Buying and Selling Your Davis, CA Home with Keller Williams agent Carmen Isais

The April 30, 2010, deadline is fast approaching to have purchased – or be under a binding contract to purchase – a home and still receive a tax credit under the best government-sponsored homebuyer incentive program to come along in decades. After that deadline, the program will most likely disappear for good.

Do You Qualify?
Under the federal program, first-time homebuyers can receive a tax credit of up to $8,000, and current homeowners can receive a tax credit of up to $6,500 when they buy a home as their principal residence.

• A first-time homebuyer is defined as someone who has not purchased a primary residence in the past three years.
• Current homeowners must have lived in the same principal residence for at least five consecutive years out of the eight years leading up to the date of the purchase to qualify.
• The extended credit applies to homes purchased between Nov. 7, 2009 & April 30, 2010.
• Form 5405 must be completed & filed with your taxes in order to receive the tax credit.

Anyone who knows me knows I have a pet peeve about over use of  exclamation marks…  But. really, time is running out. The time to act is NOW – without delay!

If you have any questions or are simple ready to get out there and start seriously looking to invest in your future and property, contact Carmen at 530.601.1003 and let’s get moving in the right direction.

Actively working as real estate agent in Davis, CA,  I’ve had the thrill of meeting many of my online blog readers in person. after more than one request, I’ve decided to deliver.

Basics of the $8000 Federal Tax Incentive for First Time Home Buyers

• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

If you have any questions regarding the first time home buying process, please do not hesitate in contacting me, Carmen Isais, or calling me directly at 530.601.1003.

There is a new buzzword being used in today’s real estate market, that term is Short Pay Refinance.

Most of you have not heard about this.  It is a new approach were a new lender negotiates on your behalf  with your current lender to pay less than the full amount for the pay off of the existing loan. This is not a loan re-modification. This is a new loan with new terms and lower balance.

This is an amazing concept, basically you get to buy your home again at the current market value.

For more information call Carmen Isais at Keller William’s Realty in Davis : 530.601.1003 or email: carmen@focusondavis.com

New on the market!

This unassuming three bedroom, two bath home located in North Davis, CA, simply won’t last long. At $539,000 the home boasts an indoor-outdoor swimming pool and indoor patio. Situated on a quiet court, and backs up to the beautiful greenbelt system that North Davis is so well known for.

Open Homes this weekend will be held by yours truly, Carmen Isais of Coldwell Banker in Davis…. but don’t wait until then! Call Mary Vaughn or myself now to schedule your personal showing.

If you are actively looking to buy a home in the city of Davis, we’ve probably met. I’m out there, holding  Open Homes almost every weekend and I get to meet a lot of great people, including  First Time Home Buyers.

Many of the first time homebuyers I speak with are still unaware of how important your credit score plays in the loan and home buying process.  Some comments I hear are that credit is not important if you bring home a big paycheck, credit is less important than earning potential, or that certainly their credit is good because they have so much of it.  All of these statements, are flat out wrong.

The best thing I can do as a Realtor (read: I am not a credit and loan specialist), is set the record straight where I can, and send them to trusted Mortage and Loan experts.

I also like to share good resources when I find them…

The Ad Council in cooperation with the Civil Rights Education Fund and others have put together a no-nonsense website explaining how credit works, how to damage it, and how to fix your credit too.  It has a clever little name too, Credit Fairy.org.  Take a look and send me feedback. But, if you have a specific question, feel free to ASK ME, Carmen Isais. I have answers or know how to get them.