What's Stopping You from Buying a HOME?

The Worker, Homeownership, and Business Assistance Act of 2009 has extended a great opportunity to first time home buyers. If you have not owned a home in the past three years, and your income limits are $125,000 (for single individual) and $225,000 (for married couple), then you need to take advantage of this opportunity TODAY. Over the next few weeks, I will address the question "What's stopping you from buying a home?"

Today, I will focus on one of the major concerns of buyers - CREDIT. Many buyers are afraid that their credit scores will not qualify them for a home. Instead of taking that first step, they remain in their comfort zone (RENTING). Most lenders today are requiring a 620 mid-score for borrowers to purchase a home; however, this shouldn't discourage anyone from taking a look at their credit. If you don't take the first step and look at what's on the credit and get help, then you will always remain in your comfort zone.

I challenge you TODAY.... Step out of your comfort zone and take the first step. Give me a call or send me an email to discuss your options.

Your Angel in Real Estate, Teresa Tibbs
(512) 431-2442
www.angelinrealestate.com

First Time Home Buyer Tax Credit of up to $8,000

The Worker, Homeownership and Business Assistance Act of 2009 has extended the First Time Home Buyer Tax Credit of up to $8,000 to qualified first time home buyers. The tax credit now applies to sales occurring on or after January 1, 2009 and/or before April 30, 2010. Homes under contract by April 30, 2010 will qualify for the tax credit if closed by June 30, 2010.

To qualify for the Tax Credit a First Time Home Buyer is someone who has not owned a primary residence during the three years period prior to the purchase. For married couples, the law tests the ownership history for both the home buyer and the spouse. For sales occurring after November 6, 2009 the income limits for single taxpayers is $125,000 and for married tax payers filing joint returns $225,000. The tax credit amount is modified for taxpayers exceeding those income limits.

The purchase price for the home has to be equal to or less than $800,000.

To learn more about the advantages for first time home buyers and the tax credit give me a call at (512) 431-2442. I'll be glad to answer any questions that you may have concerning this great opportunity.

Please always seek the advice of a qualified tax advisor on this or any other tax related matters.