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Clock is Ticking – Save Money – Buy NOW!

You’ve either heard me say it before or read it – NOW is the time to buy a home… WHY??clock

  • Tax. Credit. expires April 30, 2010 : for First Time Home Buyer = up to $8,000 and for Current Owner = up to $6,500!
  • FHA guidelines are set to add .5% to the “upfront mortgage insurance premium” (ALREADY ISSUED)  AND
  • FHA will reduce the Seller’s ability to contribute up to 6% of your closing costs (reduces to 3%) starting this Summer.

CLICK NAR FHA changes coming 2010 to read more details about upcoming changes…

Understanding the First Time Buyer $8000 Tax Credit

HURRY – as this credit expires December 2009!!!  NOW is the time to make that move and receive your Tax Credit.

There is so much confusion, even with all the information out there – I think this handy brochure published by our Ohio Association of Realtors is the best way to easily explain so that you can understand if the Tax Credit will work for your purchase… (more…)

Tax Credit idea – if you are contemplating Buying a Home…

Always on the look out for good information- a different twist or thought for making something better for those who may be looking to make the most out of their situation.  This clip from an article caught my eye – maybe it will be of interest to you as well?

Misconception #4: You can’t get the 2009 first-time home-buyer tax credit until you file your tax return next year.

Actually, taxpayers who buy a first home in 2009 do not need to wait until they file their 2009 return (by April 15, 2010) to benefit from the credit. To get the money into the economy faster, the federal government is giving you a choice of claiming the first-time home-buyer credit on either your 2008 or your 2009 tax return.

There’s actually a way to benefit from the credit even before you buy your first home. If you plan to buy by the November 31 deadline, you can reduce your withholding on your paychecks right away. The increased take-home pay could help you with the down payment. File a new W-4 form with your employer to adjust your withholding. (And remember to re-adjust your withholding again next year.)

If you have already filed your 2008 return, you can use Form 1040X to amend it. If you purchase a first home after the 2008 tax-filing deadline of April 15, 2009, you can still claim the credit on your 2008 tax return either by requesting a six-month extension for filing your return (which doesn’t extend the deadline for paying any taxes owed) or by filing an amended return.

7 Misconceptions About the Stimulus

by Kimberly Lankford
Thursday, April 9, 2009
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