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The Economic Stimulus Plan and the Homeowner Affordability and Stability Plan provides good news for everyone!! 1st time home buyer tax credits have been extended and new credits for "move up buyers" have been added!
Economic Stimulus Plan Highlights:
First Time Home Buyers:*For “first time” home buyers (haven’t been on a title in 3 years) who purchase a primary residence before April, 2010 (and take occupancy by June, 2010) and hold on to it for 3 years-this is an incredible opportunity! Housing prices are low, interest rates are lower than we’ve seen in 30 years, and the government is GIVING buyers up to $8,000 in tax credits. If you did purchase a home in 2008 as a 1st time home buyer you still can receive a $7,500 tax credit, but it needs to be paid back over a 15 year timeframe starting in 2011 when you file your 2010 returns.
*If you currently own a home, you can still receive up to $1,500 in tax credit through 2010 for certain energy efficient upgrades (new windows, water heater, insulation, etc).
*The loan limit for FHA financing in King and Snohomish Counties have been stretched to a maximum of $567,500.
*The loan limits for FHA-insured reverse mortgages have been increased to $625,500 across the entire country (not just high priced areas). The previous limit was $417,000.
*Short term rental assistance and other aid for families during the economic crisis.
Current Home Owners: If you have lived in your current home for more than 5 years, you could qualify for a tax credit up to $6,500 when purchasing a home.
Energy Efficiency Tax Credit:
*Current homeowners can receive up to a $1,500 tax credit for improving home energy efficiency, such as replacing windows, water heater, increasing insulation,installing a heat pump, solar, etc. Homeowners must make this improvement by 2010, taking the tax credit on their 2011 taxes.
The Homeowner Affordability and Stability Plan Highlights:
*This plan is designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages.
*The program will be available for home owner-occupants “at risk of imminent default” even if they are current in making mortgage payment, as well as those already delinquent.
If you know anyone who has been “sitting on the fence” with the decision to buy a home, give them notice that NOW is the time to make their move. Please pass this information on to friends, family, co-workers that may need this information about taking advantage of these tax credits or who are having problems with their mortgage. I work with trusted mortgage lenders, real estate attorneys, CPA's and contractors who are available to work with you. Give me a call if you need a referral or have questions… it is my intent to assist and advise those in all types of situations.
I look forward to talking with you soon!
Maria
206 755 0746
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