Omaha

You’ve made the decision to buy a home. Now what?
When buying a home, there are additional factors to consider beyond the physical structure. Things like neighborhoods, schools, market factors, and your future plans all need to be considered when looking at homes for sale. Financial considerations also come into play when you are seeking a home.

7 things you need to know as a buyer:

1. Only REALTORS® have access to the local Multiple Listing Service – the most complete source of information for properties currently on the market in your area
2. REALTORS® can show you properties listed by other REALTORS® or properties listed as for sale by owner
3. As a buyer, working with a REALTOR® is free in many instances, and your REALTOR’S® fee may be paid by the seller of the home you purchase.
4. A REALTOR® can save you money in your home purchase by researching market trends in your area and help you negotiate a competitive price.
5. If you’re relocating, changing jobs, or simply lead a busy lifestyle, a REALTOR® can help to coordinate the details of your home purchase in your absence.
6. REALTORS® are active in their respective communities, and can help identify the best schools, neighborhoods, and other factors that are important in your home purchase.
7. 89% of buyers say they would likely recommend their REALTOR® to a friend or relative*.

*National Association of REALTORS® 2008 Profile of Home Buyers and Sellers

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home* between January 28 and April 30, 2010. Buyers purchasing properties listed that are closed within this period may receive up to 3.5% of the final sales price for:

• Closing costs;
• The purchase of new Whirlpool® appliances by Fannie Mae; or
• A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.

To be eligible for this incentive:

• Offers must be accepted on or after January 28, 2010
• Property sales must close before May 1, 2010
• Buyers must be owner-occupants, investors are excluded

Call Carey Jensen @ (402) 201-4000 for a list of Fannie Mae-owned available properties or email at CareyJ@KeyRE.com. 

*Fannie Mae works with all of its partners to help homeowners prevent and avoid     foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages     in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until Apr. 30, 2010.

• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Who Qualifies for the Extended Credit? First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible? The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available? The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500.

How is a Buyer’s Credit Amount Determined? Each home buyer’s tax credit is determined by two additional factors: the price of the home and the buyer’s income.

Price. Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income. Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client pur­chased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit? Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers, and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010? Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Source: www.realtor.org