Posted Under: Home Buying
November 9, 2009 12:20 PM |
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New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts.
Below is a summary of the new modifications in the extension and expansion of the tax credit: 1) The $8,000 tax credit will be extended and available for first-time home purchases before May 1, 2010. 2) A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years. 3) Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction. 4) Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
If you know anyone looking to buy their first home at a time when prices and interest rates are still down, or if you are thinking of buying another home and getting the new $6,500 credit please contact me today.
Those game rooms and converted garages may come in handy!
HOUSTON (Houston Chronicle) – Data in the 2008 American Community Survey show that about four million American households have three or more generations living under the same roof, and sociologists and demographers expect that trend to increase in the near future.
What is behind the surge in multigenerational households? The recession and baby boomers, experts say.
With layoffs and furloughs, people are moving back in with their parents or other family members to save money. Also, many baby boomers are taking care of their elderly parents as the cost of long-term care soars.
About 4.5 percent of Texas households are multigenerational, the third-highest percentage in the nation, according to U.S. Census data.
SAN ANTONIO (San Antonio Express-News) – The Texas Department of Housing and Community Affairs is no longer accepting applications for short-term loans to homebuyers eligible for the $8,000 federal tax credit. Because first-time homebuyers generally have enough money to cover their down payment, but not always enough to pay closing costs, the state has been offering 90-day loans since July to help them use the federal tax credit. Since the department set aside $7.5 million and began offering the loans, it has received 1,225 applications. It stopped accepting loans to ensure it could process them by Dec. 1, the deadline to finalize home purchases while taking advantage of the tax credit.
TEXAS (Real Estate Center, CNNMoney.com) – A total of 22,511 existing homes were sold in Texas last month, a 4.8 percent decline from July 2008, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price increased 0.6 percent to $153,800 during the same period, and the state finished the month with a 7.4-month inventory of existing homes.
Here is how College Station, Texas fared in July (data current as of Aug. 28, 2009):
College Station–Bryan sales 304
Median price: $151,000
Change from Last year: down 2.3%
Months inventory: 6.8%
In the Bryan/College Station, Texas area, where the hub of the two cities is Texas A&M University, 'HOMEwork' is very important! When you have real estate needs, call Myke Leatham, Brazos County Realty at 979-693-0201