, Dawsonville, Dahlonega, Lake Lanier & Surrounding areas on our website. Click here to customize your property search. Plus, with our website you can remain anonymous as there is no need to register to search for properties. We just ask that you please consider using our team at Vanderhoff Real Estate for your next home purchase.

Labels: first time home buyer, georgia, hb 261, home buyer, mortgage rates, tax credit

Here are the basics to the recently passed Federal Legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Labels: 2009, first time home buyer, stimulus, tax credit

WASHINGTON - There was another ray of hope Monday for the distressed housing market: the National Association of Realtors said the volume of signed contracts to buy previously occupied homes rose for the second month in a row.
Homebuyers taking advantage of bargain prices, low interest rates and a tax credit for first-time buyers pushed the seasonally adjusted index of pending sales up by 3.2 percent to 84.6 in March.
The results not only beat analysts' flat expectations, but were also 1.1 percent above last year's levels, the first time that has happened since December.

Labels: 2009, first time home buyer, housing, market, mortgage rates, tax credit

Here are 6 things you should know about the First Time Buyer Tax Credit.

1. Buyers have until July 2009 to make a purchase that qualifies.
The tax credit was passed in July of this year as part of the Housing and Economic Recovery Act (H.R. 3221). It’s worth up to $7,500 and can be taken in a single tax year. Authorization for the credit ends July 1, 2009, so if you buy in the first half of 2009 you will be able to take the credit on your 2009 tax return. Taxpayers can take the credit on their 2008 tax return if they bought their house this year after April 9th.

2. Buyers don't really have to be "first-timers."
The tax credit is actually available to any individual or household that hasn’t owned a home for at least three years.

3. Even if buyers exceed the income limit, they can benefit from the credit.
The actual credit amount is set as a percentage of the home purchase amount. That percentage amount is 10 percent, so you can get 10 percent of the home price credited against your tax liability, up to a maximum $7,500. Sounds like a great deal. But what if you make more money than the income limit of $75,000 for individuals and $150,000 for households? Good news: Individuals whose income exceeds the $75,000 limit but don't make more than $95,000 can still take the credit but on a reduced basis. The same thing applies to households earning up to $170,000. By the way, any house is eligible as long as it’s a primary residence and is in the United States.

4. Think of it as an interest-free loan.
The federal government requires the tax credit to be paid back in small, 6.67-percent increments over 15 years, although repayment will be no more than $500 yearly and payments will not start until 2011. For that reason, some analysts have likened the credit to a 15-year, interest-free loan to help make home buying affordable. The National Association of Realtors is pushing congress to remove the repayment provision, making this tax credit a true tax credit rather than an interest-free loan.

5. You don't have to be authorized before making a home purchase.
There is no pre-purchase authorization, application, or other approval process. Eligible buyers simply have to claim the credit on your IRS Form 1040 tax return and/or any form that the IRS might devise.

6. New-home construction qualifies.
For a home that a buyer constructs, the purchase date is the first date the buyer occupies the home. However, any home that is not a primary residence, such as a vacation home or income property, does not qualify.

Labels: first time home buyer, hr 3221, tax credit, The Housing and Economic Recovery Act of 2008

Thinking about buying a home? We thought you might be interested in this New York Times article. Click Here to read.

If you are thinking about buying your first home, contact us today at Vanderhoff Real Estate. We would love to help you with any questions, and to make sure you understand the process of buying a home in today's market. It is a great time to buy a home in the Atlanta area!

Labels: atlanta, buying a home, first time home buyer, real estate, vanderhoff real estate, when to buy