New guidelines for short sales
December 9, 2009 by Fred Romano · Leave a Comment
The U.S. Treasury Department announced new guidelines last week designed to make short sales go more smoothly. To qualify under these new guidelines:
- The property must be the home owner’s principal residence
- The home owner must be delinquent on their loan or close to defaulting
- The loan must have been made before Jan. 1, 2009, and be for less than $729,750
- The borrowers’ total payment must exceed 31 percent of their before-tax income.
The $8,000 Tax Credit: Where it goes
November 11, 2009 by Fred Romano · Leave a Comment
So you what to know what states are taking advantage of the $8,000 federal tax credit? CNN has a cool page on their site that shows a breakdown of the states and how many buyers used the tax credit.
CNN reports that through August, 315,000 first-time homebuyers took advantage of a Recovery Act tax credit of up to $8,000.
Visit the CNN live map to view statistics on where the $8,000 tax credit is going…
Home buyer tax credit details 09-10
November 6, 2009 by Fred Romano · Leave a Comment
Congress has extended and expanded the home buyer tax credit for 2009-2010, which is great news for sellers and buyers!
The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.
Buyer tax credit extension a go!
November 5, 2009 by Fred Romano · Leave a Comment
Good news for home buyers!
The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they’ve lived in their home for five of the past eight years. Home prices are capped at $800,000.
Should $8,000 tax credit be extended?
October 8, 2009 by Fred Romano · Leave a Comment
The $8000 first time home buyer’s tax credit is set to expire on November 30th. This means that those who want to take advantage of this refundable credit have only a couple months left to close on their home purchases. Since it could take 30 to 60 days to close on a home, the deals must be made soon.
Should the $8,000 tax credit be extended? Read the entire story…