For Rent: 2BR/1BA Apartment in Winchester, MA, $1,500/month

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16 Water Street, Winchester, MA | Powered by Postlets

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2010

The year is filled with possibilities. What do you wish for, hope for, strive for in the New Year?

The Process

The loan process. The buying process. Lots to think about and remember. So nervous, don’t remember what your Realtor said. Sound familiar? You’re not alone.

REALTOR® Magazine-Daily News-HUD: Tax Credit Can Be Used on Closing Costs

Get the REAL story on the tax credit:

REALTOR® Magazine-Daily News-HUD: Tax Credit Can Be Used on Closing Costs

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UPDATE FOR FIRST-TIME BUYERS! Tax credit ineligible for down payment

A few weeks ago, a LOT of excitement was generated around the announcement that first-time buyers could now use their $8,000 tax credit as part of their downpayment. Unfortunately, that is NOT the case – the decision was reversed.

However, the GOOD news is that it is a fabulous time to buy your first home. Mortgage rates are low, low, low. The tax credit is still in effect until December 1, 2009.

Not sure where/how to begin? Feel free to email me – I’d be happy to help.

To read about the reversal, see below:

Tax credit ineligible for down payment

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April Showers Bring May Buyers!

I am happy to report that Spring has brought a very busy real estate market!  I am grateful for the business.  I am grateful for President Obama’s $8,000 tax credit for first-time buyers.  I am grateful for the lower-than-ever mortgage rates for those who qualify.  And I am grateful for my wonderful, energetic, enthusiastic first-time buyers who are stepping up, getting out, and BUYING homes!  We’re buying in Woburn, Wakefield, Arlington, Stoneham, Melrose, and Winchester. It’s such a wonderful time to buy a home!

I have such smart buyers!

Here in the suburbs north of Boston, first-time homebuyers are coming out of the woodwork and buying homes. It’s so exciting to be a part of the economic recovery, witnessing first-time buyers getting into the game and taking advantage of this incredible moment in history. The TAX CREDIT of $8,000 doesn’t hurt either. Did you know you can get your money early? To find out more about the tax credit, read my other posts.

Give me a call if I can help you buy your home.

Spring Is Here!

Tulips are popping up in my New England yard and that means that Spring is here!  I can also tell that the season has begun because my phone is ringing off the hook with First Time Homebuyers!  I am thrilled to see that everyone’s getting on board with the Tax Credit, with the low mortgage rates, and with the wonderful opportunities out there.  

I am hosting a Homebuyer’s Toolkit workshop on Thursday, March 26th, 7-9 p.m. in Arlington, MA.  It’s filling up fast.  I can’t wait to meet everyone and hear what’s on their minds.  It’s an exciting time in real estate!

Buy Now! Why? Read on!

FIRST-TIME HOMEBUYER TAX CREDIT 

Calling all first-timers!  Here is a Q&A written and published by the Massachusetts Association of REALTORS regarding YOUR First-Time Homebuyer’s Tax Credit.  Contact me with any questions:

Frequently Asked Questions 

In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale. For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009. Tax Credits — The Basics 

1. What’s this new homebuyer tax incentive for 2009? 

 

The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. 

2. Who is eligible? 

 

Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase. 

3. How does a tax credit work? 

 

Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 – $8000 = $1500) 

4. So what happens if the purchaser is eligible for an $8000 credit but their entire income tax liability for the year is only $6000? 

 

This tax credit is what’s called “refundable” credit. Thus, if the eligible purchaser’s total tax liability was $6000, the IRS would send the purchaser a check for $2000. The refundable amount is the difference