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The first time home buyer tax credit has been changed. I previously reported about the first iteration here. The big news is that the tax credit is moving from a no interest loan to a lump sum payout. Sound good? Click the link below to see the other changes.
You can download a PDF version of this home buyer tax credit here.
By the way the name has been changed from the “First-Time Home Buyer Tax Credit” to the “American Recovery and Reinvestment Act of 2009.” I guess the new name sounds more prestigious…
Highlights of the new bill include:
- amount of credit increased to $8000 from $7500
- the program will end December 1, 2009 as opposed to July 1, 2009
- any home purchased after January 1, 2009 is included
- you do not have to repay the credit if you live in your home for more than 3 years
- if you sell before you’ve lived there for three years the entire amount of the credit is recaptured on the sale
How effective will this new bill be? Truly, I don’t know. More first time home buyers will buy a home this year. But will it be enough change our current housing market? Only time will tell.
I do see one problem–First time home buyers generally tend to be under 30… But they are also the newest hires at a job… Causing many to be reluctant to purchase a home because they are also the first to be let go…
If this change is causing you to think about purchasing your first home email me today to get started finding your first Wisconsin Rapids home. Spring really is an excellent time to buy because homes are coming on the market almost daily.
Note: I didn’t sleep at a Holiday Inn last night so please confirm any and all thoughts you may have with your accountant. I can handle your real estate transaction but the State of WI says that I cannot pretend to have legal or tax knowledge…
The Wisconsin Realtors Association has launched a public awareness website, www.wisconsinhomebuyer.org, where you can learn more about this tax credit. It’s worth reading.
Wisconsin Rapids mortgage rates are the lowest they’ve been in years. Is your current mortgage payment to high or will your mortgage payment be adjusting to a higher rate soon?
Now that Wisconsin Rapids mortgage rates are the lowest they’ve been in years refinancing your Wisconsin Rapids home may be in your best interest.
The US Government has made it clear that they will do what they can to keep our economy moving forwards (or attempt to get it moving forwards…) — and keeping mortgage rates low is a key ingredient.
If you’re a Wisconsin Rapids homeowner locked into a higher adjustable rate mortgage or even a conventional fixed-rate mortgage this may be your best opportunity to refinance into a lower rate.
Refinancing your mortgage involves paying off your old mortgage with the proceeds from your new mortgage.
Why Refinance Your Wisconsin Rapids Home Loan?
Wisconsin Rapids home owners refinance their home for many reasons. Many want to use equity to pay expenses including credit cards, college expenses, home repairs etc. Another popular tactic is to simply keep the equity in your home which will lower your new mortgage payment.
Another reason to refinance is to improve the terms of your current loan. Change your 15 year mortgage loan into a 30 year home loan or vice-versa.
When is refinancing in your best interest?
- Any time you can lower your interest rate by more than 1% your mortgage is an excellent candidate to be refinanced. Over time you’ll likely come out ahead.
- In order to receive the lowest rates many lenders will require you have at least 20% equity in your home.
- You don’t need a jumbo loan. Rates haven’t come down much for loans greater than $417,000 so refinancing isn’t in your best interest.
Your next step is to contact your mortgage lender today to lock in your better rate.
I recently ran across this article posted at FrontDoor.com.
I found a few tips especially interesting:
- Research = Savings. They state “agents will almost always tell you the time to buy is now.” I agree. It seems to be either a great time to buy or a great time to sell… What can you do to sift through all the talk? They say to “look for average for sale time that the home is on the market and average selling prices.” I wonder where you can find local real estate information?
- Price your home correctly from the get-go. You may have a gut feeling about what your home is worth… But you must trust your agent. But, make sure your agent can back it up with comps from homes that have sold as well as currently on the market. Use these comps as part of your research… My thoughts on pricing: your home must be memorable in order to sell. If your home is memorable at $125,000 but ho-hum at $140,000…will it sell at $140,000?
- Looks do matter. The prettiest girls at the dance are the ones who get to choose. Improve your home so it’s move-in ready at the right price.
Still have questions? I have answers! Click here to see how easy it is to get the answers you need.
Photo Credit
Another Valentine’s Day is upon us and I wish that each and every one of you is able to share today with someone you love.
With all the crap (I think crap is a good word to use, so please forgive me) that’s happening not only in the world but to us individually… It’s my hope that today will help remind us that there are people in our lives that love us, and will continue to love us no matter our current circumstance.
Reach out to those people and thank them for being there for you. Let them know you’ve appreciated everything they’ve done, no matter the size. You’ll feel a little better. I promise…
Photo Credit
Sometimes you just never know what you’ll see next in your neighborhood! These pictures are from Helena, Montana, so nothing we need to worry about. Of course there was that bear that decided to run through town a couple years ago…
We’ve probably all seen elk or even a moose in a zoo and we know how large they are. My question is: Do you think they look larger without the fence between themselves and us? Or maybe they feel larger…
Click Read More for the other pictures. Enjoy!
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PHONE: (715) 572-8372
My name is Adam Holberg and I’m a Realtor with First Weber of Wisconsin Rapids. This website is designed to inform and help bring conversation to a topic I love, real estate.