Archive for the 'Financing' Category

First time homebuyers really have incentive if they buy real estate between April 9, 2008 and July 1, 2009

Posted by Natasha on September 22, 2008 under Financing

If you’re a first-time homebuyer, OR if you (and your spouse) haven’t owned a home for the last three years, you qualify for up to a $7,500 tax credit. (The credit equals 10 percent of the home’s sales price, up to $7,500.) That means if you owe the government $3,000 in taxes this year, you’d pay nothing and get a $4,500 refund!

This tax credit, or Housing and Economic Recovery Act, applies to primary residences purchased between April 9, 2008 and July 1, 2009. Even if you already own a lot, you can get the tax credit if you start building your home (though you must occupy it by July 1, 2009). All you have to do is claim the credit on your 2008 or 2009 tax return.

But, the credit is meant to stimulate the economy, rather than give people free money; buyers must begin paying back the credit — given interest free — two years after they claim it, and they have Read more »

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Another tax hike?

Posted by Natasha on August 30, 2008 under Financing, Summit county real estate

In November, the Summit County will ask for a property tax increase of approximately $11 for each $100,000 of property value, meaning a $600,000 home would have an extra $66 added to its tax bill.

The county wants to raise $5.9 million a year to create a fund for wildfire prevention, as well as to protect open spaces and expand affordable housing programs.

Part of the county’s reasoning is that fuel costs, materials for roads and health insurance for employees is skyrocketing. If approved, the new tax increase would start in 2010, end in 2022, and replace a mill levy that currently brings in approximately $3 million a year for open space. The county hasn’t asked for a tax increase since 1992.

Provided real estate Breckenridge

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Fannie Mae and Freddie Mac are well capitalized

Posted by Natasha on July 18, 2008 under Financing

Despite media reports, it’s not all bad news regarding mortgages these days.
Fannie Mae and Freddie Mac are adequately capitreaalized, according to the Office of Federal Housing Enterprise Oversight (OFHEO), which closely monitors Fannie Mae and Freddie Mac in an effort to promote a strong real estate market nationally. That means Fannie Mae’s and Freddie Mac’s capital exceeds what OFHEO requires (and OFHEO requires more than the statutory minimums).

James B. Lockhart, OFHEO director, issue a statement July 10, 2008, that said Read more »

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