Home Buyer Tax Credit at a Glance

$8,000 First-time Home Buyer Tax Credit at a Glance

- The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000 or less.
- The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
- For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

- To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010
-Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Triple Dip

Looks like banks are trying to triple dip. Feds are artificially keeping rates low with the flooding of our currency in the world market (which is why gold silver etc. are raising in value). While rates are low, banks are making a killing on margins, bail out money and now with excessive credit card rates. With the new extension(until February) banks have been granted to keep credit card rates under control, banks have JACKED rates as high as 30% for those that have NEVER been late on a single bill...... and just in time for Christmas. A couple things you can do. When you receive the rate trigger letter in the mail:
1. Stop using the card.
2. Contact the bank and opt out.
This will freeze your current rate on the card.
Good Luck!

Hmm...Brokers Are The Good Guys?

Valuation fraud (or in other words appraisal fraud) rose 46% in the third quarter compared to the same period a year ago, according to a new report from risk mitigation firm..... The only difference this year as compared to last year has been HVCC. HVCC was impletemented to keep the "dirty" brokers "clean" when it comes to inflated values, however with brokers out of the picture and having zero contact with appraisers we are still seeing fraud increase....HOW? If this report is true, we have to speculate that the only way values are continuing to be manipulated is by those who have access to AMC, or bank run AMC's. Is valuation fraud up? If it is banks can only be those to blame..... and here we thought banks were the good guys.