Archive for the 'Mortgage News' Category

If you are a first time homebuyer, now is the time to invest. Real estate prices are down, interest rates are low, and the $8,000 tax credit that can help you make a down payment or simply reduce home-buying expenses is still available until November 30th.

The American Recovery and Reinvestment Act of 2009 has helped many people– this year– purchase their first home, and The National Association of Realtors estimates that 350,000 first-time buyers will own homes thanks to the tax credit. Additionally, North Carolina homebuyers, who meet income requirements, may be eligible for a Mortgage Credit Certificate (MCC). An MCC allows you to claim 20% of the interest you pay on your mortgage as a federal income tax credit and has the potential to save you up to $2,000 a year on your federal taxes. An MCC can be combined with the $8,000 federal tax credit, but qualified buyers need to move quickly to take advantage of this opportunity because the November 30th deadline quickly approaches.

The knowledgeable staff at GreyBeard Realty wants to help you take advantage of this first-time buyers’ market. Let us help you find your new home. Buyers are advised to consult with a tax professional regarding tax credits and mortgage credit certificates.

The American Recovery and Reinvestment Act, signed into law on Feb. 17, 2009, provides many buyers with a tax credit of up to $8,000 if they purchase a home between January 1 and November 31, 2009.  Most news outlets have referred to this credit as available only to first-time homebuyers, but that is not entirely accurate.

The Act does specify that this incentive is for first-time buyers, but it is important to understand how the law defines first-time buyers.  In this case, a first-time homebuyer is someone who had no interest in a principal residence in the prior 3 years.  Clearly, this opens up the tax credit to more than just true first-timers. (more…)

The past few weeks have been full of dramatic shifts in the stock market and dire predictions about our economy. The financial industry in particular has been in the news, and in watching the national news one can come away with the impression that loans, home mortgages especially, are not available for most people at this time. In fact, a quick survey of local area bankers indicates that funds are still available. (more…)

This month, I want to highlight the second home market, specifically those houses purchased for vacation homes or for future retirement homes.  In the next article I will address homes bought for use as investment properties strictly for rental use, which involves an entirely different set of issues. (more…)