Category Archives: Stimulus Package

Jim Owens
By Jim Owens 3rd February 2011 0 Comments

Reminder – the First Time Home Buyer Tax Credit is Still Available

This is just a reminder that last year’s First Time Homebuyer tax credit had been extended one year for those serving our country abroad during 2009 and early 2010.  However, the deadline to take advantage of that credit is fast approaching.  Real Estate professionals and potential homebuyers across the country are scurrying to submit purchase contracts before the swiftly looming April 30th deadline of the $8,000 First Time Homebuyer Tax Credit.  Last year’s tax credit was wildly successful; the IRS states that over 1.4 million first time homebuyers took advantage of this program as of September 2009.  While those numbers are a bit dated, it does show how successful this piece of legislation was.

So, what does this mean for a good majority of us?  Well, it’s just back to business-as-usual.  Rates are low, housing prices have settled, and the economy is starting to turn around – even without the credit, it’s still a great time to buy.

Now, here is the exciting news!  There is a little known blurb towards the end of HR 3548 – Worker, Homeownership, and Business Assistance Act of 2009 (the bill that extended the $8000 tax credit to April 30th, 2010), that allows for an extension of the credit until April 30th, 2011.  Sweet!  So, who’s still in?  Who get’s the VIP extension of this lovely chunk-o-change?  Let’s take a look, shall we?

Who qualifies?

  • Members of the uniformed services (military)
  • Members of the Foreign Service
  • Employees of the intelligence community

CLICK HERE to visit the IRS informational page for more detail

How do I qualify?

  • Must be on official extended duty outside the United States for at least 90 days between January 1, 2009, and April 30, 2010

What do I qualify for?

  • $8000 first time homebuyer credit
    • Purchase contract must be signed by April 30, 2011

This is pretty exciting news for those that qualify!  So, if you found yourself deployed in 2009 or early last year, you can rejoice in knowing that you can take full advantage of this tax credit, while the rest of us poor souls can only watch from the sidelines.  It’s a nice ‘Thank You!’ for your dedicated service to our country.

If the dream of homeownership lingers in your mind, this sure is a great incentive to pursue those further, and we’d love to help you along the way.

James Duggins
By James Duggins 27th April 2010 0 Comments

First Time Homebuyer Tax Credit Extended (For Some)!

The end of an era is fast approaching.  Real Estate professionals and potential homebuyers across the country are scurrying to submit purchase contracts before the swiftly looming April 30th deadline of the $8,000 First Time Homebuyer Tax Credit.  This tax credit has been wildly successful; the IRS states that over 1.4 million first time homebuyers took advantage of this program as of September 2009.  While those numbers are a bit dated, it does show how successful this piece of legislation was.

So, what does this mean for a good majority of us?  Well, it’s just back to business-as-usual.  Rates are low, housing prices have settled, and the economy is starting to turn around – even without the credit, it’s still a great time to buy.

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Jim Owens
By Jim Owens 30th October 2009 0 Comments

The Declining Dollar: Blessing or Halloween Curse???

If you’re anything like me, you’ve been hearing about the declining dollar everywhere. I was even in McDonald’s last weekend and it was on TV there. What happened to good old American football on a Sunday morning? Talk about the declining dollar is on the radio when I drive into work…and when I drive home. Sometimes, I feel like I’m listening to chicken little (of course sometimes I think I should just turn on some music). That got me to thinking, “is the sky really falling?” So, I did some investigating.

Here’s what I found out:

There can be good and bad implications of the falling dollar, I guess it all depends on your perspective, or the rules of economics (whatever they may be…).

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Gabe Amey
By Gabe Amey 22nd June 2009 0 Comments

$8000 First-Time Homebuyer Tax Credit: 5 Things to Know

Earlier this year Congress & President Obama signed into law the American Recovery and Reinvestment Act of 2009. This bill, enacted to help stimulate the battered economy, included a tax credit of up to $8,000 for First-Time Homebuyers, replacing the old $7,500 tax rebate program.

According to industry reports, first-time homebuyers now account for more than one-half of all home sales. It’s obvious that this tax-credit, as well as historically low interest rates, are providing huge incentives to potential home buyers who were previously sitting on the fence to now make a move. In addition, those who were not interested in buying a home in this market, are seriously reconsidering with these new incentives dangling in their face.

Now before you rush out and start applying for a mortgage loan, here are 5 important things to know about this $8,000 First-Time Homebuyer Tax Credit:

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Gabe Amey
By Gabe Amey 21st August 2008 0 Comments

$625,500 Not Enough? VA Increases Guaranty To Cover $793,750 Loan Amount

Increased Loan AmountsIt’s official.  Included in the Housing and Economic Recovery Act of 2008 that President Bush signed, is  Section 2201 that calls for the “Temporary Increase in Maximum Loan Guaranty Amount for Certain Housing Loans Guaranteed by the Secretary of Veterans Affairs”.

In essence, from July 30th 2008 – January 1st 2009, the VA Department will increase their guaranty amount to cover 25% of the greater of the two:

  1. $625,500 (for Hawaii, Alaska, Guam and Virgin Islands), or $417,000 (Continental 48 states).
  2. 125 percent of the area median price for single-family residence, up to $1,094,625 (Hawaii, Alaska, Guam and Virgin Islands) or $729,750 (Continental 48 states).

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Gabe Amey
By Gabe Amey 27th March 2008 0 Comments

Lawmakers drop the ball with VA

Recently, congress came together to put together the economic stimulus package and in affect, temporarily raising the conforming loan limits in high cost areas. What did this do for people in Honolulu, Hawaii? Essentially raise the conforming loan limits from $625,500 to $793,750 for a one unit property. Unfortunately this increase limits will only affect Fannie Mae, Freddie Mac and FHA loans – not VA-backed loans.

Sen. Akaka Why did VA get left out on this? Well, according to House Veterans Affairs Committee Chairman Bob Filner, (D – CA), “I don’t think (the plan drafters) understood the situation” – specifically that lawmakers probably assumed that VA loan limits would automatically increase along with Fannie and Freddie limits.

This oversight caught the attention of Hawaii Senator, Daniel K. Akaka (D-HI), Chairman of the Veterans’ Affairs Committee, and on March 14 he introduced legislation to rectify the oversight and raise the maximum guaranty for veterans’ homes.

Here’s a copy of Sen. Akaka’s floor statement introducing the bill:

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