Eagle Mountain UT Real Estate Blog | Home Listings, Homes for Sale, Buying a Home, Selling a Home, Real Estate Market, Real Estate Information

Use your Tax Credit to Buy a Home in Eagle Mountain, Utah

Wendy K Team — Thu, 28 Jan 2010 22:10:04 +0000

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.
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 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.

We would love to help you utilize the tax credit to buy a home in Eagle Mountain, Utah. Give us a call! Wendy K 801-420-0679 or Kristi 801-362-2080

Short Sales & Foreclosures Resource in Utah

Wendy K Team — Mon, 21 Dec 2009 22:45:25 +0000

Wendy, Kristi & Cheryl now have their Short Sale & Foreclosure Resource designation from the National Association of Realtors! In order to accomplish this they had 11 hours of continuing education that focused solely on Short Sales and Foreclosures which was prepared by the National Association of Realtors. Out of 1,400 real estate agents in Utah County there were only 68 who completed the course this week. Another course will be offered on the 29th of this month with a maximum of 70 agents who can take it then. We truly are specialized in this field now!

We learned so many awesome tips for helping you get your home sold as a short sale rather than going through the foreclosure process and losing your home. Did you know that a foreclosure will have a minimum of 200 point hit to your credit score? Did you know that a short sale will have a smaller hit to your credit score and may be as low as 50 points? We will continue to update you on what we’ve learned in future blogs.

The Wendy K Team

Short Sales in Eagle Mountain, Utah

Wendy K Team — Fri, 11 Dec 2009 20:03:21 +0000

What is a short sale? A short sale is when the Seller owes more on the home than they can sell the home for. The Bank then has to agree to sell the home “short” of what is owed to them. This process is not a short process! Rather, it is a long process and can take up to 9 months for the transaction to go through.

Short sales can be great deals for a Buyer! However, if you are in a hurry to buy or have a home to sell, purchasing a short sale home may not be for you. Also, keep in mind that the non-short sale homes have to compete against the short sale prices in order to sell their home, because that is their competition.

The argument for Sellers is how much of a hit will the Seller take on their credit for a short sale? The hit occurs when a homeowner doesn’t make their payments. We are getting different answers from the Banks as to how the short sale will show up on your credit. So we recommend that you talk to an attorney and an accountant before making this decision for yourself.

To see our current listings, short sale and otherwise, please go to www.wendykteam.com!

Happy Holidays from the Wendy K Team!

Wendy & Kristi

Federal Tax Credits for Buying a Home in Eagle Mountain, Utah

Wendy K Team — Tue, 10 Nov 2009 23:10:33 +0000

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 April 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.

For more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream go to: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit