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The Latest News About Recent Home Buyer Tax Credits

There’s wonderful news for people considering purchasing a home! Congress has recently passed further legislation, as a portion of the plan for energizing the U.S. housing market, that makes the Federal tax credit of up to $8,000 now available to even more first-time buyers. Also, selected individuals who now own a home and want to purchase a new one will also be eligible for a Federal tax credit totaling up to $6,500.

The Extended Home Buyer Tax Credit extends and improves the existing law that runs out on November 30. Both new and move-up buyers can now take advantage of the Federal tax credit. Needless to say, this is over and above the current historically low mortgage interest rates.

Here are the important new particulars:

* The first-time buyers’ $8,000 has now been extended through April 30th, 2010. * Current homeowners are now eligible for a $6,500 tax credit, if they have lived in the home they are selling as their principal residence for a minimum of five consecutive years out of the last eight years. * Income limits for eligible buyers were increased to a range of $75,000 to $125,000 (for single buyers) and a range of $150,000 to $225,000 for couples. * Time has been extended to make allowance for closing the home purchase. As long as they have a ratified contract by April 30th, they will then have until June 30th, 2010, to close the purchase. The qualifying purchase price of the new residence has to be no more than $800,000.

Additional details:

* Tax credits provide a dollar-for-dollar reduction of taxes owed with any surplus funds available as a refund. The amount of the credit will be first credited toward any tax liability for the year of purchase. Subsequently the amount remaining will be refunded to the buyer. (For example a first-time buyer who owes $2000 in taxes would receive a check for $6,000). * Any single-family home purchased to be used as a principal residence (including condos, co-ops) will qualify assuming that it is purchased by the 30th of April, 2010 and closed by the 30th of June, 2010. * The full amount of the credit is available for individuals with an adjusted gross income of no more than $125,000 or $225,000 on a joint return. When income is greater than these figures, the amount of the tax credit drops until the maximum limit is reached – $145,000 for an individual or $245,000 of joint income.

Jim Navary has been a freelance writer and researcher for more thirty years covering a broad range of topics. He is also a licensed real estate salesperson in the Commonwealth of Virginia specializing in real estate in the Tri-Cities area of Virginia and, in particular, Petersburg, Virginia, area houses for sale.

buy a home

Bellingham Washington The Perfect Place To Live

Bellingham Washington is situated on the coastline on Bellingham Bay. Bellingham is just 90 minutes north of Seattle Washington and 60 minutes south of Vancouver, British Columbia, Canada. Mount Baker just an hour away is residence to some of the greatest powder for snow boarding, sking and snowmobilers. It is the best place to acquire a home, property or land due to the mixture of culture, place, education, outdoor activities and span of age groups.

Bellingham has a number of of the best educational programs in the region and is home to Bellingham Technical College, Whatcom Community College and Western Washington University. You will find no lack of water sports and activities focused around lakes, rivers and streams. It is one of the top spots in the state for persons who take pleasure in outdoor activities.

Real estate money in the state continue to remain ahead of national average prices. To acquire a new or older house, property or just need help doing a search get in touch with a Bellingham Washington real estate agent. A real estate agent can help you find the ideal property or home.

If you dislike one hundred degree summers and minus wind chill winters that last forever but would like to take pleasure in all four seasons of the year than Bellingham Washington is the place. With many lakes in the region there is no lack of activity for boaters, kayakers, water skiing, jet skis and people who love to swim or fish.

If you enjoy the rough country and just want to hike, walk or camp there are numerous areas inside an hour that you can enjoy for the day or weekend. In fact Mount Shuksan is one of the most photographed mountains in the world. It is easy for an active individual or people to enjoy a full weekend or day out.

Bellingham Bay is part of Puget Sound and Part of the San Juan Islands making this an perfect area for salmon fishing, crabbing, clamming, boating and sailing. If you enjoy boating there are lots of islands to explore. Many of the islands have designated camp areas and docks.

A number of people will just catch a ferry to an island to bike around or go to see for the day. The Pacific Northwest is really unique place to live. It is no wonder it is one of the more attractive parts of the country to live. If you\’re looking to buy a residence get in touch with a Bellingham Washington real estate agent.

Looking to find the best deal on bellingham homes for sale, then visit www.bellinghamhomesforsale.net to find the best advice from a bellingham real estate agent for you. Click here to get your own unique version of this article with free reprint rights.

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When You Save By Refinancing

The economic crash, or recession, has had a few good things especially for those who continued to pay their bills on time and kept up with things. It can be an economic opportunity. Many of those middle class families with extra cash around or large investors were able to take advantage of foreclosed properties or what is there for those with no cash or guts to snap up bargain homes not needed.

One great reason to refinance is to save money. Income is not just a product of investments, but it can also be accomplished through savings and that is at a phenomenal level nowadays. Many still don’t understand, though, how refinancing can save.

Refinancing creates savings for you in two ways – lower monthly mortgage payments and lower interest rates. Lower monthly payments is a given. All refinanced mortgages, regardless of prevailing market rates give debtors lower monthly payment terms. The real secret is playing with interest rates.

Generally, two factors determine the interest rate your bank or your mortgage provider gives you on a first mortgage – prevailing market rates and your credit rating. Both of these factors fluctuate. If you have bought your home and taken out a mortgage three to five years ago, interest rates have dropped significantly since then; now would be a good time to consider refinancing, before market rates pick up. Additionally, if your credit rating has significantly improved since, refinancing might also save you a significant amount.

However, the market conditions are not the only factor to consider. The final decision will come down to whether or not the costs of refinancing will be more or less than the expected savings. Usually the costs of closing are 2 to 3 percent of the principal amount and those need to be paid at the time of the closing. If you look around nowadays for refinancing mortgages you will most likely find no-cost refinance offers.

Speaking of no-cost offers, beware of such offers. Freebies are a thing of the past. Companies who cover closing costs do not eliminate this cost from your account; they collect it in alternative ways, often in higher-than-market interest rates. If you have a short-term horizon, however, you can enjoy upfront cost savings without the burden of high mortgage rates for a long period of time.

Going back to the decision at hand, when does refinance actually save you money? Do your math to find out! An easy way to do this is to add up the remaining amortizations on your current mortgage (of course, include all charges applicable to date), and compare this with the sum of the total payments you expect to make under a refinanced mortgage, plus closing costs. Both options are cash outlays; pick the option that gives you a smaller figure.

As an alternate tool use the savings approach to make a decision if refinancing is a sound option for you. You can do a little math and see what the interest payments will be on the remainder of your current mortgage then do the same for the refinance offer. Take the difference and compare with costs of the refinance option. If it comes down to the interest amount is larger in savings than what you would pay for refinancing then go ahead and if they are not then stay where you are.

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