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GOOD NEWS FOR BUYER'S AND SELLER'S

First-time Homebuyer Tax Credit and Advance Loan Program Extended

Date Posted: Friday, November 6, 2009

Today President Obama signed the bill which extended the $8,000 First-Time Homebuyer Tax Credit and Advance Loan Program to April 30, 2010 – giving more consumers more time to receive the refundable tax credit when buying a principal residence.

On the First-Time Homebuyer Tax Credit Advance Loan Programs (TCAL) providing down payment and closing cost financing assistance, It has not been confirmed yet that this program will be extended but Wells Fargo Home Mortage, LLC is working with each TCAL housing agency to validate which will offer funds past the original end date of Nov. 30 (THDA) with the TCAL loan 2009. Once final I will let you know about the continuation details.

New features make the extension attractive to homebuyers, including:

Feature

Original Program

Extension

Deadline

Must fund by Nov. 30, 2009

The measure is written differently so that a sales contract must be in place by April 30, 2010 – but homeowners have an additional 60 days to close.

Dollar Amount and Eligibility

Up to $8,000 for first-time home buyers (or 10 percent of the purchase price of the residence) if purchased Jan. 1 – Dec. 1, 2009

A FTHB was defined as someone who had not owned a home during the previous three years

Up to $8,000 for first-time home buyers

– OR –

$6,500 for current homeowners who have lived in their current residence for 5 consecutive years and are purchasing their next property

Income Cap

$75,000 (individual)

$150,000 (married couples)

$125,000 (individual)

$225,000 (married couples)

Increases in the cap make the measure available to a broader group of customers.

Purchase Price

N/A

$800,000 or less

Repayment requirement

Must live in home for 3 years or be required to repay the credit

Same

The proposal also provides benefits for military personnel, including members of the Foreign Service and intelligence community. These benefits include additional time to qualify for the tax credit and limits on the repayment requirement.

You can go to the IRS Web site for more general details about the current tax credit.

First-time homebuyers eligible for tax credit

First-time homebuyers can now take advantage of the tax credit of up to $8,000 now available if you are a qualified first-time homebuyer and purchase a home before December 1^st, 2009.

Highlights:

♦Tax credit for first-time home buyers only (have not owned a home in the past three years)

♦This tax credit does not have to be paid back

♦Must purchase your new home from January 1^st, 2009 through December 1^st, 2009

♦Tax credit is equal to 10 percent of the home’s purchase price up to the max of $8,000

♦Single taxpayers with income up to $75,000 and Married couples with income up to $150,000 qualify for the full tax credit.

I highly recommend contacting your accountant or visiting www.federalhousingtaxcredit.com to get the full details.

This is great because this year the first-time home buyer does not have to repay this like they did in the past. (Disclaimer there is a time limit you must live in the home or repayment can be due.)

A recently released Harris Interactive poll asked Americans where they would choose to live if they did not live in the state where they are now. 2,498 U.S. adults were surveyed online between August 10 and the 18, 2009, and Tennessee made the top 10!

1. California

2. Florida

3. Hawaii

4. Texas

5. Colorado

6. Arizona

7. North Carolina

8. Washington state

9. TENNESSEE

10. Oregon

Of course, we already knew that Tennessee, East Tennessee was the best place to live!!

[SOURCE: Business Wire]

Knoxville, Tennessee tops national list for relocating families

Worldwide ERC, a trade association for work force mobility, and primacy relocation, a Memphis based provider of employee relocation services, ranked Knoxville, Tennessee as the 4th best medium size metropolitan area in the country for relocating families; also ranked Nashville as 20th among large cities.

They looked at several factors: cost of living, housing costs, crime rate, education, quality of life, climate, recreation, leisure, arts and culture, air quality, sales tax, unemployment rates, job growth, area educational levels, school expenditures per student, students in public school, SAT/ACT percentile, and population growth.

The rankings are based on factors such as education, climate, a cities arts and culture scene, and diversity. Source:

To read the report 2007 Best Cities for Relocating Families send an Email to Tom@Realty-TN.com and ask for a copy to be sent to you at no cost to you

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This site has been designed to provide buyers and sellers with easy access not only to current listings of Farragut TN homes for sale, Maryville TN homes for sale, Seymour TN homes for sale, but also to home-buying and selling road-maps.. You can browse through Tom's featured list of Farragut TN homes for sale, Maryville TN homes for sale, Seymour TN homes for sale or search properties using the fully customizable MLS Search tool.