Archive for the 'Buyers' Category
You may have thought they were a thing of the past but there are some people who may qualify for the new stated income loans, and they are available now. Lenders who provide this type of loan are not plentiful and you will need to do some research to find a mortgage house that has a relationship with them. They are very strict with the requirements and you must have very good credit and a sufficient down payment, but for those of you who meet the requirements this is a great way to get a loan if you are self-employed or an independent contractor with a variable income.
Here are the requirements:
1. 30% minimum down payment,
2. 700+ FICO score,
3. You must be self-employed (but CANNOT be in the real estate industry in any way),
4. Have cash reserves of 6-12 months of PITI
Note that only adjustable rate mortgages are available…there are NO 30-year fixed mortgages under this program. Still, if you qualify it may be the difference between getting a loan or not in this difficult market, where the overwhelming majority of lenders simply WILL NOT issue loans to those who cannot document steady income. Please remember that these types of loans are only available through certain private lenders, not mainstream lenders.
Get Answers to All of Your Home Buying Questions!
Is Buying a Home the Right Choice for You?
Do You Qualify for the $8,000 Tax Credit in the new Stimulus Plan?
What are the Tax Advantages of Home Ownership?
Why is NOW such a Great ”Buyer’s Market”?
How Much Home Can You Afford?
How Much do You need to save for a Down Payment?
What are the Advantages of Working with a Buyer’s Specialist?
How do You Find Foreclosures (REO’s) and Distressed Properties?
Who Generally Pays What Fees in the Real Estate Transaction?
What is the Step-by-Step Process to Buying a Home?
Where are the “Best Deals” in San Diego?
Encinitas Community Center
1140 Oakcrest Park Drive
Saturday, March 28th
10:00am – 11:00am
A Complimentary Brunch will be Served!
Seating is Limited
Please RSVP to 760.412.0241 or mzazo@Exclusive Properties.com
Hosted by Micheale Zazo
On Sunday February 22nd, one of Solara’s newest residents had a house warming party, hosting the opportunity to show off their new custom home! This is our largest floor plan being offered at Solara Lofts: The 2007 SAM award winning K plan, noted for best designed home over $500,000 category.
Unlike any other new home community in Downtown San Diego, Solara Lofts offers over 20 unique floor plans. Each can be modified to your lifestyle.
Overall, the house warming party was a hit, and the Solara Sales Team were available to tour interested guests a variety of our model homes being featured in our award winning community. We encourage you to stop by our showroom located on the corner of 4th avenue and Cedar in the beautiful Cortez Hill neighborhood of Downtown San Diego. Come and see all the possibilities of a custom home at Solara Lofts!
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Home Buyers on the fence about buying their first home may want to consider the American Recovery and Reinvestment Act’s tax credit that could mean up to an $8,000 break on their taxes. Not only will this tax credit lower a home buyer’s tax liability by the amount of the credit, but these first-time homebuyers may reap additional benefits when filing their tax return now and for years to come while they own the home.
The recently revealed American Recovery and Reinvestment Act of 2009, has some important changes over the tax credit program that was previously offered.
§ Tax Credit has been increased to $8,000.
§ Homes have to be purchased between January 1, 2009 and December 31, 2009.
§ No repayment/recapture clause for homes sold after 36 months of occupancy and ownership.
Other qualifying details of the program include:
1. The Tax Credit is for home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase. Ownership of vacation property or rental property does not disqualify home buyers from this program.
2. The maximum credit is $8,000 or 10% of the home purchase, whichever is less.
3. The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009.
4. To qualify for the full tax credit, married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000. Partial tax credits may be available for married couples with MAGI incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.
5. Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment. However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.
6. There is no recapture or repayment clause IF the home is owned for at least 36 months.
7. The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house. So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009. However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.
8. The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.
9. The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.
It is recommended to consult with your tax advisor / accountant to determine whether you are eligible for this tax credit before making any decisions or changes to your tax status.
Now is a great time to be a buyer in San Diego County. Call me today to start the search for your next great HOME! Micheale Zazo 760-412-0241.
Bank Owned, newer tri-level twin home just 4 blocks for the beach with ocean views off the upper level master suite, 2 balconies, high end finishes.
Abundant use of travertine and marble throughout, designer paint colors, 2 fireplaces, Bamboo floors in the living room, slab granite counters in the kitchen with stainless appliances.
For more information visit our website at www.JeffColeGroup.com