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Yes! There is an added tax credit benefits for military first-time homebuyers and for repeat buyers under the new law. You can go online at http://hap.usace.army.mil/ for more information if you currently own a home.
Source: Marketwatch
Secret is out! Principal Reduction for homeowner is In!
There is another wave of foreclosures looming around the corner due to rise in risky loans and high unemployment. Lender have been trying to avoid principal reductions. If you are like so many homeowner that owe more on their loan than what the property is worth. Talk to your lender today. You might be able to negoitate principal reduction.
Source: Bloomberg Businessweek, January, 2010
Overview of First-time homebuyer tax credit --First-time homebuyers (that is, people who have not owned a home within the last three years)...The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000. If married may qualify for full tax credit.
current Owners: (gives those who already own a residence...a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadline: all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Income limits: Single tax filers who earn up to $125,000 are eligible... those who earn more than this cap can receive a partial credit...single filers who earn $145,000 and above are ineligible...Joint filers who earn up to $225,000 are eligible...Those who earn more than this cap can receive a partial credit...joint filers who earn $245,000 and above are ineligible.
Foreclosures - There are still great deals out there! First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000 to be made with buying bank-owned/foreclosures. Do your homework up front because their may not be time to do later. Always, always get a home inspection and any other inspections deemed necessary. Banks that own these properties are doing very little if anything at all towards repairs or inspections. When they say "as is" that is what they mean. Seek out experience real estate agents, like me that can help you through the foreclosure process.
One other thing... have your pre-qualification, pre-approval or a proof of funds available at time of presenting offer. It can cause delays. For example, seller accepts another offer or could result in a multiple offer situation. You don't want to be at the back of line when it comes to presenting offers on these properties. Competition is very stiff!!!!!!!!!! SEE BUYER PAGE FOR DETAIL INFORMATION.
SEEN-Years Updates:
If over 65 years of age or older, veteran or disable...you could qualify for real estate property tax exemption. Contact your local county revenue department for information. (Go to my web links for county tax offices in the state)
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How to Calculate Taxes – Tax rates are calculated against each $100 in value.
Example 1: A single-family home with a value of $200,000. The property is located in the Town of Apex but not a Fire or Special District.
Wake County rate = .678 Town of Apex rate = .40 Combined Rate = 1.078 Recycling Fee = $20
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Property value divided by 100: $200,000/100 = 2,000
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2,000 x 1.078 = $2,156
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Plus $20 Recycling fee = $2,176 estimated annual tax
For further information on property taxes call your local county office or go to www.propertytax.com.
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