Carlyn Lowery, Associate Broker, Lowery Home Team at eXp Realty, Annapolis and Anne Arundel County MD Real Estate

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Time is Running Out for $8000 Gift from the Federal Government

As you know, home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying home buyers a tax credit equal to 10 percent of a home’s purchase price, up to a maximum of $8,000. The tax credit is offered to first time buyers, and those who have not owned a principal residence in the past three years. To be eligible for the tax credit, buyers must meet general income requirements and close on their purchase before December 1, 2009.

Given that it often takes a first-time homebuyer 30-60 days to line up financing, learn about the homebuying process, and find a home, then 30-60 days for closing, time is running out!

Clients of ours are excited to be buying their first home in Galesville, Maryland, enjoying not only this $8000 tax credit but also 100% financing, including closing costs, due to a special program supported by Anne Arundel County, taking advantage of federal, State and County dollars for affordable housing.

Please contact me today for more details on these valuable programs. I look forward to helping you and your friends build your real estate portfolio.

P.S.  Call me today for all your Annapolis real estate needs.

Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

New Federal Tax Credit for “First-Time Homebuyers”

Prospective first-time home buyers now have an additional financial incentive to buy. Here’s a Legal Bulletin with details by Service Andy Levy, Esq., of Capital Title in Crofton, Maryland:

On July 30, 2008 President Bush signed into law the Housing Assistance Act of 2008 which includes a tax credit for eligible, “first-time homebuyers” of property which is to be used as a principal residence. For purposes of this legislation, a “first-time homebuyer” is an individual who had no present ownership interest in a principal residence during the three-year period ending on the date of the purchase of the Estate principal residence to which the credit applies. The tax credit is phased out for taxpayers with adjusted gross incomes which exceed $75,000 ($150,000 for joint filers). The tax credit is equal to the lesser of $7500 or 10% About of the home’s purchase price and applies to properties on which closing occurs after April 8, 2008 and before June 1, 2009. Eligible taxpayers get the full benefit of the credit, even if their tax liability is less than the credit amount. By way of example, if an eligible taxpayer clams the full $7500 credit in 2008 and owes the IRS only $5000 in taxes, the taxpayer will get a $2500 refund from the IRS. Taxpayers who claim the credit are subject to repayment (“recapture”) of the credit over a 15 year period (6&2/3 % Finding of the credit received per year) commencing with the second year of ownership, but the recapture amount cannot exceed the amount of the taxpayer’s gain (if any) on the sale of the Nfl residence. The credit, therefore, functions like an interest free loan for up to $7500 because only the principal must be repaid. You cannot use the credit if you are a nonresident alien, finance ?????? the property using a state or local housing agency’s tax exempt bond mortgage or do not plan on using the property as your principal residence. Homebuyers in the District of Columbia who use the District’s first-time- buyer credit program can not also use the new federal credit.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

New Federal Tax Credit for "First-Time Homebuyers"

Prospective first-time home buyers now have an additional financial incentive to buy. Here’s a Legal Bulletin with details by Service Andy Levy, Esq., of Capital Title in Crofton, Maryland:

On July 30, 2008 President Bush signed into law the Housing Assistance Act of 2008 which includes a tax credit for eligible, “first-time homebuyers” of property which is to be used as a principal residence. For purposes of this legislation, a “first-time homebuyer” is an individual who had no present ownership interest in a principal residence during the three-year period ending on the date of the purchase of the Estate principal residence to which the credit applies. The tax credit is phased out for taxpayers with adjusted gross incomes which exceed $75,000 ($150,000 for joint filers). The tax credit is equal to the lesser of $7500 or 10% About of the home’s purchase price and applies to properties on which closing occurs after April 8, 2008 and before June 1, 2009. Eligible taxpayers get the full benefit of the credit, even if their tax liability is less than the credit amount. By way of example, if an eligible taxpayer clams the full $7500 credit in 2008 and owes the IRS only $5000 in taxes, the taxpayer will get a $2500 refund from the IRS. Taxpayers who claim the credit are subject to repayment (“recapture”) of the credit over a 15 year period (6&2/3 % Finding of the credit received per year) commencing with the second year of ownership, but the recapture amount cannot exceed the amount of the taxpayer’s gain (if any) on the sale of the Nfl residence. The credit, therefore, functions like an interest free loan for up to $7500 because only the principal must be repaid. You cannot use the credit if you are a nonresident alien, finance ?????? the property using a state or local housing agency’s tax exempt bond mortgage or do not plan on using the property as your principal residence. Homebuyers in the District of Columbia who use the District’s first-time- buyer credit program can not also use the new federal credit.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

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Here are some client reviews of Carlyn Lowery…

“Carlyn got us a quick sale above the asking price. She qualified prospects well, used a professional photographer for advertising photos, and provided expert advice during negotiations. Carlyn is what other Realtors aspire to be!”
– Paul Donnelly

“As first time home buyers, Carlyn Lowery was very attentive to our basic needs of walking us through each step of the home buying process from a novice standpoint. The long detailed list of items due at specific times from the start of the contract all the way through to the week of closing was greatly appreciated. It was great having an agent who took the time to clearly lay this all out for us. End result – a very smooth time at settlement. No surprises!”
– Ann Hannam

“We wanted a professional who would work with us to sell our home
quickly for a good price and protect our interests as sellers through the process.
Carlyn’s business acumen is her (and will be your) greatest asset.”
– Sue Bogard

“Carlyn was wonderful. She was organized, prepared, and knew the steps to take to sell our home quickly and used a wide array of marketing to get the job done. She gave great advice
during each of the phases, and in particular on the negotiation.”
– Michael Morgan

 

Questions? Call Carlyn Lowery today.

443-569-3977 – Direct
888-860-7369 x146 – Main Office
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