First-time homebuyers in 2008 can take an income-tax credit on their purchase, thanks to
passage in Congress earlier this year of the first-time home buyer tax credit.
The definition
of first-time homebuyer is generous. To get the credit, the homebuyer cannot have owned a home in the previous three years.
The home must be a principal residence and purchased between April 9, 2008 and July 1, 2009.
The credit is equal to 10 percent of the purchase price, up to $7,500. Single taxpayers with modified adjusted gross
income up to $75,000 and couples with MAGI up to $150,000 will qualify for full credit. Singles with MAGI up to $95,000 and
couples with MAGI up to $170,000 will get a reduced amount. Those with higher incomes don’t qualify.
If the amount of tax a homebuyer owes is less than the amount of the credit, they get to keep the difference
in the form of an IRS refund.
The homebuyer must begin to repay the credit in two years
in increments of about $500 a year over a 15-year period for those who received the full credit
Homebuyers who sell their home before the credit is repaid must pay off the loan with any profits. If they sell the
home at a loss, the loan is forgiven.
[Editor's Note: The credit is set to expire in
mid-2009, although industry groups, including the NATIONAL ASSOCIATION OF REALTORS®, are encouraging Congress to extend it. NAR is also encouraging Congress to make the credit available to
all buyers and to eliminate the repayment requirement. More detail on how the credit works is available from NAR on REALTOR.org.]
Source: Chicago Tribune, Mary Umberger (12/28/2008)
Need Down Payment Assistance?
LET THE STATE OF
FLORIDA
MAKE YOUR DOWN PAYMENT ON YOUR HOME PURCHASE!
FLORIDA HOUSING SERIES 3 BOND PROGRAM
YOU DO NOT HAVE TO BE A FIRST TIME HOME
BUYER TO QUALIFY FOR THESE PROGRANS IN COLLIER OR LEECOUNTY
$10,000.00, $5,000.00, OR 3% OF LOAN AMOUNT TOWARDS DOWN PAYMENT AND/OR CLOSING
COSTS
WE
have access to 4 first mortgage products and 2 second mortgage products. Here is list of what is available:
FIRST
MORTGAGE PROGRAMS
FLORIDA
FIRST All buyers who qualify for a bond
loan qualify for this 30 year, fixed rate product that may be used with one Florida Housing down payment and closing cost
assistance second (HAMI or Florida Assist).
FLORIDA
PLUS FOR GOVERNMENT LOANS All buyers who qualify for a bond loan qualify for this 30 year, fixed rate product that provides
automatic assistance that is 3.00% of the Note amount.
HAMI and Florida
Assist MAY NOT BE USED WITH THIS PRODUCT.
The 3.00% DOES NOT NEED TO BE PAID BACK!!!!!
COMMUNITY
HEROS
For buyers that are education professionals, sworn officers of the state of
Florida, healthcare professionals and all active duty military and veterans. (HAMI or Florida Assist may be used
with this product).
FLORIDA ADVANTAGE For buyers purchasing in special geographic areas, rural self-help buyers or
for households with at least one disabled member. The program is for buyers at or below 80% of AMI or below adjusted
for household size. Buyers using this product qualify for Florida Assist. There is Zero Origination and Zero Discount
on this loan. Qualifying geography and proof of disability are detailed in the Administrator’s Guidelines.
SECOND
MORTGAGE PROGRAMS
HAMI
DPA is available to all who qualify for the bond program’s income limits. It’s available at a rate of 5.00% for up to $5,000. This is a 10-year amortizing second mortgage loan.
FLORIDA
ASSIST is available to buyers at 100% of AMI or below (adjusted for Household size). It offers up to $10,000. It
is a 30 year, deferred, 0.00% second mortgage loan.
It is NOT forgiven at any time.
AS
A REMINDER – YES, WE CAN COMBINE SHIP or HOME with the Florida
Housing Bond Program. Just make sure the SHIP or HOME program is an approved secondary financing program with your underwriter.
And, if you use a Florida Housing first mortgage and a Florida Housing second mortgage the SHIP or HOME mortgage MUST
be in 3rd position.
Income and sales price limits vary per program. Please call or email for
more information and Rates.
PRICES ARE LOW THIS THE TIME TO TAKE ADVANTAGE OF THESE PROGRAMS!
As
your Realtor's On Call For You In SW Florida, our services to you are part of the deal. We will help you with the entire process of buying property.
We will introduce you to the our local loan officers in the business, provide one on one consultation, show you only the properties
of your choice, set up your property inspection, set up your closing on your property, and provide you with all necessary
information and guidance to get you in the property of your choice. TAKE ADVANTAGE OF TODAY'S LOW RATES AND OUR CURRENT BUYER'S
MARKET. LET'S GET STARTED ON FINDING YOU THE RIGHT PROPERTY.
"HAVE A LOCAL MORTGAGE COMPANY & TITLE COMPANY
IN PLACE TO HANDLE YOUR TRANSACTION"
Peggy Hite will put you in contact with the people you need to close the deal on your new home.
Servicing Audubon Country Club, Golden Gate Estates, Bonita Bay, Bears Paw Golf and Country Club, Bonita
Shores, Brookside, Coquina Sands, Crown Colony, Grey Oaks, Grey Oaks Estuary, Imperial Golf Estates, Longshore Lake, Naples
Bath and Tennis Club, Pelican Bay, The Colony at Pelican Landing, The Colony, Pelican Landing, Quail Creek Estates, Quail
Woods Estates, Autumn Woods, Naples Park, Naples, Indigo Lakes, Bellasera, Brendon Cove, Carlton Lakes, Cove Towers, Aqua,
Aria, Forest Lakes, Lely Resort Golf and Country Club, Lely, Mediterra, Olde Naples, Pine Ridge, Quail Creek Village, Ravenna
at Pelican Marsh, Pelican Marsh, Barefoot Beach, Bonita Beach, Aqualane Shores, Royal Harbor, Port Royal, Bonita Beach, Bay
Forest, Berkshire Lakes, Bridgewater Bay, Colliers Reserve, Crown Pointe, Hammock Bay Golf and Country Club, Hammock Bay,
Gulf Shore Boulevard, Gulf Shore, Park Shore, Lely Golf Estates, Port Royal, Quail West, The Brooks, Shadowwood, Copperleaf,
Spring Run, Lighthouse Bay, Rapallo, Coconut Pointe, Coconut Point, South Gulf Cove, The Crossings, Tiburon Villages at Monterey,
Abaco Bay, Stoney Brook, Connors Vanderbilt, The Dunes, Livingston Woods, Lakewood Country Club, Stonebridge, Stoneybrook,
Victoria Park, Palmira Golf and Country Club, Palmira, Heritage Greens, Naples Lakes, Glen Eagle Golf and Country Club, Cayo
Costa Estates at Moon Lake, Spanish Wells, Vanderbilt Beach, Vineyards, Laurel Greens in Cypress Woods Golf and Country Club,
Admiral's Bay, Arbor Trace, Bay Colony at Pelican Bay, Bay Colony, Bonita Fairways, Pelican Ridge, Island Walk, Timber Walk,
Village Walk, Paloma at Palmira Gofl and Country Club, Sterling Oaks, Wildcat Run, Emerals Lakes, Fountainhead at the Vineyards,
Stonegate, The Orchards, Vaseri Country Club, Waterways of Naples, Banyan Woods, Moorings, The Moorings, Laurel Lakes, Kensington
Golf and Country Club, Kensington, Coconut River Estates, Falling Waters, Beachwalk, Saturnia Lakes, San Remo at Palmira Golf
and Country Club, Emerald Bay, Palm River, Berkshire Pines at The Shores of Naples, Aria
All data deemed to be reliable, but should be independently verified
before purchase.
The data relating to real estate for sale/lease on this web page
comes in part from a cooperative data exchange program of the multiple listing service (MLS) in which this real estate firm
(Broker) participates. The properties displayed may not be all of the properties in the MLS's database, or all of the properties
listed with Brokers participating in the cooperative data exchange program. Information provided is thought to be reliable
but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed
or implied, are provided for the data herein, or for their use or interpretation by the user. The Florida Association of Realtors
and its cooperating MLS do not create, control or review the property data displayed herein and take no responsibility for
the content of such records.
Federal law prohibits discrimination on the basis of race, color,
religion, sex, handicap, familiy status or national origin in the sale, rental or financing of housing.
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www.RealEstateOnCall.com, A Delta Realty of Naples, Inc. & it’s associates have not reviewed all of the sites, or content of
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