Monday, September 28, 2009
Life Design Homes, Lake Meadows, Smithville, MO
Sales have been so brisk in Lake Meadows, Life Design Homes will be starting 4 more homes priced from 149,900 this week. They plan to have at least two if not all 4 done before the new buyer tax credit ends. Call us at 816-985-PAUL.
Tuesday, September 22, 2009
Lake Meadows
New Homes from 140-180"s - There are 8 started and already 4 under contract -- please call us for further details on these popular homes. This neighborhood is only moments from Smithville Lake. 100% financing is available from USDA for those who meet the income guidelines. - If you are a first time homebuyer and meet the USDA income guidelines - just think - no money down plus the tax credit for those who qualify and close before November 30, 2009. Call Paul at 816-985-PAUL or Leigh at 816-985-SOLD today.
Wednesday, June 17, 2009
New Listings Needed
Yes, business is good. The Kansas City Northland / Smithville Lake area has been busy. Call us for a free market analysis of your home. We need more inventory in our area in the $120,000-$190,000 price range. First Time Home buyers are out buying - Please give us a call at 816-985-7285.
Tuesday, February 17, 2009
First-Time HomeBuyer Tax Credit
FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Shaded
February 2009 FEATURE
CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008
REVISED CREDIT –
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit
Lesser of 10 percent of cost of home or $7500
Maximum credit amount increased to $8000
Eligible Property
Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
No change
All principal residences eligible.
Refundable
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
No change
Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
No change
Same income limits continue to apply.
First-time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
No change
Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing
No credit allowed if home financed with state/local bond funding.
Purchasers who utilize revenue bond financing can use credit.
Repayment
Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture
If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination
July 1, 2009
(But note program changes for 2009)
December 1, 2009
Effective Date
Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
All revisions are effective as of January 1, 2009
As Modified in the American Recovery and Reinvestment Act
Major Modifications Shaded
February 2009 FEATURE
CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008
REVISED CREDIT –
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit
Lesser of 10 percent of cost of home or $7500
Maximum credit amount increased to $8000
Eligible Property
Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
No change
All principal residences eligible.
Refundable
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
No change
Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
No change
Same income limits continue to apply.
First-time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
No change
Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing
No credit allowed if home financed with state/local bond funding.
Purchasers who utilize revenue bond financing can use credit.
Repayment
Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture
If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination
July 1, 2009
(But note program changes for 2009)
December 1, 2009
Effective Date
Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
All revisions are effective as of January 1, 2009
Tuesday, February 3, 2009
Obama Promises More Low-Cost Mortgages
President Barack Obama promised Saturday to reduce mortgage costs as a key part of his plan to improve the economy.
Analysts applauded the move, saying that making low-cost mortgages widely available could stabilize housing markets and jumpstart new home construction.
Beyond that, observers say aid for the troubled housing market will help blunt the anger many Americans feel over the financial bailout as the executives of firms that received billions take bonuses while average people lose their homes
Source: Reuters News, Mark Falsenth
Analysts applauded the move, saying that making low-cost mortgages widely available could stabilize housing markets and jumpstart new home construction.
Beyond that, observers say aid for the troubled housing market will help blunt the anger many Americans feel over the financial bailout as the executives of firms that received billions take bonuses while average people lose their homes
Source: Reuters News, Mark Falsenth
Friday, January 30, 2009
New MHDC Program
January 30, 2009
You may have already heard about this program but, if you haven't, MHDC (Missouri Housing Development Commission) has announced a new program to work in conjunction with the Federal First Time Homebuyer Tax Credit program. --Quote from MHDC web site, --With over 30 years experience funding mortgages for first time homebuyers, MHDC knows that the biggest barrier faced by first time homebuyers is acquiring money for down payment and closing costs. As a result MHDC created a program that allows homebuyers to receive the value of the tax credit at the time of closing.
How the Federal First Time Homebuyer Tax Credit Works: First time homebuyers receive a tax credit worth 10% of their home purchase, up to $7500. The credit is claimed on the homebuyer's federal tax returns. The credit is refundable, which means that the homebuyer receives a refund for the amount of the credit minus any federal tax liability. The credit is essentially an interest-free loan from the federal government and must be repaid through an increase in federal income taxes over a period of 15 years.
How the MHDC Tax Credit Advance Loan Program Works: MHDC makes a second mortgage to the homebuyer at the time of closing worth up to 6% of the home purchase price or a maximum of $6750, which is used to cover down payment and closing costs. The tax credit advance loan is paired with the MHDC financing for the first mortgage in the form of a safe 30 year, fixed rate mortgage. The homebuyer then files for the federal tax credit and uses the credit refund to pay off the MHDC tax credit advance loan. If the tax credit advance loan is paid off by the designated deadline (no later than June, 2010), the homeowner pays no interest other than a modest servicing fee. If the tax credit advance loan is not paid in full by the deadline, principal and interest payments to repay the loan over 10 years begin automatically. MHDC loan programs are available for households with incomes up to $85,000. The federal tax credit and the MHDC tax credit advance loan program are both currently set to expire June 30, 2009.
The URL for MHDC web site containing this information above is http://www.mhdc.com
You may have already heard about this program but, if you haven't, MHDC (Missouri Housing Development Commission) has announced a new program to work in conjunction with the Federal First Time Homebuyer Tax Credit program. --Quote from MHDC web site, --With over 30 years experience funding mortgages for first time homebuyers, MHDC knows that the biggest barrier faced by first time homebuyers is acquiring money for down payment and closing costs. As a result MHDC created a program that allows homebuyers to receive the value of the tax credit at the time of closing.
How the Federal First Time Homebuyer Tax Credit Works: First time homebuyers receive a tax credit worth 10% of their home purchase, up to $7500. The credit is claimed on the homebuyer's federal tax returns. The credit is refundable, which means that the homebuyer receives a refund for the amount of the credit minus any federal tax liability. The credit is essentially an interest-free loan from the federal government and must be repaid through an increase in federal income taxes over a period of 15 years.
How the MHDC Tax Credit Advance Loan Program Works: MHDC makes a second mortgage to the homebuyer at the time of closing worth up to 6% of the home purchase price or a maximum of $6750, which is used to cover down payment and closing costs. The tax credit advance loan is paired with the MHDC financing for the first mortgage in the form of a safe 30 year, fixed rate mortgage. The homebuyer then files for the federal tax credit and uses the credit refund to pay off the MHDC tax credit advance loan. If the tax credit advance loan is paid off by the designated deadline (no later than June, 2010), the homeowner pays no interest other than a modest servicing fee. If the tax credit advance loan is not paid in full by the deadline, principal and interest payments to repay the loan over 10 years begin automatically. MHDC loan programs are available for households with incomes up to $85,000. The federal tax credit and the MHDC tax credit advance loan program are both currently set to expire June 30, 2009.
The URL for MHDC web site containing this information above is http://www.mhdc.com
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