Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes
Fannie
Mae is offering a 3.5% incentive* for buyers who purchase and close on
a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers
purchasing properties listed on this site that are closed within this
period may receive up to 3.5% of the final sales price for:
Closing costs;
The purchase of new Whirlpool® appliances by Fannie Mae; or
A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.
To be eligible for this incentive:
Offers must be accepted on or after January 28, 2010
Property sales must close before May 1, 2010
Buyers must be owner-occupants, investors are excluded
Contact a Fannie Mae listing broker for more information.
*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.
2.
We've been getting a lot of questions about the particulars of the
Home Buyer Tax Credit Extension. While I wish we could take credit for
the abundance of information below, we can't. However, we can point you
towards the source. We hope you find these resources useful.
The NAR has been all over the legislation. Below is a list of questions and links to the NAR's answers.
The Basics of the Extended Home Buyer Tax Credit 2009/2010
Who Qualifies for the Extended Credit?
Which Properties are Eligible?
How Much is Available?
How is a Buyer's Credit Amount Determined?
If a Buyer's Income Exceeds the Limits, Can they Still Get a Credit?
Can a Buyer Still Qualify If They Close After April 30, 2009?
Will the Tax Credit Need to Be Repaid?
1. Close on your home purchase between November 7, 2009 and April
30, 2010, or have a binding written contract by April 30, 2010 and
close by July 1, 2010.
2. Decide whether to:
Apply the credit to your 2009 tax return, filed on or before April 15, 2010;
file an amended 2009 return; or,
apply the credit on your 2010 return, filed on or before April 15, 2011.
Attach documentation of purchase to your return.
What Documentation Proves the Purchase?
When Do I Apply For the Tax Credit?
How to Apply on Your 2009 Taxes
What about the 2009 First Time Home Buyer Tax Credit?
Who Qualifies for the Credit?
Which Properties are Eligible?
How Much is Available?
How is a Buyer's Credit Amount Determined?
If a Buyer's Income Exceeds the Limits, Can They Still Get a Credit?
Can a Buyer Still Qualify If They Close After April 30, 2009?
Will the Tax Credit Need to Be Repaid?
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a
high cost area to a lower cost area who meet all eligibility
requirements will qualify for the $6500 credit.
Question: I am an existing homeowner. On October 25, 2009, I
signed a contract to purchase a new home. I have lived in my current
home for more than 5 consecutive years and am within the new income
limits. I will go to settlement on November 20. If President Obama has
signed the bill by the time I go to settlement, will I qualify for the
new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect
for purchases after the date of enactment (when the bill is signed).
There is no reference to the date of contract for the new credit. The
provision looks solely to the date of purchase, which is generally the
date of settlement.
Question: I am a first time home buyer but was not within the
prior income limits at the time I entered into my contract to purchase
on October 30, 2009. I will be covered,however, by the new income
limits. If the new rules have been signed into law by the time I go to
settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as
soon as the President has signed the bill. The income limit and other
eligibility rules will look to your status as of the date of purchase,
which is the settlement date. So if the new rules have been signed when
you go to settlement, you should be eligible for the credit (or a
portion of the credit if you're within the phaseout range).
Question: I am an eligible existing homeowner. I have a fair
amount of equity in my home. I have found a home with a nonnegotiable
price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased
home is firm at $800,000. Any amount above $800,000 makes the home
ineligible for any portion of the credit. The $800,000 is an absolute
ceiling.
Question: I owned my home for 10 years, but sold it two years
ago year and have been renting since. If I purchase a home, will I be
eligible for the $6500 tax credit if I meet all the other eligibility
tests?
Answer: Yes. Because you lived in the home for more than 5
consecutive years of the previous 8, you will qualify for the $6500
credit. For example, Say John and his wife bought a home in 2000 and
lived there until 2008 when he got a divorce. Whether John has been
renting or bought in the interim, he WOULD INDEED be eligible for the
credit because he owned a home and occupied it as his principal
residence for 5 consecutive years out of the last 8 years. The keyword
here is "consecutive." As long as he lived in that house for 5 years
straight what he did since 3 years doesn't impact eligibility.
Question: I am an eligible first time home buyer. I entered
into a contract to purchase on November 1, 2009. Do I have to go to
closing before December 1? How does the extension date affect me?
Answer: You do not have to close before December 1. Once the
legislation has been signed, it will be as if the Nov 30 date had never
existed. Therefore, so long as the contract settles before April 30
(or July 1, worst case), the purchaser will be eligible for the credit.
The IRS has also updated their site to include information about the new legislation Click Here
3.
chfa JumpStart Program! Take advantage of the Federal First-Time Homebuyer Tax Credit Program by using the CHFA JumpStart program for down payment and/or closing cost asistance. Repay this zero percent (0%) second mortgage loan when you get your tax credit
refund!
Federal Tax Credit for 1st time home buyers (or if you haven't bought a home in the past 3 years; in any case purchaser must buy between Jan. 1st 2009 and Dec. 1st 2009) = $8,000 dollar for dollar credit! This is not a write off!
If you qualify, CHFA JumpStart second mortgage loan can be used for down payment and/or closing cost assistance.
The CHFA JumpStart loan program is for the lesser of 3.5% of the first mortgage loan or $6,000 (you must pay a $350 administrative fee).
Once you recieve the federal tax credit, use it to pay off the CHFA JumpStart second mortgage loan. If it is paid off before June 30, 2010, 0% interest and a partial refund of the administrative fee ($250). If you do not pay off the loan before that date, you will not get the administrative refund, and the interest rate on the loan increases to 8 percent with a 10 year repayment term.
Is your small business in trouble? Have Lenders turned you down for short term financing?
2009 RECOVERY ACT!
Small Business Loan (SBA ARC Loan Program) can provide up to $35,000 in short-term relief for viable small businesses facing immediate financial hardship to help ride out the current uncertain economic times and return to profitability. Each small business is limited to one ARC loan.
21,0000 square foot 2130 Mountain View Renovation nearing completion!Please view the Longmont Times Call article printed June 6th 2008 regarding the total renovation of 2130 Mountain View just off the corner of Mountain View and Hover in Longmont. We have space available for lease between 500 square feet up to 2700 square feet.
This renovation has improved the area immensely, increasing property values by increasing the quality of design and construction to the area.
This is a great example of how we would like to leave the world a better place by emphasizing quality development and design.
6.
WELCOME SCOTT DAWSON FORECLOSURE SPECIALIST!
Please welcome our newest broker to Grant Real Estate Scott Dawson. Scott Dawson is a foreclosure specialist which has direct affiliations with banks to market their foreclosures. We are tremendously excited about Scott's addition because he brings an entire inventory of homes which are not only under market value but also present an enormous opportunity for our investors to either buy and lease, fix and flip, or purchase as a primary residence.
Please call today to learn more about our under market value inventory!
