Alpharetta Cumming Lake Lanier Real Estate Blog

(AP) — WASHINGTON - The Senate has approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.

The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

The proposal would only allow people who already have signed contracts to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.

The Nevada Democrat added the proposal to a bill extending jobless benefits through the end of November.

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

A portion of north Forsyth County has officially been named an Opportunity Zone by the Georgia Department of Community Affairs. The area, which includes various parcels along Highway 369 from Highway 9 to Mashburn Drive, has been designated the 400 North Opportunity Zone in hopes of encouraging redevelopment and revitalization.

Over the last decade, Forsyth County has consistently been ranked among the fastest growing counties in the nation. Rapid population growth has provided opportunity in many areas of the community. However, private investment has primarily focused on more easily developed agricultural properties, rather than attempting to redevelop and revitalize previously developed properties.

"The area within the 400 North Opportunity Zone is not only the primary gateway from SR 400 to Lake Lanier, but also a prime location for nonresidential redevelopment in northern Forsyth County," District 4 Commissioner Patrick B. Bell said. "In spite of this, the area's location has not been enough to draw its fair share of private investment. The majority of the area has sat idle as other sections of Forsyth County have experienced significant increases in building permit applications, business license fees and assessed value."

In the spring of 2009, Forsyth County identified a need to redevelop and revitalize property within the 400 North Opportunity Zone. Discussions focused on a combination of local and state efforts that would hopefully act as a catalyst for redevelopment of the area. Steps included the adoption of an urban redevelopment plan; an effort to identify and modify existing development regulations that were counterproductive to the unique nature of the area; the establishment of tax incentives through the creation of an Opportunity Zone; and a targeted education program aimed at bringing properties into conformity with adopted ordinances.

In December 2009, the Forsyth County Board of Commissioners submitted an application to the Georgia Department of Community Affairs requesting approval of the 400 North Opportunity Zone. The objectives of the 400 North Opportunity Zone include promoting private investment, the creation of jobs and increasing the tax base.

The Opportunity Zone status will encourage redevelopment and revitalization efforts by offering the state's maximum job tax credit of $3,500 per job. This incentive, which is available for new or existing businesses that create two or more jobs, can be taken against the business's income tax liability and state payroll withholding.

Opportunity Zones provide expanded state job tax credits for a 10-year period. Without an Opportunity Zone, Forsyth County is classified as a Tier 4 county and can offer a $1,250 state job tax credit. Tier 4 tax credits exclude retail and service establishments, require a minimum of 25 new jobs to claim a credit and are limited to 50% of income tax liability. Within the opportunity zone any lawful business is eligible for a $3,500 state job tax credit. Businesses are only required to create two new jobs (cannot be husband and wife) and the credit can apply to 100% income tax liability and payroll withholding. Based on the expanded Opportunity Zone benefits, a business that creates two new jobs and maintains the jobs for five years receives $35,000 in state tax credits. Large employers that create 58 or more jobs and maintain the jobs for five years qualify for over $1,000,000 in state tax credits.

Details on the designation, including a map, will soon be available on the Planning and Development Department page at www.forsythco.com.

Labels: business, forsyth county, georgia, hwy 369, investment, mashburn, opportunity zone, tax credit

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

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: 2010, 8000, Alpharetta, april, cumming, federal, lake lanier, real estate, tax credit, vanderhoff

Labels: 2009, 2010, 6500, home buyer, move up, repeat, tax credit

Labels: 2010, 6500, 8000, extended, home buyer, NAHB, national association of home builders, tax credit

The House voted 403-12 today to expand a popular tax credit for homebuyers. The bill, H.R. 3548, which also extends unemployment benefits and expands a tax break for money-losing businesses, will now go to the President, who plans to sign it on Friday.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package. But with that housing program scheduled to expire at the end of November, the House voted to extend it into the spring — and to expand it to many people who already own homes.

Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500. First-time homebuyers — or people who haven't owned homes in the previous three years — could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

Labels: 2009, 3548, 6500, 8000, first time, home buyer, housing, tax credit

Senate negotiators reached a tentative deal to extend a tax credit for first-time home buyers, however, it still faces votes in the House & Senate. If passed, the agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.

The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real-estate market a bigger boost while preventing real-estate investors from benefiting.

The credit would be extended from its current expiration date of Dec. 1 to all contracts entered into by April 30, and closed before July 1. It is expected that income limits on people claiming the credit would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000. The credit phases out for people making more than those amounts.

While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor. Senate Majority Leader Harry Reid (D., Nev.) hopes to add it to a bill currently on the Senate floor to extend federal unemployment insurance benefits. But agreement on that hasn't been finalized.

While Senate Republicans are likely to support the measure, House Democrats have raised concerns that it carries a high cost to the government. The Internal Revenue Service is examining the program for alleged abuse.

Labels: 8000, first time, home buyer, house, senate, tax credit, vote

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

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

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: Alpharetta, cumming, federal, first time, foreclosure, georgia, home buyer, lake lanier, tax credit

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

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

It's Earth Day, and the perfect time to start thinking about making your home more energy efficient, while ultimately saving money. Certain energy efficient home improvements made in 2009 are eligible for a tax credit. These improvements can add up to extra savings on your taxes and your energy bills. Take a look at some of the available credits:

• Windows and doors: 10 percent of the cost up to $200 or $500, respectively, on Energy Star labeled products
• Insulation: 10 percent of cost up to $500; must meet 2000 International Energy Conservation Code and amendments
• Roofing: 10 percent of cost up to $500 on Energy Star qualified roofs
• HVAC: Credit depends on type of system; system must meet certain minimum requirements
• Water Heaters: $300; must meet required energy factor

In most cases, installation costs are not included in the credit. Visit the Energy Star website at www.energystar.gov for additional credits and requirements. You will also find information on tax credits for home builders and deductions for commercial buildings.

Labels: earth day, energy efficient, energy star, tax credit

The 2009 Session of the Georgia General Assembly ended on Friday, April 3, 2009. House Bill 261, which authorizes an income tax credit for a limited period of time for the purchase of any single-family residence, passed both the house and the senate and has now been sent to the Governor for his consideration. As originally passed, House Bill 261 provided for a tax credit of up to $3,600. Unfortunately, due to budget concerns expressed by the Governor's office, the bill was amended to reduce the income tax credit to a maximum of $1,800 over three years.The hard work and support of many legislators, to include Senator Chip Pearson, Representative Larry O'Neal and Representative Ron Stephens were instrumental in securing passage of this important legislation.

Homebuyers need an incentive to BUY NOW. The recovery of the housing market in Georgia is critical for all Georgians. It is critical that we let the Governor know how important House Bill 261 is to the homebuilding industry and Georgia.

Use the link below to contact the Governor's office and ask him to sign House Bill 261!

Labels: 261, hb 261, house bill, tax credit

Certain energy efficient home improvements made in 2009 are eligible for a tax credit. These improvements can add up to extra savings on your taxes and your energy bills. Take a look at some of the available credits:

• Windows and doors: 10 percent of the cost up to $200 or $500, respectively, on Energy Star labeled products
• Insulation: 10 percent of cost up to $500; must meet 2000 International Energy Conservation Code and amendments
• Roofing: 10 percent of cost up to $500 on Energy Star qualified roofs
• HVAC: Credit depends on type of system; system must meet certain minimum requirements
• Water Heaters: $300; must meet required energy factor

In most cases, installation costs are not included in the credit. Visit the Energy Star website at www.energystar.gov for additional credits and requirements. You will also find information on tax credits for home builders and deductions for commercial buildings.

Labels: doors, energy efficient, energy star, home improvement, HVAC, installation, insulation, roof, tax credit, water heater, windows