New Tax Credit Guidelines for New Home Purchases

Hot off the Presses:

The President is expected to sign The American Recovery and Reinvestment Act of 2009 today in Colorado.  The legislation will be immediately effective and the following amendments relate to our first-time homebuyer programs (First Home Mortgage Program and Mortgage Credit Certificate Program):

 1) Increases the maximum credit from $7,500 to $8,000

 2)  Extends the application of this credit to homes purchased before December 1, 2009 instead of the existing provision that would sunset July 1, 2009;

 3) Eliminates the recapture provision, provided that (a) the home is purchased in 2009, and (b) the homebuyer does not dispose of the home or otherwise discontinue its use as the homebuyer’s principal residence within 36 months of the acquisition of the home by the homebuyer; and

 

Making Decisions on a New Home Purchase?

Making Decisions on a New Home Purchase?

4) Allows the credit to be combined with the mortgage that is financed with the proceeds of a tax-exempt qualified mortgage bond and the credit may be combined with a mortgage credit certificate.

 Effective date:  Residences purchased after December 31, 2008.

 Thanks to Chris Hopkins for this Great Information! 

Hopkins / Shue Team

Chris Hopkins

704-902-5586 (c) 800-581-8015 (o)

Dale Shue

704-400-8599 (c) 704-971-6181 (o)

 

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About Michelle Nantz

There are many qualities and skills that go into being an excellent real estate professional: integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills, and a high-quality professional network ~ all of which are hallmarks of Michelle Nantz. In 2003, Michelle began her career in real estate, after a successful career in restaurant and hotel management with her last position as Regional Director of Operations running 56 hotels throughout two states. She owes her success in real estate and management to her expertise in people skills, managing, negotiating, and follow-up. However, it is Michelle’s dedication to quality service that she ultimately credits her success. Michelle shared, “In my experience as a Lake Norman real estate professional, I’ve found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to their needs.” This “client first” philosophy combined with continual personal improvement and keeping up-to-date with the latest technologies is a cornerstone of both Michelle’s and Lake Norman Realty’s business philosophy. In addition to Michelle’s extensive real estate education and her experience in the local market, she is also an Accredited Staging Professional®, which brings additional value to marketing her clients’ homes. Michelle and her family have made the Lake Norman area their home for over 10 years. In her rare leisure moments, you’ll find Michelle with her three children and husband, or unwinding with gardening or reading. “I live and work in this community and only have the best interests of our community and its members in mind,” says Michelle. Her community activities include participation in Denver Days, Relay for Life and support for Christian Ministries and area schools.
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