My New Blog

 Sunday, February 22, 2009

The effects of the bill just signed will have a positive benefit for homesellers, homebuyers, and especially first time home buyers here in the DC Metro area.  Loan limits for conforming jumbo and FHA jumbo limits are now established at $729,750 for purchases, rate and term refinances, and cash out refinances.  This allows for much lower interest rates up to $$729,750 and allows persons who have a VA entitlement to puchase to approximately $820,000 with no money down.

The new bill provides first time buyers with a credit equal ten per cent of the sales price credit (capped at $8,000)for all principal residense purchases. This credit will be refunded once the qualified person files their tax return.  Income limits are $75,000 for an individual and $150,000 annually for joint return.  The credit phases out above $95,000 for an individual and $170,000 for those filing jointly.  The requirements are fairly simple. Neither the purchaser nor the purchasers spouse may have owned a home three years prior to purchase. The home purchased must be a primary residence.

The credit is only subject to recapture if the home is sold within three years.  This a huge improvement over the July 2008.

Looking for a bargin in real estate?  Checkout realestateroadkill-northernvirginia.com which has a lot of information regarding short sales.   A list of preapproved short sales here in northern Virgina is a high point of site. Also Florida.  Site is rolling out nationwide and plans to be nationwide by summer of 09.