Save your time by working with us online! We specialize in homes, lots, land, farms, commercial, industrial, forelosures, and we are certified in short sales
ASK US ABOUT OUR BANK OWNED PROPERTIES
ATTENTION RESIDENTIAL BUYERS THE FIRST DEADLINE FOR BUYERS AND SELLERS IS APRIL 5, 2010!
On that date, the Department of Housing and Urban Development will initiate new regulations for FHA loans.
Among the changes that will take effect on that date are: The mortgage insurance premium for FHA mortgage insurance on loans which are assigned on or after April 5, 2010, will be raised from 1.75% to 2.25% of the loan amount.
Individuals who have a credit score of less than 580 will be required to pay a minimum down payments of 10% of the sales price, rather than the traditional minimum of 3.5% The percentage of loan fees and closing costs that the Seller is allowed to provide will be reduced from 6% to 3%.
The second deadline involves the Homebuyers tax credit, which provides for a tax credit of $8,000 for first-time homebuyers and up to $6,500 for repeat buyers. This tax-credit will no longer be available for anyone who does not have a contract in place by April 30, 2010 and must close by June 30, 2010.
First-time home buyers who qualify could possibly obtain $10,000 in tax credits if they sign a contract for a home by April 30th of this year and close by no later than June 30th, 2010.
$8,000 First Time Home Buyer Tax Credit is available for first time home buyers only
The tax credit can be applied to the purchase of a new or existing home. A first-time home buyer is defined as a person who has not owned a principal home during the last three years. The tax credit is equal to 10 percent of the purchase price of the home up to $8,000. The income limitations to qualify are less than $125,000 for an individual and less than $225,000 for joint filers. The tax credit is refundable and does not have to be paid back unless the homeowner sells the home within three years of their purchase. Qualifying homes must be under a binding contract by April 30, and have completed the sale by June 30, 2010.
$2,000 Mortgage Credit Certificates
Through the Kentucky Housing corporation, the Federal Government allows first-time homeowners an income tax deduction for part of the interest paid each year on a mortgage loan. The Mortgage Credit Certificate gives a tax credit of up to $2,000 each year (25 percent of total interest) which reduces the amount of Federal Income Tax and puts more money in the Buyer's pocket during the year. The credit can be taken for the life of the loan. The drawback factor is - Buyers who sell their home before nine years could be subject to a Federal Recapture Tax. When you apply for this credit be sure you are going to live in your home for the next nine years.
$6,500 Tax Credit for Existing Home Owners
The $6,500 tax credit is available for repeat Buyers who have lived in their primary residence consecutively for five of the last eight years. Repeat Buyers do not have to purchase a home that is more expensive than their previous home to receive the tax credit. The tax credit can be applied to the purchase of a new or existing home. The tax credit is equal to 10 percent of the purchase price of the home up to $6,500. The purchase price of the home must be $800,00 or less to qualify. The income limitations to qualify are less than $125,000 for an individual and less than $225,000 for joint filers. The tax credit is refundable and does not have to be paid back unless the homeowner sells the home within three years after purchase. Qualifying homes will be under a binding contract for purchase by April 30, 2010 with closing completed on or before June 30, 2010.