Santa Clarita Valley Real Estate

The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30, 2010. Repeat buyers may be eligible for a tax credit of up to $6,500. Click here for more information about the federal tax credit for home buyers, including eligibility requirements. To receive the tax credit, home buyers must comply with the IRS’s documentation requirements, including a fully executed IRS Form 5405. On the form, which is available on the IRS’s Web site, taxpayers provide information supporting their claim of eligibility, such as income and home purchase date. LA Times story The IRS also requires home buyers to submit a copy of the closing or settlement statement that proves the transaction took place. The IRS previously said that the statement should show “all parties’ names and signatures, property address, sales price, and date of purchase.” H

New Opportunities for Qualified Home Buyers! Federal tax credits of $8,000 or $6,500 are available now. There’s good news for you and for qualified home buyers. Effective now through April 30, 20101, qualified first-time and repeat or move-up home buyers may be eligible to receive a federal tax credit from their new home purchase. Below are some of the key program highlights: • Up to $8,000 tax credit for qualified first time homebuyers • Up to $6,500 tax credit for eligible repeat / move-up homebuyers • $800,000 maximum purchase price (primary residences only) • No repayment of tax credit required3. Weichert, Realtors – Hoshaw & Associates is committed to responsible and professional real estate representation. As buying, selling, financing, bank owned and distress sales specialist, you can count on us for up-to-date information, and clarification of all your questions and concerns for your best situation and outcome. For a personal consultation about your rea

The new tax credit is an improvement over the existing one which expires on Nov. 30. Some of the enhancements it includes are: The $8,000 tax credit for first-time buyers has been extended through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, as long as they have lived in the home they are selling as a principal residence for five consecutive years out of the last eight years. Time has been added to allow for closing the home purchase. As long as buyers have a binding contract by April 30, they will then have until June 30, 2010, to close the transaction. Income limits for eligible buyers were increased to $125,000 for single buyers and $225,000 for couples. The passing of this legislation is very positive news for anyone looking to buy or sell a home. Both first-time and move-up buyers can now take advantage of the new tax credit in addition to today's historically low interest rates. We'll help you stay

Washington Report: $8,000 Home Buyer Tax Credit by Kenneth R. Harney Quick passage by the House last week of a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas increases the odds that Congress will agree to an extension, maybe even an expansion, of the entire credit program well into 2010. The White House is also signaling that it sees the overall tax credit program -- currently set to expire November 30 -- as an important element in cutting the unemployment rolls and stimulating new jobs next year. After an economic policy strategy meeting last week in the Oval Office involving President Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, congressional aides said Democrats generally support an extension of the housing credit. Reid already has made clear he wants an extension. He is co-sponsoring a Senate bill that would do so for six months. Congressman Charles Rang

When Congress passed an $8,000 tax credit for first-time home buyers last winter, it was intended as a dose of shock therapy during a crisis. Now the question is becoming whether the housing market can function without it. As many as 40 percent of all home buyers this year will qualify for the credit. It is on track to cost the government $15 billion, more than twice the amount that was projected when Congress passed the stimulus bill in February. In the view of the real estate industry and some economists, all that money is well spent. They contend the credit is doing what it was meant to do, encouraging a recovery in the housing market that is gathering steam. Analysts say the credit is directly responsible for several hundred thousand home sales. Skeptics argue that most of the money is going to people who would have bought a home anyway. And they contend that unless it is allowed to expire on schedule in late November, the tax credit is likely to become one more ex

Santa Clarita Valley Home Prices Bottoming Out Single-family homes sales during July in the Santa Clarita Valley held even with activity reported a year ago and gained 16.3 percent over this June. 235 homes closed escrow, down two sales or 0.8 percent from a year ago, but up 33 sales from this June. The 237 sales were the second highest monthly figure since the low point of this market of 99 sales was reported in January 2008. 88 condos changed owners, up three sales from a year ago and off a single transaction from the 89 closed escrows reported this June. Condo resales also have been gaining momentum since the low-water mark of 31 transactions in January 2008. Buyers interest in puchasing has increased across the board, with homes priced under $500,000 receiving the most activity and multiple bids common. "Inventory is half of what is was in 2008 while the pool of prospective buyers continue to expand as financing and low interest rates are available today. Plus th

New $8,000* Tax Credit For 2009, Congress has enacted an $8000 credit specifically to help first-time homebuyers. To qualify, you can earn no more than $75,000 as an individual or $150,000 as a married couple that files a joint tax return. If you do qualify, you will be able to deduct the full $8,000 from your federal tax liability. Or, if you owe less than $8,000, the government will subtract the amount you owe from $8,000 and send you a check for the difference. Only first-time homebuyers who purchase their principal residence on or after January 1, 2009 and before December 1, 2009 are eligible. You will also be considered a first-time buyer if you have not had any ownership interest in such a home in the three years previous to the day of your 2009 purchase.` For detailed information about the tax credit, click on, First Time Home Buyers Tax Credit. For more information about the $8,000 tax credit, please email or call our office now. You will be put in touch with a local Weichert S

Valuable information to for buyers and sellers. Homeownership has many advantages, including tax benefits and the ability to build equity. And now, current market conditions make purchasing a home an even more attractive option than ever before. In fact, a report earlier this week showed that the National Association of Realtors' Housing Affordability Index rose in April to the second highest monthly reading on record. That means homes are more affordable now than at almost any other time. What's more, the limited-time $8,000 first-time buyer tax credit makes purchasing a home an even better deal. Those considering a move from renter to homeowner should keep these factors in mind: Length of ownership : How long do you plan to own your new home? Because of the costs associated with a home purchase, buying now could be a great choice if you plan to own the home for at least five years. Cost: How much should you spend? Contact a mortgage professional to fi

First time home buyer is one who has not owned a home in three years or more... U.S. Dept. of Housing and Urban Development (HUD) Secretary Shaun Donovan recently announced that the Federal Housing Administration (FHA) will allow home buyers to apply the administration's new $8,000 first-time home buyer tax credit toward the purchase costs of a FHA-insured home. The American Recovery and Reinvestment Act of 2009 offers home buyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. Current law does not permit approved lenders to monetize the

Last month Pending US home sales skyrocketed to their highest number in 7 years, a sure sign that the bottom is forming and that bargain seekers have arrived. The National Association of Realtors reported that its seasonally adjusted index of sales contracts signed (the Pending Home Sales Index) jumped 6.7% to 90.3, well ahead of analysts' expectations. Lawrence Yun, NAR chief economist, said buyers have responded to favorable market conditions. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," he said. "Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers." Santa Clarita Home Value Santa Clarita CA Real Estate Agent | Santa Clarita CA Homes for Sale Weichert, Realtors - Hoshaw & Associates David Hoshaw, Broker, CRS, GRI, e-P

$8,000 for first-time home buyers.(if you have not owned a home for three years or more) The first time buyer tax credit currently scheduled to end Dec 1, 2009 Home buyers could receive the tax credit from the Internal Revenue Service (IRS) only after the tax season or filing an amended return. To provide more incentives for first time home buyers, the Department of Housing and Urban Development has unveiled a policy change which will provide the tax credit up-front. According to the new policy, borrowers who avail mortgages from Federal Housing Administration (FHA) approved lenders can get advances from lenders in order to meet costs associated with home purchase. This will enable borrowers to receive the tax credit in advance, so they don't have to wait to get the money from the IRS. However, the advance from the lender cannot be used for the 3.5% down payment that borrowers have to make for FHA loans. A typical loan has $6,000 to $8,000 in closing costs, title insurance, and oth