|
|
IRS Updated Tax Rebate Forms For 2010 Are Out!
|
An updated Form 5405, the form which first time home buyers and repeat home buyers file to get their tax rebate, and the related instructions, are now available. Eligible home buyers can now start to file their 2009 tax returns. Taxpayers claiming the homebuyer credit must file a paper tax return because of the added documentation requirements. In addition to filling out a Form 5405, all eligible home buyers must include with their 2009 tax returns: - A copy of the settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement.
In addition, the new law allows a long-time resident of the same main home to claim up to a $6500 home buyer credit if they purchase a new principal residence. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. The IRS has stepped up compliance checks involving the home buyer credit, and it encouraged home buyers claiming this part of the credit to avoid refund delays by attaching documentation covering the five-consecutive-year period: - Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
- Property tax records or
- Homeowner's insurance records.
Taxpayers claiming the credit cannot file electronically and must file paper returns. Taxpayers can still use IRS Free File to prepare their returns, but the returns must be printed out and sent to the IRS, along with all required documentation. More details on claiming the credit can be found in the instructions to Form 5405, as well as on the First-Time Homebuyer Credit page on www.IRS.gov.
|
First Time Homebuyer Tax Rebate Has Been Extended
|
The $8,000 First Time Home Buyer tax credit has been extended, and a $6,500 tax credit/rebate for current home owners who are moving to a new home has been added! The Nashville TN area (including Murfreesboro, Smyrna, Brentwood, Franklin, Dickson) has many homes which are suitable to your needs to get this credit!
The First Time Home Buyer rebate rules in brief: - The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000 or less.
- The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
- For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
|
Home Down Payment Assistance and Seller Paid Closing Costs
|
|
Yes, it is possible to still get into a home with 'low or no money down.'
There is even down payment assistance available at THDA. Ask your lender for information.
Several things factor in for you to qualify: credit and income, for instance.
Low money down can be a wonderful thing, letting you get into a home and enjoy the benefits of homeownership (tax savings, a yard, neighbors, building equity, etc.). But there can be a problem if your budget is tight, or if you don't have job security (a lot of us don't these days) and you need to quickly sell the house. There may not be enough equity to pay closing costs if you must sell in a hurry. So be careful and manage your money if you are lucky enough to get in a home with little or no money down. Making that mortgage payment in a timely manner each month is your priority! Vacations and a new SUV may have to wait. Check with your lender. Below are names of lenders who have given us good service in the past. Any of them would be glad to pre-qualify you, starting with a phone conversation, and then we can start looking for your new home! Thomas S. Hall Jr.
Relationship Manager
Mortgage Division
Fifth Third Bank
Cell: 615-525-7805
Fax: 615-866-5246
ThomasS.Hall@53.com Martin Harris
Regions Mortgage
1604 21st Avenue
Nashville, TN 37212
(615) 748-2440 office
(615) 748-2441 fax
http://www.regionsmortgage.com/martinharris
Manny Otero
Access National Mortgage
Cell: 615-415-8538
mailto:motero@accessnational.com
Rob Smith
Suntrust Bank
5205 Maryland Way
Suite 200 Brentwood, TN 37027
Office: 615.507.7851
Cell: 615.714.5699
Fax: 615.376.8066
www.suntrustmortgage.com/rsmith
HOMEOWNER'S INSURANCE - REQUIRED FOR CLOSING
Here is one helpful agent.
Jeremy Cyr
Liberty Mutual Group, Personal Sales Representative - LIFE-Auto-Home
615-371-6471 ext 55546
|
|
|
Click on the fireplace
for more information.
|
And it would be our
pleasure to help you
take advantage of
either the first time
home buyer or repeat
buyer tax rebate!
This is a great deal
for you!
Or call one of us today!
Sarah Rummage
Direct: 615-516-5233
John Rummage
Direct: 615-945-1838
|
|
|