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Here are six things you need to know about the $8,000 first-time home buyer tax credit. 

1.  $8,000 for new buyers: This credit is equivalent to 10 percent of the purchase price of the home–although it’s capped at $8,000 and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, This one does not have to be repaid.

2.  First time buyers defined: For the purpose of this legislation, a “first-time home buyer” is someone who hasn’t owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you’ve owned a vacation home–but not a principal residence–within the past three years, you would still qualify for the credit.

3.  2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won’t be able to take advantage of it.

4.  Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that’s $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.

5.  Refundable: Because the tax credit is “refundable,” qualified buyers can take advantage of it even if they don’t have much tax liability. This tax credit will be refunded to a buyer, if his year end tax liability is less than the credit.

6.  Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

Click Here to Watch an Informational Video

If you have more questions, please contact us via email or 219-661-1256. 

This Month in Real Estate-September

by The Jana Caudill Team

Cold Feet Leads to Regrets

by The Jana Caudill Team

In life it is better to say, "I'm glad I did" rather than "I wish I had."

 

Make your list of your wants and needs for your dream home in Northwest Indiana. We can go over them together.

 

 

There are many new tools for first time homebuyers to help with financing, etc. There is still time to take advantage of the $8,000 tax credit available to you. Download this free e-book for more information. It costs you nothing to discover your options.

 

 

Call The Jana Caudill Team today before someone else is living in your dream home.

 

 

 

What You Can Do to Improve Your Credit

by The Jana Caudill Team

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:*

1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3. Don’t charge your credit cards to the maximum limit.

4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5. During the process of qualifying for and obtaining a mortgage, play it safe and wait until after your contract has closed and the mortgage is secured to open new credit.

6. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

7. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

The Jana Caudill Team works with great lenders and mortgage brokers every day. Call us and we will set you on the track to getting the home you always wanted.

*Source: Realtor Magazine & myfico.com

Remembering September 11th

by The Jana Caudill Team

Reflecting on the day of September 11th, we thought our Keller Williams corporate leadership said it best:

“As you know, today marks the eighth anniversary of the tragic events of September 11, 2001. We ask that you will join us in remembering those brave citizens who gave their lives on that fateful morning. We hope that you will take a moment today to reflect on the things that are most important in your life and remember that through tragedy we have the opportunity to rise even stronger.”

Displaying blog entries 1-5 of 5

Contact Information

Photo of The Jana Caudill Team Real Estate
The Jana Caudill Team
Redkey Realty Leaders
503 East Summit St., Suite 2
Crown Point IN 46307
219-661-1256
Fax: 219-663-5949