Archive for the 'Home Buying' Category

Your $8000 Tax Credit | What Home Buyers Need to Know about the American Recovery and Reinvestment Act of 2009

February 24th, 2009 categories: Finances, Home Buying

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President Obama signed the American Recovery and Reinvestment Act of 2009 into law last week.  Of note to potential home buyers and current home owners was Section 1006, which granted an “Extension of and Increase in First-Time Homebuyer Credit” as well as a Waiver of the requirement to Repay.  Here are the details:

• The previous tax credit was given to those that purchased their first home up until July 1st, 2009.  The new extension of the tax credit replaces that date with December 1st, 2009
• The previous tax credit was $7,500.00.  The new tax credit is $8,000.00
• The previous tax credit was essentially a $7,500 loan from the government to be repaid over time.  The new tax credit is does not require that you repay (with some exceptions…generally if you sell your home within a 3 year period from purchase).
• The effective date of this tax credit is December 31st, 2008.

To get more information on the original bill that the American Recovery and Reinvestment Act of 2009 revised, we’ve linked to a previous post of ours that explains the details of the old $7,500 tax credit

If you have any questions on the $8,000 tax credit and how it impacts you as a home buyer, don’t hesitate to ask.

Related Posts:

Your $7500 Tax Rebate | H.R. 3221, the “Housing and Economic Recovery Act of 2008″ | Why You Should Care Series – Post 2

Spoken by Don Edam | Discussion: 4 Comments »

NEWS YOU SHOULD KNOW: New MN Law for Carbon Monoxide Alarms

August 12th, 2008 categories: Home Buying, Home Selling

A new state mandate requiring carbon monoxide alarms in existing single-family homes went into effect on August 1, 2008, that is protecting buyers and surprising sellers.  Keep reading to find out how to prevent this silent killer’s new law from sneaking up on you… Read the rest of this entry »

Spoken by Don Edam | Discussion: 1 Comment »

Your $7500 Tax Rebate | H.R. 3221, the “Housing and Economic Recovery Act of 2008″ | Why You Should Care Series – Post 2

August 6th, 2008 categories: Finances, Home Buying

UPDATE (2/24/09): Revisions have been made to this bill with the American Recovery and Reinvestment Act of 2009.  After reading about this bill, read about the changes made here.

In this second post of our H.R. 3221, the “Housing and Economic Recovery Act of 2008″ Series, we talk about a provision included that allows most first time home-buyers to receive at $7500.00 tax rebate.  Make sure you read all the way through as there are some caveats and a TWIST.  Here are the details you need to know:

• The $7500 Tax Credit is available to firs-time home buyers that purchase a principal residence sometime after April 9th of 2008 and sometime before July 1st of 2009.
• The Credit is a “refundable” credit.  So, if you have a tax liability of $2000 next Read the rest of this entry »

Spoken by Don Edam | Discussion: 6 Comments »

10,000+ Reasons to Buy a Home in Minneapolis Today

June 27th, 2008 categories: Home Buying

Okay, “10,000+ Reasons to Buy a Home” might seem a bit excessive, but in a new housing initiative called Minneapolis Advantage, the city of Minneapolis is offering just that….up to a $10,000 zero-interest, zero-payment loan that’s forgivin over a 5 year period (a.k.a. totally FREE after the 5 years are up) to qualified buyers that purchase a home in one of the city’s 18 eligible neighborhoods.

Developed in response to the city’s rising level of foreclosures, the Minneapolis Advantage loan program is a downpayment and closing cost assistance program to help rebuild the housing market in key neighborhoods (located mostly within the central South and North communities) that have experienced higher than normal levels of mortgage foreclosures.

In addition, the Harrison, McKinley, Folwell and Webber-Camden neighborhoods are offering buyers $4,000 in mortgage assistance, and Harrison is adding another $15,000 for renovations. That makes $29,000 in forgivable loan money to fix up an abandoned home in that neighborhood.

So, if you’re looking to buy a home in Minneapolis and you have good credit, now you have 10,000+ more reasons to get out there on the house hunting trail and buy today

Make sure to check out these two listings, which both qualify: 2810 Aldrich Ave / 1820 Skyline Curve

For more information on Minneapolis Advantage program details and detail on how to apply click here.

Spoken by Kelly Carlson | Discussion: 3 Comments »

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