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Real Estate Mortgage Planner
Courtesy of IRS.gov (direct link click here IRS.gov/newsroom/)
The new legislation extending and expanding the first-time homebuyer credit allowed by previous acts was signed into law by President Obama on November 6, 2009 principal residence.
· Extends deadlines for purchasing and closing on a home.
· Authorizes the credit for long-time homeowners buying a replacement
·
IRS FORM 5405
Feature Original Program Extension
Deadline Must fund by Nov. 30, 2009 (WFHM deadline was Oct. 30)
The measure is written differently so that a sales contract must be in place by April 30, 2010 – but homeowners have an additional 60 days to close.
Dollar Amount and Eligibility
Up to $8,000 for first-time home buyers (or 10 percent of the purchase price of the residence) if purchased Jan. 1 – Dec. 1, 2009.
A FTHB was defined as someone who had not owned a home during the previous three years.
Up to $8,000 for first-time home buyers
– OR –
$6,500 for current homeowners who have lived in their current residence for 5 consecutive years and are purchasing their next property
Income Cap $75,000 (individual)
$150,000 (married couples)
$125,000 (individual)
$225,000 (married couples)
Increases in the cap make the measure available to a broader group of customers.
Purchase Price N/A $800,000 or less
Repayment requirement Must live in home for 3 years or be required to repay the credit
Same
Documentation to be used The actual form needed to request the tax credit
Documentation requirements and WFHM process still TBD. Watch our emails for more intormation.
For those in our armed forces: persons stationed outside the US on official duty for 90 days during the period from January 1, 2009 and before May 1, 2010 will have eligibility extended for binding contracts signed before May 1, 2011 and closed before July 1, 2011.
ARE THERE ANY RESTRICTIONS TO TAKING THE CREDIT?
YES. According to the IRS, if any of the following describe your situation, a credit would not be due:
· You buy a home from a close relative. This includes your spouse, parent,
grandparent, child or grandchild.
· You do not use the home as your principal residence.
· You sell your home before the end of the year.
· You are a non-resident alien.
· You owned a principal residence at any time during the 3 years prior to the
date of purchase of your new home.
There are additional tax incentives included in the ACT. Here are a sampling:
· Spur Energy Savings and Green Jobs: This provision is designed to help
promote energy-efficient investments in homes by extending and expanding
tax credit through 2010 for purchases such as new furnaces, energyefficient
windows and doors, or insulation.
· Landmark Energy Savings: provides $5 Billion for energy efficient
improvements for more than one million modest-income homes through weatherization.
· Extends Unemployment Benefits: provides 20 weeks of unemployment
benefits in more than two dozen states with jobless rates above 8.5% and up to 14 weeks elsewhere.
Please contact Certified Mortgage Planing Consultant Specialist Mortgage Team at
Mortgages Unlimited, LLC
Sue Ann Hess: 843-298-9816 (cell)
Certified Mortgage Planning Specialist, sue.a.hess@mulender.com
Jim Hess: 843-298-6507 (cell)
Home Mortgage Consultant, james.m.hess@mulender.com
Linda Covinsky: 843-682-5715 (o) 843-682-5792 (fax)
Closing Coordinator & Reverse Mortgage Specialist, linda.covinsky@mulender.com
www.wfhm.com/wfhm/sueann-hess
FOR CURRENT INFORMATION PRESENTED BY THE IRS CLICK LINKS BELOW:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html
First-Time Homebuyer Credit Questions and Answers: Basic Information
http://www.irs.gov/newsroom/article/0,,id=206291,00.html |
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