Homes for sale in Frisco Plano Allen Carrollton Wylie Sachse Murphy
McKinney and other North Dallas locations. |
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Jay A Hendrick
William
Davis Realty
8856 Coleman
Blvd
Frisco, Texas
75034
Cell:
214-336-7088
Voice/Fax: 972-248-5991
Website:
www.RealEstateDal.com
Website:
www.ForeclosuresFrisco.com
Member: NAR TAR
CCAR
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NORTH DALLAS REAL ESTATE
First Time Home Buyers
CONGRESS APPROVES EXTENSION of the first time
homebuyer TAX CREDIT
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www.federalhousingtaxcredit.com
http://www.irs.gov/newsroom/article/0,,id=204672,00.html
http://www.irs.gov/pub/irs-pdf/f5405.pdf
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The Senate and the House
has approved extending the first-time homebuyer tax credit and
more; the new deadline will be April 30 2010 and additionally,
homebuyers who have lived in their homes for at least five
consecutive years would also be eligible to receive a $6,500
credit.
The plan would allow couples
earning up to $225,000 a year and individuals earning up to
$125,000 a year to qualify, increasing the current credit limit
form $75,000 for individuals and $150,000 for couples.
This plan is available to
anyone buying a house for less than $800,000.
Some New Rules for First Time Homebuyers Tax Credit
In the
case of a parent cosigning for one of their children where both
names appear on the note, the IRS says that under some
circumstances, the first-time home buyer can qualify for the whole
amount.
The
parent doesn’t qualify for any portion of the credit, but if the
child hasn’t owned a home during the three years and can qualify
based on income, he or she can be allocated the entire $8,000
credit.
In the
case of unmarried individuals who co-purchase a home and only one
of them is eligible for the credit, then the full $8,000 can be
allocated to the eligible buyer.
Credit recipients would have
to repay the amount received if they sold their home or stopped
using the property as a main residence within five years of
receiving the credit.
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You Could Claim This Credit On Your 2008
Tax Return
The tax credit
applies in the year it's claimed. Close on a new home before you
file your 2008 taxes, and you can claim it on your 2008 return.
Or, you can choose to claim it for 2009.
Use your $8,000 credit for your down-payment
T he
Federal Housing Administration ( FHA ) is going to permit
its lenders to allow first time home buyers to use the $8,000
tax credit as their down payment.
Previously, most
buyers wouldn't receive the funds until after they filed their
tax return.
FHA’s approved
lenders will be permitted to “monetize” the tax credit through
short-term bridge loans. This will allow eligible home buyers to
access the funds immediately at closing to be used as the
down-payment.
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Some provisions of the new First Time
Homebuyer Tax Credit.
1)
The tax credit would
be $8,000 for first-time home buyers and $6,500 for people
moving up to new homes.
2)
The duration will
extend from December 1, 2009 to April 30, 2010.
3)
The deadline will be
on April 30, 2010, but you will still qualify to complete
the deal if you have a binding contract before that date, a
change in the old bill.
4)
Move-up buyers must
live in their residence for 5 of the last 8 years to be
eligible for the $6,500 tax credit.
5)
Income limits for both
first-time home buyers along with move-up buyers would
increase to $125,000 for individuals and $225,000 for
married couples.
6)
The home being
purchased may not exceed $800,000. (The tax credit is
structured so that you will get 10 percent of the purchase
price up to $8,000 for first-time buyers and $6,500 for
trade-up buyers, purchases over $800,000 are not ineligible
for the tax credit.)
7)
For purchases made in
2010, taxpayers may claim the tax credit on their 2009 tax
return.
8)
To avoid repayment of
the credit, residence must live in the home for 36 months
after the purchase date.
9)
The amendment includes
a military waiver provision, meaning the recapture provision
would not apply in the case of a member of the Armed Forces,
military intelligence or Foreign Service who is on qualified
official extended duty. In addition, members of the military
who have been deployed overseas for 90 days or more in 2008
or 2009 would have until April 30, 2011 to claim the home
buyer tax credit.
10)
This amendment also
includes anti-fraud language giving the IRS greater
oversight during the processing. The amendment requires the
taxpayer claiming the credit to be 18 years of age or older.
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Call for information - DAP $7,000 FHA down payment assistance
program
The Texas First Time Homebuyer Program
The Texas First Time Homebuyer Program
makes available through a group of participating lenders, below
market interest rates, to eligible people who are buying their
first home or who have not owned a home in over three years.
This program supports two types of loans. The first is an
“Unassisted Rate” loan. This as a rule offers the lowest
interest rate available and does not provide money for a down
payment or closing cost. If the borrowers needs assistance with
their down payment, an “Assisted Rate” loan is available. This
program provides income-eligible borrowers, grant funds up to 5%
of the mortgage amount. The second program has a slightly higher
interest rate.
If you are ready to buy your
first home and want to see if you are eligible for the first
time homebuyers program, Click the
calculator tool
and use the qualifier tool. Find out if you are
eligible for the First Time Homebuyer Program, and what your
estimated monthly payments will be based on the price of your
home and your interest rate. As your real estate agent I
can supply you with general tax and insurance information to
complete the required areas. This calculator does not completely
qualify you for the program but will give you a good idea if you
are eligible.
To verify your eligibility into the
Texas First Time Homebuyer Program,
contact a loan officer from the
provided list of lenders.
He or she will determine if you are eligible and tell you the
maximum amount of money you may borrow to buy your new house.
There are terms when you use this program to buy a home, read
the
Review Rates, Fees, and Requirements
to see these terms.
When applying for this type of loan make sure you have the
information on the
FTHB checklist link on hand
and ready to convey to the loan officer.
Now that you're qualified, it's time to use your Texas Realtor
that has completed the continuing education class "United Texas
- Housing Initiatives That Work" to search for the right house
for you to buy. |
TEXASREALESTATE.COM
Affordable
Housing
North Dallas has plenty of homes for sale for
the first time homebuyer to buy
If you are interested in
buying
one of these
homes,
Call 214-336-7088 or e-mail me at jay@realestatedal.com
We serve Allen, McKinney, Prosper, Frisco,
Plano, Lewisville, The Colony, Sachse, Wylie, Murphy, Richardson,
Carrollton, Flower Mound, Coppell, along with many other areas
around DFW.
Frisco
foreclosures offer a tremendous amount of value and can save the
buyer thousands.
NORTH
DALLAS HOMES
FOR SALE
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Homes for sale
in Frisco, Plano, Allen, Carrollton, North Dallas, Wylie, Sachse, Murphy,
McKinney,
in Denton County and Collin County Texas.
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For home buyers, find the information you need to make the
right choice when buying a house or other real estate.
Homebuyers; get informed when buying a house in
Frisco, Plano, Allen, Carrollton, Wylie, Sachse, Murphy, McKinney Texas, North Dallas,
Denton county and Collin County.
Ask your
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View the Texas real estate Buyers Representation Agreement
If you're buying a new home in North Dallas and want to see
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Use our
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and
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searching in Frisco, Plano, Allen, Carrollton, North Dallas,
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sale in Texas.
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house with your specifications first comes on the market
As your real estate agent I will provide
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Local Services
Providers.
to assist you with the purchase of
your new house.
To assist you when it's time to buy a house;
Inspectors,
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companies,
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agents, Movers, Selling a house or Buying a house
this list provides a few of the services you will need.
North Dallas city information page.
See what North Dallas cities and
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Collin County and Denton County Texas.
Interest rate calculators
Try our
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calculators
to determine your
monthly mortgage
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Pre-qualifying for a loan, Down payment, Closing Costs & Fees Explained, Loan To Value
Ratio (LTV)
Debt to Income Ratio (DTI)
Applying for a loan
Ten Things to Know About a Home Mortgage
before you search the real estate listings for homes for sale in
Frisco, Plano, Allen, Carrollton, Wylie, Sachse, Murphy,
McKinney Texas , and other areas around North Dallas.
Current
interest rates; If you want buy a house, you have to know the current
interest rates
Credit
Report;
Your credit score
is, aside from your income is the most important number when applying for a
loan or planning to finance a
new home.
Get the
credit information you need to
fix your credit before looking at homes for
sale. Your credit, if not in good standing, could prevent you from
qualifying for the house you want.
Programs for First Time
Home Buyers. 100% financing,
below market interest rates for eligible families and
individuals
First time home buyers that qualify can obtain
down payment assistance, 100% financing and a lower interest rate then what
is available in the market place.
Buy a House in the location you prefer.
North Dallas maps provide an area overview of the city you are looking in
for you next real estate purchase.
View the property you are interested in from an over
head perspective.
School
selections in Frisco, Plano, Allen, Carrollton, North
Dallas, Wylie, Sachse, Murphy, McKinney, and other Texas cities.
Find available
elementary,
junior high, high school,
in the area you want to buy a house.
Buying a Foreclosure in Frisco, Plano, Allen,
Carrollton, North Dallas, Wylie, Sachse, Murphy, McKinney TX
Buying
a foreclosure can save you thousands of dollars, contact me for a
list of foreclosures
in your selected area and get informed about why there is such a
selection to choose from in North Dallas.
There is a
down payment assistance program for
qualified first time home buyers applying for a real estate loan in
Texas.
