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Got the itch to change your scenery? The government is paying YOU to move! How great is that? The newly extended and expanded Home Owner Tax Credit program allows existing homeowners that have lived in their current property for at least 5 years to earn up to $6,500! First time home buyers can earn up to $8,000! What is the catch? There are some limitations on income, but these too have been expanded so most Americans can take advantage of the program. In addition, you are limited to a $800,000 purchase price for your new home. So if you plan to spend over $1 million you are out of luck! For the rest of us, what a great program! Let’s hurry up and take advantage before the President changes his mind.
For help finding your new home or selling your old home, contact the Robinson Team of North Texas Home Finders at 972.335.0571 or email teresa@northtexashomefinders.com for a handout on the current home owner tax credit program!
Article by Teresa Robinson, Owner/Agent, North Texas Home Finders
Contact Teresa at 972.335.0571 or Teresa@NorthTexasHomeFinders.com
Get a Buyer Specialist and rest easy! The builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone. We also work with preowned homes where the seller pays our fees! Visit www.northtexashomefinders.com for more information. For community-specific information, also visit www.BuyProsper.com for added content.
Come see the new model at Providence. DR Horton recently purchased 60 new lots, some located in Denton ISD, and some located in Aubrey ISD. They have updated many designs, and also brought in new plans.
New Standard Features include the following:
- Rounded Corners
- Upgraded Lighting
- Cast-Stone Fireplaces
- Ceramic Tile in all Wet Areas
- 8″ Deep Stainless Steel Sinks
- Upgraded Countertops
- New Cabinet Packages
- New Raised Panel Door Styles
These homes can all have added 2″ blinds, refrigerator, washer, and dryer, making them truly move-in ready.
DR Horton currently has 8 inventory homes that will be ready in October, and more to follow in November – just in time to still get the first-time homebuyer tax credit (must close by November 30th). Home prices start in the $130’s, plans range in size from 1200 sq. ft. to 2700 sq. ft.
To negotiate the best deal on a new home in Providence, contact us at chad@northtexashomefinders.com, or visit us at www.NorthTexasHomeFinders.com.
Article by Chad Underwood, Owner/Broker (Lic. #0550393)
The Texas Department of Housing and Community Affairs announced new down payment assistance programs for first time homebuyers. These programs will help fulfill the down payment need for many first-time Texas homebuyers.
Below are some bullet points:
- Borrowers must have a 620 or higher FICO score
- TDHCA has three different programs to use: 90-Day DPA Program (FHA Only), Mortgage Advantage MCC, Mortgage Advantage Bond
- Borrowers can receive up to $7k from the 90-day program and up to $6k with the others
- Borrowers must be first-time homebuyers (or not owned a home in the last three years) – TDHCA will verify this with previous 3 years’ tax returns
- Borrowers must qualify with the payment in their ratios – $323/mo with the 90-day program and $120/mo with the others
- Income limits do apply – $75,000 single buyer, $150,000 married buyers
- Borrowers must occupy the property for 3 years or the IRS will recapture the assistance in the tax year the property is sold
- $250 cashiers check from borrowers to TDHCA is required
- TDHCA is telling us to expect 20 business days from submission to closing…..This is important. DO NOT expect a 2 week closing. I would advise at least 45 days to be safe.
- Funds are first come first serve and rather limited
Again, this will be a great program which will help many Texans buy homes.
For more complete details, call Chad Underwood at (972) 672-1744. Chad@NorthTexasHomeFinders.com, www.NorthTexasHomeFinders.com
I surely do apologize folks, but I made an error on my blog post last week. My information source was from a local Builder’s Salesperson. When I was asked my source, I went to find the Salesperson’s source for the claim. He had heard it somewhere. That’s how it goes.
Google was next. I’ve searched high and low, but I could not find a deadline for amending 2008 returns to gain the credit.
Finally, I checked with my CPA. According to her, there is no specific deadline for amending your 2008 taxes to claim the tax credit. Tax returns can be amended for up to 3 years.
That’s good news for all you first-time homebuyers out there. If you close in August, you can still get your tax credit now. However, my CPA always recommends you look closely at your expected income for 2010. If your income has the possibility of dropping off, it might make more sense to wait to get the $8,000 tax credit next year to supplement your income.
Another error that has been reported our there is a deadline of June 30th to file the amended return. That date is getting confused with the deadline that was imposed last year, for the $7,500 tax credit. It does not apply in this case.
The one current deadline to remember is November 30th of this year. You must close on your home prior to that date. If you close on December 1st, you will not receive the tax credit as the current law is written.
Article by Chad Underwood, Owner/Broker, chad@northtexashomefinders.com, www.NorthTexasHomeFinders.com
That’s right, it’s not too late for first-time homebuyers to get their $8,000 tax credit. If you close on a home by July 31st, you can file an amendment to your 2008 taxes to obtain the tax credit now.
The same rules apply, first-time homebuyers and those who have not owned a home in the last three years qualify. The credit is 10% of the home value or $8,000 whichever is less. The credit begins to phase out at a modified adjusted gross income of more than $75,000, or $150,000 for joint filers.
Do you need to close before July 31st to get the credit? No. Eligible buyers can still get the tax credit for purchases made prior to December 1st. However, buyers who purchase after July 31st will file for the credit on their 2009 tax return.
Article by Chad Underwood, Owner/Broker, Chad@NorthTexasHomeFinders.com, www.NorthTexasHomeFinders.com.
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