Tax Credit Expanded to All|Not just First Time Home Buyers Anymore

Here are the details for the tax credit. If you need help finding great deals Call Rhonda 352-266-2637. I have many foreclosures and short sales and the normal sales. I work with great lenders who can help you with little to no $$ down.

1) The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010).

2) Move-up buyers will be eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more.

3) The tax credit would sunset on April 30, 2010. However, there would a binding contract rule that will permit those with contracts as of April 30th to qualify for the credit so long as they complete the transaction within 60 days.

4) The income limits for both first-time home buyers and move-up buyers would be $125,000 for single return and $225,000 joint return.

5) Cost of the home may not exceed $800,000 to be eligible.

6) For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return.

7) Home buyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date.

8) The amendment includes a military waiver provision, meaning the recapture provision would not apply in the case of a member of the Armed Forces, military intelligence or Foreign Service who is on qualified official extended duty. In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011, to claim the home buyer tax credit.

9) The amendment also includes anti-fraud language that provides math authority to the IRS to do greater oversight during the processing of the return rather than waiting for an audit situation. The amendment requires the taxpayer claiming the credit to be 18 or older as well as requiring a HUD-1 settlement statement to be attached when claiming the credit.

This has much hope for many that want to purchase a home. If you are renting you need to check your credit and get everything fixed. You can own cheaper than renting. Call Rhonda for help 352-266-2637. I am here to help you.

Tax credit extension until June| Extension of home-buyer tax credit backed

Good new for the first time home buyer! They extended it until June. I hope that we can get the banks to move to close these short sales and help the first time home buyer. New twist- more buyers have the chance of a credit. We will have to see what the result are when It is definite and in writing from the Government. call Rhonda for some great Ocala Short Sales or foreclosures, 352-266-2637

Senators agreed Wednesday to extend a popular tax credit for first-time home buyers and to offer a reduced credit to some repeat buyers. The tax credit provides up to $8,000 to first-time home buyers but is set to expire at the end of November. The Commerce Department said Wednesday that new homes sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit. Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev. The tax credits would be available to home buyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers. — The Associated Press

Ocala Marion County Market update for September 2009

Rhonda Buckner give statistic on Ocala Marion County real estate. Call Rhonda for more info on homes or helping you get approved. I can help. Call me 352-266-2637

First time home buyers tax credit “Gone?”

More evidence that the ‘First Time Home Buyer Credit’ won’t be extended….

As a Realtor I would love to keep the tax credit. It is helping many of my buyers in believing that there is a way for them to afford a home and get out of renting. As with anything good there is the bad. I do no think the government should penalize the people doing right because there are people who are going to try to cheat. This breaks down why they might not extend the credit.

There are numerous reasons to believe the program is destined soon to go ‘poof’…

1) Numerous reports about abuse in the system.

2) Various studies have shown that the program didn’t create that many sales….buyers would of bought regardless.

3) The overall cost of the program is seen as excessive vs. the benefit.

Watch this CNBC video from Housing News Diva Diana Olick:

Here in Ocala there the home prices are so low and there is still 100% financing available. If you want to stop renting and buy, Call Rhonda 352-266-2637. Where there is a will there is a way.

Ocala Short Sale vs Foreclosures|Consequences of Short Sale and Foreclosures

Homeowner Consequences Foreclosure Vs. Short Sale

Future Fannie Mae Loan – Primary Residence

A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.
A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage only after 2 years.

Future Fannie Mae Loan – Non Primary
An Investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.
An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.

Future Loan with any Mortgage Company-
On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” this will affect future rates.
There are no similar declarations or question regarding a short sale.

Credit Score
Score may be lowered anywhere from 250 to over 300 points. Typically will affect score for over 3 years.
Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale’s affect can be a brief as 12 to 18 months.

Credit History
Foreclosure will remain as a public record on a person’s credit history for 10 years or more.
A Short sale is not reported on a credit history. There is no specific reporting item for ‘short sale’. The loan is typically reported ‘paid in full, settled’.

Security Clearances
Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance in almost all cases clearance will be revoked and position will be terminated.
A Short Sale on its own does not challenge most security clearances.

Current Employment
Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination.
A short sale is not reported on a credit report and is therefore not a challenge to employment.

Future Employment
Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.
A short sale is not reported on a credit report and is therefore not a challenge to employment.

Deficiency Judgment
In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.
In some successful short sales it is possible to convince the lender to give up the right to pursuit a deficiency judgment against the homeowner.

Rhonda is Ocala’s Short Sale Specialist. Give her a call and discuss your options 352-266-2637

5 Tips for Potecting your Ocala Home from Foreclosure

Are you late on your payments? Are you needing some relief for the nagging lender? Rhonda Buckner can help you!

Here are 5 Tip for protecting your home from foreclosure

1. Don’t ignore your mortgage problem.
If you are unable to pay–or haven’t paid–your mortgage, contact your lender or the company that collects your mortgage payment as soon as possible. Mortgage lenders want to work with you to resolve the problem, and you may have more options if you contact them early. Call the phone number on your monthly mortgage statement or payment coupon book. Explain your financial situation and offer to work with your lender to find the right payment solution for you. If your lender won’t talk with you, contact a housing counseling agency. You can find a list of counseling resources at Neighbor Works and on the U.S. Department of Housing and Urban Development’s (HUD) website or by calling (800) 569-4287.

2. Do your homework before you talk to your lender or housing counselor.
Find your original mortgage loan documents and review them. Review your income and budget. Gather information on your expenses, including food, utilities, car payment, insurance, cable, phone, and other bills. If you don’t feel comfortable talking to your lender, contact Rhonda Buckner, Ocala’s Short Sale Specialist. She can counsel you on your options. Everyone’s situation is different. .

3. Know your options.
Some options provide short-term solutions/help, while others provide long-term or permanent solutions. You may be able to work out a temporary plan for making up missed payments, or you may be able to modify the loan terms. Sometimes, the best option may be to sell the house. For information on different options, contact Rhonda Buckner, Ocala’s Short Sale Specialist. She can counsel you on your options. Everyone’s situation is different and there are many different avenues.

4. Stick to your plan.
Protect your credit score by making timely payments. Prioritize bills and pay those that are most necessary, such as your new mortgage payment. Consider cutting optional expenses such as eating out and premium cable TV services. If your situation changes and you can no longer meet your new payment schedule, call your lender or housing counselor immediately.

5. Beware of foreclosure rescue scams.
Con artists take advantage of people who have fallen behind on their mortgage payments and who face foreclosure. These con artists may even call themselves “counselors.” Your mortgage lender or a legitimate housing counselor can best help you decide which option is best for you. For tips on spotting scam artists, visit the Federal Trade Commission’s website, Foreclosure Rescue Scams. Report suspicious schemes to your state and local consumer protection agencies, which you can find on the Consumer Action Website

Do you want to save your home? Maybe a loan modification is possible. Call Rhonda for a Free Forensic Loan Analysis.

Just can not pay and need to sell you home? Call Rhonda for a Free consultation.