$8,000 Tax Credit Extended!!

Members of the Senate came to an agreement on a proposal to extend a tax credit for first time homebuyers, though the legislative body has yet to vote on it.The proposal would extend the $8,000 credit for first time homebuyers until April 30, 2010, and would allow for those contracts to close up until the end of June. After the April expiration date, the credit would be reduced by $2,000 every few months until October, and would finally expire in December.Many have tied the tax credit to resurgence in the home market. With expiration of the credit looming, new home sales fell by 3.6 percent in September, or an annual rate of 402,000.Members of the Obama administration have expressed support for the extension. In a joint statement, Cabinet members Tim Geithner and Shaun Donovan called on Congress to pass a measure extending the credit."This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide," the statement said.Along with extending the tax credit, the agreement in the senate would expand the credit to people who have lived in their homes for at least five years. Those homeowners would receive a $6,500 credit.

If you are a first time home buyer and you wish to take advantage of the $8,000 tax credit contact us and we can help. (619)895-0389 jgoodell@coldwellbanker.com

If you are a current home owner and wish to learn more about the $6,500 credit for home owners please call. (619) 895-0389 jgoodell@coldwellbanker.com

Low Prices, Low Interest Rates- The Perfect Buyer's Market

San Diego home prices seemed to have bottomed. Homes priced at market value have no problem selling and with FHA loans offering low rates it is easier to see your self owning your own home. For FHA loans the down payment requirement can be as little as 3%. You can also ask that the seller to pay some of the closing costs. If you have been thinking of buying your own home or investment property, contact us today. We can help you take advantage of these great prices and financing options available to you. We will provide you with complimentary information on San Diego market trends, specific neighborhoods you are interested in, and available financing.

(619) 895-0389 jgoodell@coldwellbanker.com

Get Money for Purchasing A Home

A new law recently gives first time home buyers a tax credit up to $8000. According to the new economic stimulus plan, you have between Jan. 1st and Nov. 30th, 2009 to by your first home, or for the last 3 years have no ownership interest in a home .
A down payment is still required; however, if you borrow that money from a relative you will be able to pay it back with when you file your tax return and claim the $8000 as a tax credit. Home buyers this year can receive $8000 without any obligation to repay the money as long as they live in the home 3 years.
And if you buy a home soon, you can receive your $8000 quickly by claiming it on your 2008 tax return. Even if you already filed your return, you can still claim this credit for 2008 by filing an amended return with form 1040X. If you plan to buy a home later this year, you have 2 choices: request an extension for your 2008 taxes and claim it when you file by Oct. 15th or claim it when you file your 2009 return.
Contact us for further information on first time home buyer programs.