A HOPE counselor will be here in Vistancia to speak about the Making Home Affordable program.
Do you qualify for a home loan modification? Have you tried to negotiate with your bank without success? Should you hire someone to negotiate for you? HOPE counselors work for non-profit credit counseling organizations to help homeowners save their homes.
HOPE counselors are experts in foreclosure prevention and trained to set up a plan of action designed just for you and your situation. When you talk to them, you won't be judged and you won't pay a dime. That's because they don't just offer general advice - they help you take action. Counselors will arm you with education and support that assists you in overcoming immediate financial issues...at no cost to you.
Saturday, October 10th, 2009 @9am
If you would like to RSVP, or if you would like to request more information - email us at info@keytoazhomes.com
The First Time Homeowner's Tax Credit
Q. What is the credit?
A. The first-time homebuyer credit was included in the Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operated like an interest-free loan because it had to be repaid over a 15-year period. The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit to $8,000 and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.
Q. How much is the credit?
A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $8,000 for homes purchased in 2009 by either a single taxpayer or a married couple filing a joint return, or half of that amount for married persons filing separate returns. The full credit is available for homes costing $80,000 or more if purchased after Dec. 31, 2008 and before Dec. 1, 2009.
Q. Which home purchases qualify for the first-time homebuyer credit?
A. Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after Dec. 31, 2008 and before Dec. 1, 2009, to qualify for the credit. For new construction, the purchase date is consid-ered to be the first date a buyer occupies the home.
Q. What types of homes will qualify for the tax credit?
A. Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and con-dominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences. It is important to note that you cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse. Please consult with your tax advisor for more information. Also see IRS Form 5405.
Q. Who is considered to be a first-time homebuyer?
A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase. Taxpayers (including both spouses, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase.
Remember, this great opportunity ends December 1, 2009!
HOPE is Here!
