The Wilkas Group » tax credit

San Mateo Thanks Congress! First Time Buyer Tax Credit Extended

lenorewilkas — Fri, 06 Nov 2009 01:52:31 +0000

Today, the U.S. House of Representatives voted 403 to 12 to extend and expand the home buyer tax credit. The bill passed the U.S. Senate late yesterday and now will go to President Obama for his signature, where it is expected to be signed this week.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

What does this mean for you? If you are a first time buyer that $8000 tax credit can help off-set your closing costs. If you are a current home owner in a house that is squeezed for space, you can get a tax credit of $6500 to move into a larger house. Everyone wins here if you don’t wait too long to do this. Yes, this is coming at the end of the year making it more difficult to find a good house with fewer available to choose from, but if you’re serious about making a move and have owned that current house for 5 years, call us and we’ll walk you through what you need to do.

First Time Buyer’s Tax Credit is Going, Going, Gone if you Wait – San Mateo, CA

lenorewilkas — Mon, 24 Aug 2009 20:18:33 +0000

Congress gave a gift to first time home buyers earlier this year. What Congress gives, Congress takes away and unless you get into a contract soon, your likelihood of getting the $8000 First Time Home Buyer’s Tax Credit will be gone. You must have the keys to your new home in hand by November 30th. That seems like a long way off from today, it’s 90 days, but with all of the new laws now in place to “protect” you the buyer, we are seeing tremendous delays and problems closing escrows. The days of the 30 day close are gone. If you haven’t begun your home search you need to do so NOW. You need to be pre-approved by a lender, and we work with some of the best, before we even head out the door to begin looking at real estate. So what are you waiting for?

Are you a Condo buyer? It’s even more important to hustle on this one if you are planning on using an FHA loan. Since most of our First Time Buyer’s have been using FHA loans, here’s something to be aware of. Right now there is a list of approved FHA condo complexes that your lender pulls up. If the complex is on the list, you will be approved for your loan. If the condo isn’t on the list, you must see if it can be qualified on what is called a Spot Approval. The Spot Approval is going away very soon. In fact, FHA will be looking at all of the currently approved complexes and re-approving them, especially if they were approved more than 2 years ago. What is good today may not be good tomorrow.

If you are a single person and earn between $70,000 and $90,000 you qualify for the credit, but the more you make the less you can get. Married couples must have incomes between $150,000 and $180,000 and the same holds. There is a sliding scale on income qualification and it is definitely favoring couples in our area.

We’re here to help you with all of your real estate needs whether you’re a first time buyer or an investor of many years.

2009 is a Great Year for First Time Home Buyers in San Mateo!

lenorewilkas — Sun, 15 Feb 2009 09:18:26 +0000

If you are considering jumping into the real estate game to buy a home for the first time, this is the year to do it and to thank President Obama and the United States Congress for helping you do it, too. The Stimulus Bill passed this last week has given first time home buyers a nice gift. A gift of $8000 as a tax credit. But this gift has strings, thanks to Uncle Sam. You must remain in your home for two years or you’ll have to pay the $8000 tax credit back as earned income.

If you are thinking about getting off the fence this year, this has to help nudge you! There are great buys in condos, townhouses and single family homes right in the San Mateo area right now. Loans are at amazing rates and thanks to FHA financing you can buy a home with as little as 3 1/2% down. Your credit score can even be in the lower 600′s for this, too. But, you must have good credit, low debt ratios, and a secure job. No more checking if you’re breathing and getting a loan, but if you are a responsible citizen 2009 could be the year you gain home ownership.

We are here to help you with the entire process of buying a home. It’s not scary, really. It’s something most of us dream of and until recently was really hard to do with such crazy prices for our real estate but today, we have seen a correction of about 5% in many parts of the Peninsula. Some areas in San Mateo County have gone down as much as 50%. What’s stopping you? This is free money, folks.

Call us at 650-696-2820 and we will walk you through the whole process. We have wonderful lenders to pre-approve you for a loan. Call.