IRS Rules for First Time Buyer Credit

The IRS has these rules posted on their website, but I thought the new buyers out there would want to see them! Check this link out.

http://www.irs.gov/newsroom/article/0,,id=206293,00.html

And these are the rules for that Tax Credit Borrowing Situation!

http://moneyfeatures.blogs.money.cnn.com/2009/06/02/fha-backs-away-from-no-down-payment-loans/

Here is how HUD decided those funds could be used. The problem as they see it and it is understandable, is that they want buyers to have a financial stake in their property. Follow the the link for specifics.............

$8,000 Tax Credit Could be Used for Down Payment...In Advance!

Check out Saturday's article in the Seattle Times regarding FHA's recent approval of the u se of the $8,000 Tax Credit as a loan against the tax credit on your tax return for first time buyers. First time buyers is defined, in this instance, as buyers who haven't owned a home in 3 years.

http://seattletimes.nwsource.com/html/realestate/2009279540_taxcredit30.html

State To Provide $8000 towards first time Buyer Down Payment Through 12/31/09!

Hooray, the Washington State Legislature has passed a budget amendment that has been sent to the Guv for signature. This amendment would allow first time buyers to "borrow" their downpayment of up to $8000 from the State of Wa, then pay the State back from their Tax Credit of $8,000 offered up by the Feds! Something that works for the everyday guys and gals who are working their tooshies off to save save save!

Full article here: http://www.seattlepi.com/printer2/index.asp?ploc=t&refer=http://www.seattlepi.com/local/405640_homecredit28.html

Sales are Starting to Increase!

Holy smokes, the last time I posted was darned near a month ago. Yes, I'm still working hard! The market is starting to see changes....pending sales are starting to occur...in N Snohomish County homes priced under $300,000 are selling, especially if they are priced right and presented well. It's a tough market for pricing due to the bank owned or pre-foreclosure sales right now. There are some good Buyer programs coming out and interest rates are lower. The following link talks about the increased market statistics in the Puget Sound area. See what you think!

http://www.nwmls.com/discover/index.cfm?SectionGroupsID=25&SectionListsID=25&PageID=4993

And if you know of anyone thinking about buying, this is shaping up to be a great time to buy!

Excise Tax no longer Due on Short Sale Differences

This is really fabulous news. The Washington Association of Realtors worked with Washington State to change the law that had been requiring that people who had to sell their homes for less than market value pay excise tax of 1.78% on the difference. So, if your home was sold for $50,000 less than it was worth, you would have owed an additional $890 to the State. This just added insult to injury and more money from the pockets of those Short Sale sellers. The wrong has been righted. Check out this report:

http://blogs.thenewstribune.com/business/2009/01/12/realtors_state_agree_on_short_sales_taxa

Housing Recovery Plan for Struggling Homeowners

President Obama and Congress have put together a plan to keep struggling homeowner's in their homes under certain conditions. The purpose of this plan is to allow note holders of existing mortgages re-finance the existing mortgages to levels that the home owners can afford. The position statement ( I'll call it that for lack of a better description) does provide you with pretty good information. You can call your lender for more specific information.

http://www.treas.gov/press/releases/reports/housing_fact_sheet.pdf

Check out the link.