What's News
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$8,000 Homebuyer
Credit Extended
by Congress Congress has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. For more details about the tax credit, visit: www.federalhousingtaxcredit.com/ Some key provisions are below: - 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.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance - To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
- 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 $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 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.
Call the Judy Woten Team at (434) 385-8568, or e-mail us at JudyWotenTeam@gmail.com for
more details.
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Welcome to The Judy Woten Team
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| Our industry is competitive; there are more than 665 licensed Realtors® in the Lynchburg area. We understand that selecting a Realtor® who is right for you can be a daunting process. Our team pledges to provide a level of service that is second to none — our goal is to be your real estate team for life! We will not be satisfied until you are eager to refer us to your family and friends. Our philosophy is simple: to treat you and our associates with the professionalism, respect, honesty and integry that you deserve. We will continually strive to offer leading-edge technology and the tools to get the job done. With decades of experience in resale and new construction, we look forward to making you a VALUED client of The Judy Woten Team. |
Whether you are buying or selling a home, we invite you to contact us to assist you with this important transaction. You can count on the experience of the Judy Woten Team: Judy, Rhonda Haley, Patti Pierucci, Sharon Canelon and Steve Burkett. Call us today at (434) 385-8568, or e-mail us at JudyWotenTeam@gmail.com.
The Judy Woten Team How Common Credit Mistakes Affect Your FICO Score Disclosed for the 1st time, 'damage points' taken off for late payments Borrowers already knew that late payments hurt their credit scores, but for the first time, they now know the extent of that damage. Did you max out your credit card? Expect a credit score drop of 10 to 45 points. Declare bankruptcy? Your score will plummet by up to 240 points, and your odds of getting credit will nosedive with it. The "damage points" data, unveiled recently by FICO, are part of the most revealing glimpse into the firm's once-secret -- and still mysterious -- credit scoring model. The new information discloses how many points borrowers' scores will drop when they make the most-common mistakes. 'Help People Understand' Scores "I hope this information will help people to better understand FICO scores and the value for them of avoiding credit missteps. It illustrates key points such as the higher your score, the farther it can fall if you stumble," says FICO spokesman Craig Watts. "Getting and maintaining a good score isn't complicated. We all just need to pay our bills on time, keep credit card balances low and take on new debt sparingly. " Click here for more information on FICO scores and what traps to avoid. | |
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