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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 1st, 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 1st, 2009 through December 1st, 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

Featured Listings

Knoxville TN Homes for Sale

 

Tom Rogers welcomes you to his site, your gateway to real estate HELP and homes for sale in Knoxville TN and its surrounding areas. Whether you want to take a look at available Knoxville TN homes for sale or you need help marketing your home for sale in the Knoxville TN area, you will find the guides, resources and tools you need right here.

This site has been designed to provide buyers and sellers with easy access not only to current listings of Knoxville TN homes for sale, but also to home-buying and selling road-maps, Tennessee mortgage rates updates, mortgage calculators, and more information on Knoxville TN, among other things. You can browse through Tom's featured list of Knoxville TN homes for sale or search properties using the fully customizable MLS Search tool.

Explore Available Homes for Sale in Knoxville TN

The commercial and cultural hub of Eastern Tennessee, Knoxville TN is the heart of a larger metropolitan area which includes the communities of Farragut TN homes for sale, Hardin Valley homes for sale, Halls TN homes for sale, Concord TN homes for sale and Powell TN homes for sale. Knoxville TN itself is comprised of a variety of neighborhoods, each of which has its own distinct selection of Knoxville homes for sale. As a result, property types, architectural styles and prices are as diverse as one could wish, offering buyers with an abundance of choices. Here you can opt for a comfortable single-family home in West Hills, a condo near the University of Tennessee, a sprawling luxury property in Sequoya Hills, and many more.

If you'd like to learn more about your options here, Tom invites you to explore the site or contact him directly. New to Knoxville? Check out the Knoxville TN Info page for more about Knoxville TN and get in touch with Tom for relocation help today. 

 

Tom also offers his HELP in real estate and homes for sale Farragut TN and its surrounding areas; HELP in real estate and homes for sale in Maryville, TN and its surrounding area; HELP in real estate and homes for sale in Seymour, TN and its surrounding area; you will find the guides, resources and tools you need right here.

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.

 

Contact Information

Realty-TN.com, East Tennessee Real Estate, Smoky Mountains, Knoxville, TN, knoxville real estate
Realty Executives Associates
109 Northshore Dr. Ste 200
Knoxville, TN 37919
Phone:(865) 588-3232

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