Building a Better Credit Score

Check out the Article about Building Credit from the Federal Trade Commission

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm

Anyone trying to repair and/or build their Credit Score should take a look at this article. It gives you information from beginning to end on Credit.

Trade Your House For a NEW HOME Homes for Sale in Murfreesboro…Find out How

 Wanting to Buy but Have a House to Sell? No problem…… You may qualify for our builder Trade Program

Benefits to You :

No hassle of having the house ready every minute. 

Only 1 Move! Less Stress!!! 

Let me Show you how easy it is. This Video is only 1 home I have that could be traded! Check out this Great Deal on this home for sale in Murfreesboro.

Let me show you how easy it is to TRADE YOUR HOME!!! Call Julia at 615.533.2874 or Email me now at julia@juliasamuelson.com

Visit my main web site www.juliasamuelson.com

Homes For Sale in Bairds Corner Murfreesboro TN 37130

109 Waldorf Ct. Check out the Video  of  this Awesome Home.

Live in that NEW Home while You Build Your Credit… Find out how ….email me at julia@juliasamuelson.com or call me at 615.533.2874

Open House Today at Barretts Ridge

Open house Today from 2 PM to 4 PM at Barretts Ridge neighborhood, 6 Plans to choose from, Check out my Youtube Video on the kimberly Lee Plan  http://www.youtube.com/watch?v=3kuDbHgWB9g

Announcing Baird’s Corner Our Newest Neighborhood!

Baird’s Corner
 

Quality Built homes By Jones Construction

Starting @ $119,900.

 Energy Efficient Homes

Low Maintenance Vinyl Siding

Seller pays up to $6,000. towards Your Closing Costs!

Hurry  to pick your Own Colors

Check out my Bairds Corner Web Site Page

We have 3 floor plans available in Baird’s Corner to build  starting prices are $119,900. Builder just started foundations.

I specialize in helping First Time home Buyer find affordable homes & can help you find financing to meet your individual needs. A FREE Consultation is the First Step , Email me , I would love the opportunity to serve you! I’ ve been helping buyers since 1994.Homebuying the EASY way.You can prequalify by Email , Fax or Phone! julia@juliasamuelson.com  I can send you the prequalifier form.

Check out my sites

www.juliasamuelson.com

www.midtnnewhomes.com

Check out some of my previous posts for some First Time Home Buyer Information.

 

 

Loan Programs Available to First Time Home Buyers

There are special Loan Programs to help the First Time Buyer get into a Home. Most have income Limits based on the number of people in your household & Property Value (Sales Price) Maximums.

Here in Rutherford County We have  options

• Murfreesboro Down Payment Assistance
• Rural Development Loans (100% Financing not just First Time Homebuyers)
• THDA Tennessee Housing Development Agency

All of these have Income Limits.

Murfreesboro Downpayment and Closing Costs Assistance Brochure give you an idea of the program. I have met with Clients and the Loan Officer with Community Development so, I can help you understand the Process and Program. It is a second lein held against the property purchased. Check out the brochure.

Rural Development Loans are 100% Financing ! One of the Other great aspects of the loan are the Seller can pay all the Closing Costs so you can get into a home for at minimum $0. Down! They have a Guaranteed Program  that can be used with any eligible lender & a 502 Direct Loan Program that you go straight through Rural Development for very low income where payments are lower than rent ! There is word from lenders saying come March 20th, 2009 the Income limits will change making the Loan available to more Families. I will create a page on my web site when new Income Limits are Available.

THDA has 3 Loan Programs  Great Rate, Great Advantage & Great Start. These programs are used in conjunction with FHA, VA or Rural Development. 

There are some lenders offering a 4.5% Interest Rate on Rural Development.  I can figure how much your payment would be on a particular Sales Price. The Rates are so low & with the government offering a $8,000. Tax Credit for anyone who hasn’t owned a home in the last 3 years  2009 is the Year to Buy a Home!!!

I specialize in keeping up with programs to help First Time buyers get into Affordable homes! Hope you found this information helpful! If you would leave me a message I would love to know what topics Home buyers would be interested in reading about. Thanks and Have a Great Day!

First Time Home Buyer Loans Programs offered from THDA

THDA’s Homeownership programs are designed for low- and moderate-income borrowers. The Great Rate program offers a below market interest rate loan secured by a first mortgage. The Great Advantage and Great Start programs offer a loan at a slightly higher interest rate, secured by a first mortgage, but offer assistance with down payment and closing costs. Each loan program is described below        Great Rate Great Advantage Great Start Maximum Household Income Varies by County (see Acqusition Cost & Income Limits) Varies by County (see Acqusition Cost & Income Limits) Varies by County (see Acqusition Cost & Income Limits) Maximum Acquisition Cost (Including all incidentals) Varies by County (see Acqusition Cost & Income Limits) Varies by County (see Acqusition Cost & Income Limits) Varies by County (see Acqusition Cost & Income Limits) Interest Rate 5.55% fixed rate, subject to change 5.85% fixed rate, subject to change 6.15% fixed rate, subject to change Loan Term 30 years (1st mortgage) 30 years (1st mortgage) 30 years (1st mortgage) Loan Types FHA, VA, USDA/RD, Conventional FHA, VA, USDA/RD, Conventional FHA, VA, USDA/RD, Conventional Mortgage Insurance or Guarantee As required by loan type As required by loan type As required by loan type Buydowns Not allowed Not allowed Not allowed Assumable Subject to qualifying Subject to qualifying Subject to qualifying Pre-Payment Penalty No penalty No penalty No penalty Subject to Recapture Yes Yes Yes Required Reserve As required by loan type As required by loan type As required by loan type Minimum Investment As required by loan type As required by loan type As required by loan type Closing Costs May come from Borrower, Seller, a gift, or as required by loan type 2% of loan amount available to borrower(s) as assistance with down payment and closing costs.  The entire 2% assistance grant must be used. 4% of loan amount available to borrower(s) as assistance with down payment and closing costs. The entire 4% assistance grant must be used Down Payment As required by loan type Homebuyer Education Not required Required Required Origination Fee Maximum 1% on 1st mortgage Maximum 1% on 1st mortgage Maximum 1% on 1st mortgage Discount Point Maximum ¼% on 1st mortgage Maximum ¼% on 1st mortgage Maximum ¼% on 1st mortgage

These Programs offer alternatives to Help a First Time Homebuyer get into an affordable  Home. They are located in Nashville TN . Also the information above is directly from their site. They have Income Limitations & Maximum Property Values. I have helped many First Time Home Buyers with THDA Loans & several other options. There is a Recapture TAX if you sell the home within 9 Years. Income Limits for Rutherford County. A First Time Home buyer is anyone who hasn’t OWNED real property in the last three years. The builder that I work with offers to help pay Your Closing costs so this means that he can pay anything the Loan will allow. It is Truely a GREAT time to BUY especially with the government giving First Time Home Buyers a $8,000. TAX CREDIT!!

Check out my Slide Show!

First Time Homebuyer $8000. Tax Credit

Specifically the changes from the 2008 $7,500 tax credit are:

 

·          Maximum credit amount is increased to $8,000.

 

·          An eligible property is any single family residence; including condos, co-ops, or

townhouses that will be used as your principal residence. Investment or second home properties do not qualify.

 

·         It’s refundable unlike the former ‘credit’. That means you can reduce or eliminate your income tax liability up to the $8,000 limit for the year of purchase. Any unused amount can be refunded to you in cash in the year following your qualifying home purchase.

 

·          An individual with adjusted gross income of not more than $75,000 or $150,000 on a joint return are eligible.

 

·          

·         Although it’s called the “First Time Homebuyer” tax credit, as long as you have not owned a home in the past 3 years that was your principal residence you probably qualify.

 

·         Homebuyers who use state revenue bond financing, in Tennessee that would be the Tennessee Housing Development Authority (THDA) qualify under the new, $8,000credit; they did not under the $7,500 program.

 

·          The $8,000 is a true credit and does not have to be repaid.

 

·          If you sell the house you buy and claim credit for during the 3 years following the

purchase all of the credit is subject to recapture (you have to pay it back).

 

·         This program begins January 1, 2009 and ends December 1, 2009.

 

·         Any revisions are effective as of January 1, 2009.

I am checking to see if THDA is going to have a program where you can borrow upfront at Closing the Down Payment & when you get the Credit from the IRS, you repay the loan.

If you have any questions or concerns I will update on my web site when the IRS updates their web site with questions and answers. Please feel free to email me at julia@juliasamuelson.com

 

FIRST-TIME HOMEBUYER TAX CREDIT

As Modified in the American Recovery and Reinvestment Act

Major Modifications Italicized

 

February 2009 FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	Maximum credit amount increased to $8000
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit.
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination	July 1, 2009 (But note program changes for 2009)	December 1, 2009
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	All revisions are effective as of January 1, 2009

 

February 2009 FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	Maximum credit amount increased to $8000
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit.
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination	July 1, 2009 (But note program changes for 2009)	December 1, 2009
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	All revisions are effective as of January 1, 2009

 

February 2009 FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	Maximum credit amount increased to $8000
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit.
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination	July 1, 2009 (But note program changes for 2009)	December 1, 2009
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	All revisions are effective as of January 1, 2009

 

First Time Homebuyer Tax Credit changes to $8,000.!

Below is a copy of the Tax Credit for First Time Home Buyers taken from the Library of Congress

 

 Summary of the Stimulus Plan it’s on page 2

Refundable First-time Home Buyer Credit.

 

Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10 percent of the purchase of a home (up to $7,500) by first-time home buyers. The provision applies to homes purchased on or after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit are currently required to repay any amount received under this provision back to the government over 15 years in equal installments, or, if earlier, when the home is sold. The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return). The bill eliminates the repayment obligation for taxpayers that purchase homes after January 1, 2009, increases the maximum value of the credit to $8,000, and removes the prohibition on financing by mortgage revenue bonds, and extends the availability of the credit for homes purchased before December 1, 2009. The provision would retain the credit recapture if the house is sold within three years of purchase.

It doesn’t say if they would get this refund at closing or File for it on Income Tax.  I hope we get the whole story by tomorrow evening.If you want to see if you qualify go to my web site check out the Tax Credit page It has FAQs at www.juliasamuelson.com