Homebuyer tax credit extension passed the senate!

• A spokeswoman for Senate Majority Leader Harry Reid said senators agreed Wednesday to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years. A congressional aide said the tax credits would be available to homebuyers who sign sales agreements by the end of April 2010. They would have until the end of June to close on their new homes.
• For first-time homebuyers, the income level to qualify is $75,000/$150,000.
• For move-up buyers, the income level to qualify is $ 125,000/$250,000.
• Move-up buyers must have been living in their primary residence for at least 5 years.
• The credit is equal to 10% of the sale price, and is capped at $7,290.
• The credit extension runs from December 1, 2009 to April 30, 2010.
• Legitimate sales under contract as of April 30, 2010 have 60 days to close.

Good News! For the full story: http://www.bloomberg.com/apps/news?pid=20601103&sid=aOcMZU6BreOM

Now you can use your tax credit towards your down payment!
I just read this in the California Board of Realtor's Realtor onlline magazine:
Big Improvement to First-Time Buyer Tax Credit
- Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment. Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
WHAT GREAT NEWS FOR THE HOMEBUYER WITHOUT THE FUNDS FOR THE DOWN PAYMENT! There are so many great buys in So Cal right now, and with this news, the door is open to so many more than before!!! What is your vision and how can we help you?

Saving Green With Green Real Estate!

I’m sure by now you have heard that there’s a huge opportunity right now until Dec 31, 2009 to get substantial savings on a home for first-time home buyers (or if you have not owned a home in the past 3 years.) You can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on your 2009 taxes. And NEW homebuyers get a $10,000 tax credit, combine the two on a new home for an $18,000 tax credit! Where does the eco-green come in? Other than the $$ green, if you combine these two programs with an Energy Efficient Mortgage (EEM,) you can lower your interest rate in many cases, and realize additional savings, or qualify for a larger home. An EEM is a mortgage that credits a home’s energy efficiency in the mortgage itself. This gives borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios on loans thereby allowing borrowers to qualify for a larger loan amount and a better, more energy-efficient home. For more information, go to: http://www.energystar.gov/index.cfm?c=bldrs_lenders_raters.energy_efficient_mortgage
Or, better yet, ask me! I will send you all the info I have (or just tell you so you don’t have to sort through all that info)
So, baby, it’s prime time to be green and save green on homes in So Cal!