Buyers, its time for to start looking for your dream home NOW!
  
First-time Homebuyer Tax Credit Extended  

The homebuyer tax credit has been extended and expanded. The extension and expansion of the popular first-time home buyers tax credit gives both new and move-up buyers a tax incentive to buy a home for contracts signed by April 30, 2010, longer for military personnel. 

Income limits are expanded to cover more affluent buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify. It also creates a new $6,500 credit for buyers who have owned their current home for at least five years.  Homes worth more than $800,000 wouldn’t be eligible. 

ARE YOU READY TO MAKE THE MOVE?

                                                                    USDA FINANCING

USDA financing has become popular in rural areas, especially in Clay, St. Johns and Putnam Counties.  Borrowers using USDA can enjoy the following benefits:

No down payment; 102% financing of the appraised value can be borrowed if buyers desire to include the two percent guarantee fee required for USDA loans into the amount financed; there is no mortgage insurance; there is streamlined processing for borrowers with a FICO score of 620 or greater; there is no maximum purchase price; it is not limited to first time home buyers; closing costs assistance from government sponsored entities is allowed; there is no limitation on the source of funds for closing costs, such as gift funds; and rates are generally considered to be good and competitive.

There are household income limits, but if the total household income exceeds the limit, certain adjustments can be made for things like child care expenses for children 12 years or younger.  In Clay, Nassau, St. Johns and Duval County, 1-4 person household has an income limit of $74,900 and a 5-8 person household has an income limit of $98,850. Borrowers must be a U.S. citizens or a permanent resident or qualified alien and the property must be the borrower's primary resident.  Additionally, the home to be purchased must be located in an eligible rural area as defined by USDA. Click here to check a property address or area.  

Consider this your home buyer’s toolkit. Open it up, take a look around, and if you like, start equipping yourself with the tools necessary to make your best purchase. In most businesses, knowledge equals power, and real estate is certainly no exception.  Home prices are starting to bottom out.  All of this is very good if you are a first time homebuyer or a move up buyer that has owned your home for the past 5 years.  You have the opportunity to buy and take the ride back up.  But understand it will take 5 to 7 years before values are back to their 2006 peak.  And as you have heard countless times, you should think of your home primarily as a place to live and next as a long term investment.  That said, getting a sense of the price trends in this area will give you the confidence needed to make decisions that can save you a whole lot of money.  

I hope you enjoy the free reports I’ve provided, and I hope you learn a little more about what it takes to make your important purchase a great one.  The real estate market certainly is volatile, and all of the information about buying a home can be overwhelming. 

When you're ready, contact me for the latest advise on buying, investing or selling.

I work on behalf of my buyers.
I negotiate the absolute best price.
I negotiate a WIN win transaction.
I work to protect you.
I work to simplify the transaction as possible.

I look forward to working with you.

Thanks for stopping by,
Jeanne