Out and About Yukon and OKC

Tic, toc, tic, toc...time is running out for $8000 tax credit program.

As of today, March 2, we only have 58 days left till the expiration of the $8000 tax credit program for first time home buyers and of course $6500.00 tax credit for repeated home buyers.

It takes about 45 plus days from the time of an offer acceptance to the closing table. Not to mention that there is a lot of time needed just to find that right house. If you were thinking for some time to take an advantage of this great financial incentive this is the time to act.

Read more about: Extended $8000 Tax Credit for First Time Home Buyers

So let's get together and talk about your options and choices...and together we will find you a great house...

                                                     FIRST TIME HOME BUYERS TAX RETURN FORMS

Many people are gearing up to file their tax returns. Many of my clients are asking what forms do they need to use to file for their First Time Homebuyers Tax return. I thought about researching the subject and share few things on my blog for the simplicity of it.

Of course the best way is to seek an advice of your friendly accountant or CPA.

A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the 2008 Form 5405.

A taxpayer who purchase a home after Nov. 6, 2009 use a revised form 5405:

First-Time Homebuyer Credit and
Repayment of the Credit (Rev. December 2009)

Instructions for Form 5405 Internal Revenue Service
(Rev. December 2009)

Source: IRS

Hope some of you will find it helpful.

Time is running out for the new home buyers...

Your $8000 reasons to buy a new home will expire on November 30, 2009.

FIRST TIME HOME BUYERS TAX CREDIT TOP 10 LIST

1. Amount of Credit - 10% of purchase price, not to exceed $8,000
2. Eligible Property - Single family residence (principal residence)
3. Not Refundable- Reduces or eliminates income tax liability, will receive refund for unused amount
4. Income Limit - Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
5. First Time Home Buyer - Purchaser and Purchaser's Spouse may not have owned a principal residence in three years previous to purchase
6. Revenue Bond Financing - Purchasers who utilize revenue bond financing can use credit
7. Repayment - no repayment for purchases on or after January 1st, 2009 and before December 1st, 2009
8. Recapture - If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009
9. Termination - Program expires on December 1st, 2009
10. Effective date - Effective as of January 1st, 2009 

Finding a house takes time but also don't forget that these items require time (usually about 45-60 days)to process a transaction:

1. Finding a Realtor whom you trust and who will best represent you 
2. Writing an offer
3. Offer acceptance and negotiations
   
4. Finding a Lender
5. Loan application
6. Survey
7. Inspections
8. Repairs
9. Appraisals
10. And other issues which often come from lenders, title companies etc...

TIME IS RUNNING OUT SO DON'T DELAY ANY MORE THAN IS NECESSARY!

With smiles,

Bo in Yukon

TAX CREDIT CAN BE USED FOR DOWN PAYMENT

"Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says.

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table."

Let me know if you need more info, details or have questions...405-812-1572

also here is a link to help you search for new homes in Yukon or Mustang, OK: www.Okla-OK.com

With smiles,

Bo