DC CLOUT "DC Area Real Estate Buzz"

$6,500 New Tax Credit for existing homeowners

The Feds have added existing homeowners to the new tax credit signed on 11/06/09 by President Obama.  

The specifics for existing homeowners.....

A $6,500 credit to current home owners purchasing a new or existing home 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.

Click here for entire program details..

Don't let this opportunity pass. Contact Al at dcrealtor@live.com and begin your home search today..  Don't delay - the pipeline is now clogged with buyers who were trying to make their purchases before the previous credit expired.  For them this is a reprieve, many would have not been able to close by the deadline...

How to Get the Extended Home Buyer Tax Credit

You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit:

1. Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.
   
2.  Decide whether to: 
   • apply the credit to your 2009 tax return, filed on or before April 15, 2010;
   •  file an amended 2009 return; or, 
   • apply the credit on your 2010 return, filed on or before April 15, 2011.
3. Attach documentation of purchase to your return.

Documentation of Purchase

Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms.

When to Apply the Credit

Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.

Buyers purchasing in 2010 will have the option to:

•  Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
•  File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
•  Claim the credit on their 2010 tax returns.

Applying the Credit to Your 2009 Taxes

You will need to do three things to claim the credit on your 2009 tax return:

1. Fill out Form 5405 to determine the amount of your available credit;
2. Apply the credit when you file your 2009 tax return or file an amended return;
3. Attach documentation of purchase to your return or amended return.

source  nar

provided by Al Matlock   'DC's Condo Guy'  and  DC Clout DC's Home Buying and Selling Resource Center.

Homebuyers Tax Credits Comparison Chart

click image for larger view....

soruce nar

provided by Al Matlock  dcrealtor@live.com

Obama signs - Extended Home Buyer Tax Credit 2009/2010 - The Specifics Here

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.

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 tow additional factors:

1. The price of the home.
2. 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.

Source GCAAR 

furnished  by Al Matlock DC's Condo Guy andDC Clout - DC Home buyers and sellers resource center

National Center for Children and Families

Looking for a place to share your good fortune with this holiday season. The Nation Center for Children and Families does a great job for needy families all year, and it is all because of people like you. Click the link to see all the wonderful things they do.    NCCF... There are many way to help, volunteer, monetary donation,  or food or clothing gift.  Thanks

 
 

Downtown Condos for Sale (Penn Quarter, Mt Vernon Square, Gallery Place, Chinatown, East End)

 

Downtown Condos for Sale (Penn Quarter, Mt Vernon Square, Gallery Place, Chinatown, East End)    click address for property info Property Address Price Bedrooms Baths 811 4th St NW #207 $374,900 1 1 811 4th St NW #107 $371,900 1 1 811 4th St NW #106 $371,900 1 1 811 4th St NW #203 $454,900 2 2 811 4th St NW #420 $460,900 2 2 811 4th St NW #511 $710,900 2 2 437 New York Ave #210 $349,900 1 1 1125 11th St NW #101 $639,900 2 2 1125 11th St NW #801 $1,100,000 2 2 437 New York Ave NW #406 $579,900 2 2 437 New York Ave NW #403 $349,900 1 1 437 New York Ave  NW #220 $429,900 1 1 910 M St NW #126 $439,999 1 1.5 437 New York Ave #Y-22 $490,000 1 1.5 437 New York Ave #Y-1 $589,900 2 2 437 New York Ave NW #Y-2 $494,900 1 1 437 New York Ave NW #318 $429,900 1 1 1010 Massachusetts Ave NW #710 $810,000 2 2 777 7th St NW #626 $430,000 2 2 777 7th St NW #1028 $399,900 1 1 475 K St NW #814 $458,900 1 1.5 1408 10th St NW #102 $540,000 2 2.5 1125 11th St NW #404 $449,000 1 1.5 1215 10th St NW #2 $289,750 0 1 1010 Massachusetts Ave NW #1103 $639,000 2 1 475 K St NW #917 $442,900 1 1 437 New York Ave NW #Y-29 $594,900 1 1.5 715 6th St NW #201 $329,900 1 1 1223 4th St NW #A $364,997 2 2 936 N St NW #2 $479,900 2 2 1223 4th St NW #B $369,997 2 2.5 83 New York Ave NW #A $499,500 2 2.5 83 New York Ave NW #B $494,500 2 2.5 777 7th St NW #1013 $659,900 2 2 1404 11th St NW #102 $350,000 2 2 1001 L St NW #803 $492,000 2 2 1010 Massachusetts Ave NW #211 $425,000 1 1 301 Massachusetts Ave NW #1203 $799,000 2 2 715 6th St NW #301 $324,900 1 1 916 G St NW #801 $675,000 2 2 715 6th St NW #401 $449,000 1 1 1045 5th St NW #514 $431,900 1 1.5 400 Massachusetts Ave NW #204 $249,555 0 1 1117 10th St NW #W-2 $769,000 2 2 809 6th St NW #23 $399,000 1 1 1111 11th St NW #704 $364,900 1 1 475 K St NW #823 $433,900 1 1 475 K St NW #1001 $460,900 2 1 475 K St NW #515 $620,900 2 2.5 475 K St NW #705 $399,900 1 1 475 K St NW #730 $420,900 2 1 1316 9th St NW #1 $359,900 1 1 811 4th St NW #706 $355,000 1 1 1316 9th St NW #4 $449,900 2 1 809 6th St NW #12 $559,000 2 2 1010 Massachusetts Ave NW #904 $969,900 2 2 data source MRIS Ask DC's Condo Guy !

What You Can Do to Improve Your Credit

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:

1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3. Don’t charge your credit cards to the maximum limit.

4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5. Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.

6. Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.

7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

courtesy of DC's Condo Guy  

DC's Condo Guy has a new and improved website

New and improved property search featuring maps, and more of everything statistics, neighborhood spotlight, neighborhood videos and packed with valuable articles and other condo info.....

Visit new site here www.dccondoguy.com

DC Monthly Condo Sales for the September 2009 by price

Price Range

Units Sold

Under $100,000 2 $100,000 - $199,999 23 $200,000 - $299,999 77 $300,000 - $399,999 89 $400,000 - $499,999 38 $500,000 - $699,999 36 $600,000 - $699,999 19 $700,000 - $799,999 7 $800,000 - $899,999 1 $900,000 - $999,999 1 $1,000,000 - $2,499,999 3 over $2,500,000 0

Courtesy of DC's Condo Guy    dccondoguy@live.com  

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