Attention shoppers, all home shoppers: please head to your nearest Realtors office to get in on the final days of the Homebuyer Tax Credit…

THERE ARE ONLY A FEW DAYS LEFT BEFORE THE HOMEBUYERS TAX CREDIT EXPIRES ON FRIDAY, APRIL 30!

Last November, the government expanded and extended the new Homebuyers Tax Credit. According to the program, first-time homebuyers are eligible for a tax credit of 10% of the purchase price of the home, with a maximum credit of $8,000. And current homeowners can receive up to $6,500.

Although military personnel may qualify for a special extension, the vast majority of homeowners must have contracts in effect no later than April 30, 2010 and must close no later than June 30, 2010 to qualify for the credit.

That means…buyers only have one week to get your paperwork going to qualify for this credit before it goes away!

Here is a brief overview of the Homebuyers Tax Credit – and its benefits.
Dollar-for-Dollar Benefit

The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction" or reduction in tax liability that would only save you $1,000 to $1,500 when all was said and done.
So, if a first-time homebuyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Event Better… It’s Refundable!

Remember, because it’s a tax credit, it’s refundable! That means a homebuyer can receive a check for the credit if he or she has little or no income tax liability.

For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

What are the Income Caps?

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What’s the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sales price of $800,000.


Remember, the Homebuyer Tax Credit program includes a number of details and qualifications…and buyers should always check with a tax professional.

USDA Rural Housing update

House Committee to Mark Up Sec. 502 Guarantee Bill and Others
On Thursday, April 22, 2010 the House of Representatives' Financial Services Committee will consider several housing-related bills, including H.R. 5017, a bill introduced on April 14 that would make additional funding available for the Section 502 guaranteed mortgage loan program in Fiscal Year 2010. The mark-up will be broadcast live online via the Committee's website beginning at 10 a.m. Eastern time.
H.R. 5017, named The Rural Housing Preservation and Stabilization Act of 2010, would authorize up to $30 billion for the Section 502 guarantee program this year. (It has no provisions on rental housing preservation and is not related to H.R. 2876, The Rural Housing Preservation Act of 2009, which has been subsumed into H.R. 4868.) The program is expected to use the $12 billion previously authorized for this year by the end of April. The bill would raise the additional funds through lender fees when the guarantee is issued and then annually throughout the loan term.

Flood Insurance Program Reinstated

Congress has reinstated the NFIP program so your insurance agents can begin writing policies once again!

Texas Trade Up Appliance Rebate Program

If you are in the market for any new appliances this is a great opportunity to Trade and Save. Qualifying appliances include refridgerators, air conditioners, washers, dryers, dishwashers, hot water heaters, heat pumps and freezers.

The state of Texas received more than $23 million in federal stimulus funds from the U.S. Department of Energy to establish and administer an Energy Efficient Appliance Rebate Program — the first of its kind in Texas. The Texas Trade Up Appliance Rebate Program encourages consumers to replace old (but functional) appliances with new, energy efficient, ENERGY STAR® or CEE qualified models to stimulate the Texas economy and increasing energy conservation efforts in Texas.


http://www.texaspowerfulsmart.org/rebate/

The Texas Trade Up Appliance Rebate Program officially exhausted at about 2 p.m. yesterday, just six hours out of the gate.

Act Now! - Home Buyer Tax Credit ends soon...

Did you know that it is a great time to buy a home? Low interest rates and the federal tax credits* for certain first-time home buyers and move-up buyers combine to make home buying an exceptional value right now. But, time is running out, because the credits, which can be worth up to $8,000, are only available on sales contracts signed by April 30, for purchases that will close by June 30, 2010.

First-Time Home Buyer Tax Credit
First-time home buyers are eligible for a credit of as much as 10% of the purchase price, up to a maximum of $8,000. First time buyers are people, including both partners of a married couple, who have not owned a principal residence during the three years prior to purchase.

Long-Time Home Buyer Tax Credit
Taxpayers who have owned a principal home for a period of five consecutive years during the past eight can qualify for a tax credit of as much as 10% of the purchase price, up to a maximum of $6,500, on a new principal residence.The new home does not have to cost more than the current dwelling.