Wednesday, June 16, 2010

Closing Deadline for $8000 Tax Credit Extended

The Senate, on a vote of 60-37, accepted an amendment by Democratic Leader Harry Reid that extends the new home purchase closing deadline to September 30 for buyers who met the April 30 deadline to have a signed contract.

The current deadline requires those buyers to close the transaction by June 30 in order to receive the $8,000 tax credit for first-time homebuyers. Now they have until September 30 to close. Reid offered the measure as an amendment to a bill that would extend some popular business tax breaks and extend unemployment insurance benefits for jobless workers.

Friday, May 14, 2010

Europe: My Big Fat Greek Bailout!

Troubles in Europe are having a positive effect on our mortgage rates. Currently, 30 Year Fixed Rate mortgages are holding at under 5%. Short term Hybrid Arm 7 Year Fixed Rates are in the mid 3% range. That's right: if you know you will be living in a home for 7 years or less, you will pay a fixed rate for that whole time period in the mid 3% range. Sometimes trouble is actually opportunity.

Thursday, February 11, 2010

Need Your Taxes Prepared? We Offer that Service!

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Charlie will apply his extensive knowledge toward maximizing your refund by maximizing your deductions, thus reducing your taxes owed.

Fees begin at $50 per hour, so if you could possibly have your personal taxes done for $50 ~ wouldn't you rather be doing something else? You don't have to be located in Jacksonville or even in Florida to retain Charlie's tax preparation service. Call Charlie at (904) 993-8899.

Wednesday, November 18, 2009

First Time Home Buyer Tax Credit Extended

The First Time Home Buyer Tax Credit has been extended to April 30, 2010.

The new bill includes an incentive for current home owners as well. The government will offer those buyers a credit of up to $6,500 as long as they've lived in their home for five of the past eight years. The credit can only be claimed on primary residences purchased for less than $800,000. And as long as they use the property as their primary residence for three or more years after the purchase, buyers don't have to pay it back. Furthermore, buyers can claim the credit on their 2009 taxes, even if the purchase was made in 2010 by filing an amended return.

Here's a quick recap of the extension's new guidelines:

Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500.

First-time home buyers — or people who haven't owned a home in the previous three years — could get up to $8,000.

To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.

Friday, October 2, 2009

WOW! 5-Year ARM at 3.875 % Today!

Due to a weak Non-Farm Payroll Report by the Department of Labor this morning, mortgage interest rates are down again. Right now qualified buyers and homeowners can get a 5-Year Adjustable Rate Mortgage (fixed for 5 years) at 3.875% with no discount or origination points added. Most 30-Year Fixed Rate products are in the mid 4% range.

Tuesday, September 29, 2009

Rates Now Lowest of the Year!

Home mortgage interest rates are now at their lowest levels of the year. Most mortgage products are starting in the 4% range. The rate you will qualify for is dependent upon your credit worthiness (FICO Score) and the Loan to Value Ratio of your purchase/refinance. Now just might be the time for you to get the lowest rate ever!

Friday, September 25, 2009

GOOD NEWS: $250K and Below Home Market Stabilizing

The National Association of Realtors now reports that there is only a 2 month inventory of new and used homes in the $250K and below range. This market is therefore stabilizing, and in some areas, already moving quickly.

This price range is historically the market for First-Time Home Buyers (those who have not lived in a property that they own during the last 36 months). Buyers who want to take advantage of the Federal $8,000 tax credit and their Realtors need to remember that this program ends November 30, 2009. The sales transaction must close by that date to qualify.