First time home buyers get $8000. What do you have to do?|Obama’s stimulus package

Obama passed help for first time home buyers. What does it mean for you, the first time home buyer? $8,000 you do not have to pay back.  Everyone should be contacting a good lender to help them get qualified.  IF you have question on what to do next call Rhonda  352-266-2637.

Home prices in Ocala are declining and investors are purchasing.  Intrest rate are low.  The inventory in Ocala has many foreclosures and pre foreclosures or short sales.  I would love to help you. Give me a call.

• The deduction is worth 10 percent of a home’s value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount.

• There is an income limit to qualify. A married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000.

• Partial tax credits may be available for married couples with MAGI incomes over $150,000 but under $170,000, and single filers with incomes over $75,000 but under $95,000.

• If married couples file separately, they can both claim 5 percent of the home purchase ($4,000 each for a home over $80,000) on their tax returns.

• It’s a tax credit, not a deduction. That means the entire amount goes back to the first-time homebuyer unlike deductions, such as mortgage interest, that are subtracted from gross income before tax is calculated. If qualified for $8,000, the buyer gets $8,000, even if they would not owe that much in taxes otherwise.

• The tax credit applies to homes purchased between Jan. 1, 2009, and Dec. 31, 2009.

• The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home.

• To qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.

• If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.

• The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009. A buyer could close on a home the same day that President Obama signs it into law, fill out their income tax forms the next day, and receive the tax credit fairly quickly.

The tax credit is not a downpayment, but it could be used toward a downpayment if first-time homebuyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. If they owe more tax than the amount deducted, they pay the IRS; if they owe less, they get a tax refund.

By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, these buyers could cut down on their tax withholding this year and save the money toward a downpayment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time.

Ocala short sale listings.

4115 SE 5 Street
4115 SE 5 Street

4 bedroom, 3 bath, 3 car garage, on over 3/4 acres in town.  This home has hardwood floors, 10 ft ceilings, corian counter tops, fireplace, large dining room, officeor den, 12 x 24 workshop with electric.

Click for Virtual tour

3365 SE 19 Ave
3365 SE 19 Ave

3 bedroom, 2 bath, 2 car garage on 1/3 acre with 2178 sq ft has large rooms.  Every room is oversized.  Walk in to the 26 x 15 family room with stone faced fireplace with double french doors on each side.  The master leads to a private screened in patio.  Best school district.

Click to view virtual tour

View more on my Listings page

Foreclosed Properties- Do you know the facts?

Buyers think that because the home was foreclosed on, that it just has to be a great buy. Not always the case.

Foreclosed homes are not always in great shape in fact, expect that the home will need repair, sometimes a lot of repair. When people are losing their homes, they tend to do lots of damage to the home.

Expect that the utilities will not be working. Banks do not like to put utilities in their name. Sometimes they have the Realtor put them into their name but I never liked to do that so I am certain many other Realtors feel the same.

Understand that you will be buying the home in “as is” condition. Now, do not get confused, though you are buying a home in “as is” condition, that does not mean that you can not negotiate with the bank. I do it all of the time. Generally, these homes have been sitting vacant for a long time and nobody has kept up with maintaining the home so the home could have termites, mold, leaks, a bad roof, broken windows etc. Understand that banks do not want to negotiate or issue credits to you and that is why you need an aggressive, experienced Realtor who knows how to work with banks.

You can have a have a home inspection but keep in mind that you will be responsible for paying the inspector and any repairs that are needed. If you need to purchase as an FHA buyer, you will be responsible to make all repairs prior to settlement and that could wind up costing you a lot of money even before you take possession. Generally, if you need to purchase as an FHA buyer, I always advise my clients NOT to purchase a foreclosure. FHA guideline are strict and most bank owned homes need repairs. Keep this in mind while you are looking, take note of each home.

The bank will operate on their own schedule and not yours. In a traditional sale that involves a seller, there is usually a respond by date to allow for the seller to review your offer and make a decision. Banks DO NOT operate in the same way. They could get back to you in a day, a week or even a month which I have seen them do. If you are looking to be in a home by a certain date, buying a foreclosure could change your plans.

I hope I have given you some things to think about prior to starting your home search. It’s better to be safe than sorry rather than kicking yourself or blaming everyone else after you’ve purchased your home.

Ocala has many foreclosures and pre forclosures.  Search for great deals or call Rhonda for more information 352-266-2637

Foreclosures and financing.| Is it out there?

What is selling in Ocala?  Watch video on Ocala Marion County Market update for January 31. 2009

Rhonda has many great deals. Do you want a short sale, foreclosure or just a steal of a price?
Call Rhonda to see how she can help you get into a new home and pocket $7500 or more.

Do you want to know if you qualify for these great homes?

FHA Gov’t Insured – Purchase with only 3.5% down – 30 yr fixed rate is 5.5% & seller can pay your closing fees Cash out refinance to 95% LTV- min. 580 credit score

100% Loan to “Appraised Value” : ZERO down 580 min score. – Government Insured by USDA – No PMI 5.5% for 30 Yr FIXED rate – No Homebuyer class req’d with Chase – Call me for the details

VA maximum loan limit $417,000, 100% financing, 30 yr fixed rate is 5.5%, No PMI and seller can pay closing cost all (5) Are you a Union member? Ask Chase about our special offer!

Could you get $7500 free?|Would you buy to stimulate the economy?

I was reading today the Nation Association of Realtors comments on the Bill trying to be passed “The American Recovery and Reinvestment Act, H.R.1.

They are proposing to eliminate the repayment provision on the $7,500 first time home buyer credit.

They are also propossing  to increase housing bonds and increase fubding for the Rural Housing Service programand provide additional funds for the Community Development Block GRant program.

finally they are proposing to expand the Hope VI low income housing construction and rehabilitation programs and provide other incentives for energy effcient homes.

This is a good thing to keep an eye on.  I also heard they they might up the tax credit to $15,000 or make this tax credit available to all buyers, not just first time. This would intise many  poeple to buy and stimulate the economy.

You first time home buyers have many options.  Don’t forget to call Rhonda for more detailed information about USDA programs and the HUD funding for low income.  You can buy foreclosures and shortsales with little to no money down.

Search for homes at www.bucknerhomes.com.   Call me with questions 352-266-2637