Allison James Estate and Homes

Are There Grants For First-time home purchase?

2011-07-04T12:25:00.000-07:00

It's a documented fact that Billions of Dollars in Free Money are donated every year by Foundations other Charitable Institutions, Individuals, and Government Agencies. We read daily about gigantic sums of Grant Money being given to businesses and individuals, just like you, to help them fulfill their goals and dreams, but often times these people will not tell you HOW or WHERE they got this Grant Money. In order to know HOW and WHERE to tap into these vast treasures, don't sit around and hope you hear it through the grapevine, find out for yourself with the help of USA Funding Applications.

Many Grants are awarded for projects and businesses for general operating expenses and other capital, such as, a new building or major pieces of equipment. Sometimes you can also include inventory, salaries, labor, advertising, marketing, etc.

If you are UNEMPLOYED, YOU ARE ELIGILBLE to apply for GRANT MONEY.
If you have had a BANKRUPTCY, YOU ARE ELIGIBLE to apply for GRANT MONEY.
If you have had a FORECLOSURE, YOU ARE ELIGIBLE to apply for GRANT MONEY.
If you have BAD CREDIT, YOU ARE ELIGIBLE to apply for GRANT MONEY.
If you have no COLLATERAL, YOU ARE ELIGIBLE to apply for GRANT MONEY.

The main areas Grantors gift money are:

Small and large business start-ups and/or expansion
Various Real Estate ventures
Historical building preservation
Medical research
National security
Education
First-time home purchase
Inventions
Environment preservation

Apply today! The early bird gets the worm, even when it comes to Free Grant Money. http://www.123cashathome.com/

Can buying a North Port, FL fixer upper be beneficial?

2011-05-05T19:40:00.000-07:00

Can buying a North Port, FL fixer upper be beneficial?
Buying a “fixer upper” or simply a house that needs repair can be a catch-22. Often times a bank won’t lend money to buy the house until the repairs are finished, but the repairs can’t be completed until the house has been purchased.

However, there are certain options available for just this task. For example, the U.S. Dept. of Housing and Urban Development (HUD) offers a loan to get through the task of repairs. HUD's 203(k) program can help you out of this quagmire by allowing you to purchase or refinance a property plus include in the loan the cost of making the repairs and improvements. The FHA insured 203(k) loan is provided through approved mortgage lenders nationwide. It is available to persons wanting to occupy the home.

Electing to buy a fixer upper can be a beneficial decision due to the relatively lower property cost initially followed by a subsequent jump in home value. However, the fixer upper process can sometimes be daunting and discouraging. If you are planning to buy a fixer upper or just want to remodel your home, I would love to guide you through this process. Please call or email me so I can take the weight off your shoulders.

Sincerely,

Jessica Coleman
Realtor®
Direct: (941) 249-2366
Cell: (941) 249-2366
Fax: (941) 237-4897
admin@flaopenhouse.com
http://www.flaopenhouse.com
Allison James Estates & Homes

Why Pay Rent- Get Seller Finaning/ Owner Financing

2011-04-23T19:32:00.000-07:00

Port Charlotte / North Port Owner financing, Lease options occurs when the seller of a home finances all or a portion the sale of his or her own property. This is often referred to in real estate ads as "Owner Will Carry" or similar wording, meaning that the owner of the property will, in effect, act as a bank and loan the purchaser all or part of the money needed to purchase the owner's property.
There can be several advantages to the seller for carrying a note, as it is also known. There can be tax advantages in spreading out the time over which an owner receives the money from the sale of a property. Also, many owners simply like the idea that they can receive a monthly income from a property even after they have sold it - and no longer have to worry about repairing leaky roofs or replacing dead water heaters.
There is a nice monetary inducement to the owner to carry paper as well - the owner can charge the buyer interest on the money that the owner is lending to the buyer. In this way not only does the owner collect a monthly mortgage payment on the property he or she has sold, but the owner collects interest as well, in effect increasing the owner's overall sales price of the property.
In order to protect themselves, some homeowners require that the buyer make their monthly payments into an escrow account held by a bank or other lending institution, and they require the borrower to place a Quit Claim Deed into the escrow account with instructions that if a payment is late by a certain number of days then the escrow officer will automatically file the Quit Claim Deed, restoring the house to the former owner instantly.
If this were to happen the buyer would not only lose title to the property but would also lose any and all payments already made on the property. This is a powerful incentive for the buyer to make all payments in a timely manner.
A more pragmatic reason, perhaps, why some homeowners agree to carry a note is to increase the universe of potential purchasers for their property. The way this works is easy to understand. If the homeowner is making a portion of the loan on the property then the borrower will need to qualify for a smaller loan from a bank or other financial institution, meaning that a larger number of people will be able to qualify for any bank loan that might be required to purchase the property. If the seller finances the entire selling price of the property then buyers do not need to qualify for a bank or other financial institution loan at all. This can greatly increase the number of people who are interested in buying a piece of property.
For starters if the owner is financing all of a sale then a borrower does not have to qualify for a loan at a traditional financial institution. Even if the seller only finances a portion of the loan the borrower benefits by having to qualify for a smaller loan from a traditional mortgage source.
Additionally, when a seller finances a property there are no points or closing costs for the buyer to pay, saving the buyer potentially several thousand dollars on the transaction. And while the seller of the property may charge the same interest rate that a bank or other financial institution would charge, it is sometimes possible for a buyer to actually end up paying a slightly lower interest rate if the seller finances the sale since more aspects of the sale are open to negotiation than may be possible when dealing with a traditional lender.
http://www.123rent4now.com
Many factors can influence whether the seller of a property is willing to carry all or a portion of the sales price on a piece of property. In many cases, however, the determining factor is the overall condition of the market itself.
When homes become difficult to sell - when it is a buyer's market, in other words - then sellers are more inclined to do whatever is necessary to increase their chances of a sales and so owner financing is more readily available.
Conversely, when homes are selling quickly and it is a seller's market, then sellers have little incentive to carry back a mortgage. So your chances of finding an owner willing to carry back a mortgage are largely dependent on the current housing market. But regardless of prevailing market conditions, it never hurts to ask if an owner is willing to carry paper.
http://www.123rent4now.com

FREE Charlotte County, FL Moving CheckList

2011-04-03T20:40:00.000-07:00

FREE Charlotte County, FL Moving CheckList
You have found your dream home and are just waiting for moving day. You may be so excited that you may forget some things. It is a good idea to make a list of things to do ,as they come to mind. Here is a checklist that will help make your move easier.

1. Return your library books, and return everything that you borrowed . Remind your friends to return books and other items they borrowed from you.

2. If you are moving out of the area , close out safe deposit boxes and bank accounts .

3. Arrange for the school records and doctors records to be transferred to new location if applicable.

4. Have a garage sale or donate items you do not need. Donate magazines and books that you do not need , to the library.

5. Discontinue services like utilities, cable, newspaper and trash.

6. Pick up change of address kit at post office. Inform the post office of new address as well as the following :
magazines, credit card companies, insurance companies, and all the people on your Holiday Card list. Do not wait till the holidays. You can just email people on your holiday list and if you have a new telephone number include it. Buyers usually call us and say they have received mail for previous owners.

7. Make arrangements for your pets. I have seen a few cases where they have forgotten to take the pet.

8. If you are hiring a moving company get references and try to get two estimates. Make sure they are insured.

9. Get a voter registration card for new address.

10. Change the address in your passport and driver's license. Get new return address labels.

11. Don't forget to make sure your new and old location is clean and ready.

Benefits of Real Estate Investment In Port Charlotte

2011-04-02T19:14:00.000-07:00

Today's low interest rates and stabilized home prices have created some great investment opportunities. Investing in real estate has unique advantages over other types of investments:

Interest in mortgage loans are currently tax-deductable. Investors can lower their tax liability while increasing their equity.
Renters pay down your mortgage loan. Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.
Real Estate values have a history of increasing over the long term. Investors want an asset that appreciates with time.
1031 exchanges are available to defer taxable income when you are ready to sell.

Many investors are taking advantage of these favorable market conditions. Have questions? Give us a call. We are happy to help!

Jessica Coleman / Realtor ALLISON JAMES ESTATES & HOMES Port Charlotte, FL 33980 Ph: (941) 249-2366 Ce: (941)628-3891Fx: (941) 237-4897 Send me an email Web: www.FlaOpenHouse.com

Great Place For Kids Online-Charlotte County Directory

2011-04-02T18:55:00.000-07:00

Charlotte County Directory Kid Space.

At CharlotteCountyDirectory.com, we are concerned with the safety of kids on the Internet. Parents, please click on the WiredKids.org logo to learn more about how you can keep your kids safe. ( CLICK HERE )

CHARLOTTE County, FL Demographic Information

2011-04-02T18:25:00.000-07:00

I have provide some Charlotte County, FL Area Demographic Information.

CHARLOTTE County, FL Covers 1 Area Codes:
941

CHARLOTTE County, FL covers 6 Cities:

ENGLEWOOD
MURDOCK
PLACIDA
PORT CHARLOTTE
PUNTA GORDA
ROTONDA WEST

CHARLOTTE County, FL Demographic Information:

* Population:   141,627
* White Population:   131,125
* Black Population:   6,219
* Hispanic Population:   4,667
* Asian Population:   1,207
* Hawaiian Population:   40
* Indian Population:   312
* Other Population:   1,116
* Male Population:   67,648
* Female Population:   73,979
Est. 2001 Population:   146,202
Est. 2002 Population:   157,536
Est. 2003 Population:   152,777
Est. 2004 Population:   157,324
Est. 2005 Population:   157,536
* Avg House Value:   $97,000.00
* Avg Household Income:   $36,379.00
* Avg Persons Per Household:   2.18
* Median Age:   54.30
* Median Age (Male):   52.90
* Median Age (Female):   55.50

* Demographic data is based on information taken from the 2000 Census as is Derived from our ZIP Code Database Products.

How Can REO property’s and Foreclosure’s Get Cleaned Out Fast?

2011-04-02T14:23:00.000-07:00

Foreclosure Clean-up Service in Port Charlotte, Punta Gorda, North Port, Englewood, Rotonda West, FL
We Clear Out & Cleanup Reo's / Foreclosures

Mighty Kklene Foreclosure Cleanup, offers a full trash-out and clean-up field service for vacant bank owned homes, REO property’s and Foreclosure’s. We offer a variety of services for banking institutions, asset managers, and real estate agents for the initial clean up and the on-going lawn maintenance of homes on the market. CALL NOW FOR YOUR FREE ESTIMATE (941) 628-3891

We understand the busy days that fill up the lives of today’s REO/Bank, Foreclosure agents, that is why we offer services for all agents to get your properties ready to be put back on the market. CALL NOW FOR YOUR FREE ESTIMATE (941) 628-3891

CALL NOW FOR YOUR FREE ESTIMATE (941) 628-3891

We are fully Insured:

Most properties need a lot of work at first to get it into the best shape possible. The work usually includes, but is not limited to the following:

Interior Clean up:
1. Thorough Cleaning of All Rooms
2. Bathroom and Kitchen Scrub Downs
3. Cleaning of the Windows and Windowsills (this is often a neglected spot by cleaners, but Not by buyers.
4. Carpet cleaning
5. Pressure Washing
6. Stripping and Waxing.

Trash Out:
1. Removal of All Personal Property and Debris
2. Donation of Any Property to Goodwill and Salvation Army (this helps cut down on dumping fee’s and saves you money).

Initial Yard Cleanup:
1. Lawn Mowing
2. Weed and Trash Removal
3. Hedge Trimming
4. Pruning
5. Edging
6. Blowing of walks, patios and driveways

Initial Photo Documentation:
1. Provide Full Photo Documentation of the Entire Property
2. Provide Before and After Photos of All Work

Scheduled Maintenance:
We feel that continued maintenance of a property is important to keep them maintain at their best condition and we offer a multitude of services to help you.

1. Full Janitorial of Interior of the Property
2. Lawn/yard maintenance = bi-weekly & monthly service
3. Flexible Schedule to fit your needs

If you are a Realtor, Representative, Landlord, or Home Owner of an REO / Foreclosure property and need your property cleared out & cleaned up and ready to be put on the market, please contact us for a free affordable competitive estimate. CALL NOW FOR YOUR FREE ESTIMATE (941) 628-3891

Our Service Area: Port Charlotte, FL
All of These Counties:

* PORT CHARLOTTE
* PUNTA GORDA
* ROTONDA WEST
* MURDOCK
* PLACIDA
* ENGLEWOOD
* NORTH PORT

CALL NOW FOR YOUR FREE ESTIMATE (941) 628-3891

Port Charlotte Neighborhood Knowledge Is Key To Sell Your Home.

2011-04-02T13:37:00.000-07:00

Port Charlotte Neighborhood Knowledge Is Key To Sell Your Home.

Jessica Coleman Allison James Estate & Homes can identify comparable sales and hand these facts to you, in addition to pointing you in the direction where you can find more data on schools, crime or demographics. For example, you may know that a home down the street was on the market for $350,000, but Jessica Coleman Allison James Estate & Homes will know it had upgrades and sold at $285,000 after 65 days on the market and after twice falling out of escrow.

Jessica Coleman / Realtor ALLISON JAMES ESTATES & HOMES Port Charlotte, FL33980 Ph: (941) 249-2366 Ce: (941)628-3891Fx: (941) 237-4897 Send me an email Web: www.FlaOpenHouse.com

Punta Gorda Foreclosed Homes For Sale > Florida Foreclosed Homes > Charlotte Foreclosed Homes > Punta Gorda Foreclosed Homes

2011-04-02T12:09:00.000-07:00

Foreclosed Homes For Sale > Florida Foreclosed Homes > Charlotte Foreclosed Homes > Punta Gorda Foreclosed Homes


Property address 921 Coral Ridge Dr Punta Gorda FL Punta	Listing Detail Asking Price$69,000.00 Listing TypeHud/Government Foreclosure Property TypeSingle Family Home* 40.6% Savings

Property Features Bed Rooms3 Bath Rooms2.00 Squre Feet1691 Year Built1977	Auction Details As Is Value $69,000
Notes: Only real estate broker registered with HUD (Housing and Urban Development) may submit an offer and contract to purchase on your behalf. Find Hud/Government Deals Here

Foreclosed Homes For Sale > Florida Foreclosed Homes > Charlotte Foreclosed Homes > Punta Gorda Foreclosed Homes

Port Charlotte, Florida Foreclosure Listings - Port Charlotte, Florida F...

2011-03-10T19:04:00.000-08:00

JESSICA COLEMAN / RealtorAllison James Estates and HomesPh: (941) 249-2366 http://www.FlaOpenHouse.com http://www.PortCharlotteForeclosureHomes.com

FREE Invitation to Join MerchantCircle

2011-03-09T15:10:00.000-08:00

Charlotte County FL Business Owners Connect On MerchantCircle FREE

Invitation to Join MerchantCircle

Inventation To Connect On MerchantCircle.

Hello,

Charlotte County Directory would like to invite you to join MerchantCircle, the largest social network of local business owners in the nation. With MerchantCircle, your business will get more exposure on the Internet:

Get more customers with MerchantCircle

Best,

Malendaz Coleman, Charlotte County Director

Charlotte County Directory
3280- 55A Tamiami Trail
Port Charlotte, FL, 33952
941-876-4589

Review my business at MerchantCircle.com

JESSICA COLEMAN / Realtor Allison James Estates and Homes Ph: (941)421-4052 http://www.FlaOpenHouse.com

FREE Rental Homes Search In North Port | Punta Gorda | Port Charlotte?

2011-02-17T19:01:00.000-08:00

FREE Rental Homes Search In North Port | Punta Gorda | Port Charlotte?

FlaOpenHouse.com provides listings of houses for rent, condo rentals, townhouses for rent, duplexes for rent, and other types of home rentals all across the Port Charlotte area. Browse our Port Charlotte rental home listings today to find the rental house in Port Charlotte that is perfect for you. Searching for home rentals in Port Charlotte on FlaOpenHouse.com is free and easy. Use the search tools and links on this page and find homes for rent in Port Charlotte today!

Need Owner Financing Call For Details or Try 123Rent4Now.com

JESSICA COLEMAN / Realtor Allison James Estates and Homes Ph: (941) 249-2366 http://www.FlaOpenHouse.com

FHA Reverse Mortgages

2009-10-02T12:54:00.000-07:00

FHA Reverse Mortgages
(HECMs) for Consumers

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.

You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

HECM counselors will discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM. They will also discuss provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your needs. You can search online for a HECM counselor.

You can use a reverse mortgage calculator to help you see if you qualify. If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender.

Borrower Requirements

You must:

Be 62 years of age or older
Own the property outright or have a small mortgage balance
Occupy the property as your principal residence
Not be delinquent on any federal debt
Participate in a consumer information session given by an approved HECM counselor

Mortgage Amount Based On

Age of the youngest borrower
Current interest rate
Lesser of appraised value or the HECM FHA mortgage limit

Financial Requirements

No income or credit qualifications are required of the borrower
No repayment as long as the property is your principal residence
Closing costs may be financed in the mortgage

Property Requirements

The following eligible property types must meet all FHA property standards and flood requirements:

Single family home or 1-4 unit home with one unit occupied by the borrower
HUD-approved condominium
Manufactured home that meets FHA requirements

How the Program Works

If you are a homeowner age 62 or older and have paid off your mortgage or have only a small mortgage balance remaining, and are currently living in the home, you are eligible to participate in FHA's reverse mortgage program. The program allows you to borrow against the equity in your home. You can select from five payment plans:

Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.

Term - equal monthly payments for a fixed period of months selected.

Line of Credit - unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.

Modified Tenure - combination of line of credit plus scheduled monthly payments for as long as you remain in the home.

Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

You can change your payment options for a fee of $20.

Unlike ordinary home equity loans, a FHA reverse mortgage HECM does not require repayment as long as the home is your principal residence. Lenders recover their principal, plus interest, when the home is sold. The remaining value of the home goes to you or your heirs. You can never owe more than your home's value.

If the sales proceeds are insufficient to pay the amount owed, FHA will pay the lender the amount of the shortfall. FHA collects an insurance premium from all borrowers to provide this coverage.

The amount you can borrow depends on your age, the current interest rate, other loan fees, and the appraised value of your home or FHA's HECM mortgage limit for your area, whichever is less. Generally, the more valuable your home is, the older you are, and the lower the interest, the more you can borrow. If there is more than one owner, the age of the youngest owner is used to determine the amount you can borrow. For an estimate of HECM cash benefits based on your age, home value, and current interest rate, go to the online calculator.

There are no asset or income limitations in order for you to be eligible for a HECM. In addition, there is no limit on the value of homes qualifying for a HECM. The value of your home will be determined by an appraisal. However, the amount that you may borrow is derived from the lower of the appraised value or the FHA HECM mortgage limit of $625,500. You are charged an upfront insurance premium of 2 percent of the maximum claim amount that may be borrowed plus a 0.5 percent annual premium.

HECM Costs

You can pay for most of the costs of a HECM by financing them and having them paid from the proceeds of the loan. Financing the costs means that you do not have to pay for them out of your pocket. On the other hand, financing the costs reduces the net loan amount available to you.

The HECM loan includes several fees, including an origination fee, closing costs, mortgage insurance premium, interest and servicing fees.

Origination Fee

You will pay an origination fee to compensate the lender for processing your HECM loan. A lender can charge a HECM origination fee up to $2,500 if your home is valued at less than $125,000. If your home is valued at more than $125,000 lenders can charge 2% of the first $200,000 of your home's value plus 1% of the amount over $200,000. HECM origination fees are capped at $6,000.
Closing Costs
Closing costs from third parties can include an appraisal, title search and insurance, surveys, inspections, recording fees, mortgage taxes, credit checks and other fees.
Mortgage Insurance Premium (MIP)
You will incur a cost for HECM insurance. You can finance the mortgage insurance premium (MIP) as part of your loan. You will be charged an upfront MIP at closing which will be 2% of the lesser of your home's value or the FHA HECM mortgage limit for your area. You will also be charged a monthly MIP that equals 0.5% of the mortgage balance.
The HECM insurance guarantees that you will receive expected loan advances and that you will not have to repay the loan for as long as you live in your home. The insurance also guarantees that, if you or your heirs sell your home to repay the loan, your total debt can never be greater than the value of your home.
Servicing Fee
Lenders or their agents provide servicing throughout the life of the HECM. Servicing includes sending you account statements, disbursing loan proceeds and making certain that you keep up with loan requirements such as paying taxes and insurance. HECM lenders may charge a monthly servicing fee of no more than $30 if the loan has an annually adjusting interest rate and $35 if the interest rate adjusts monthly. At loan origination, HECM lenders set aside the servicing fee and deduct the fee from your available funds. Each month the monthly servicing fee is added to your loan balance.
Interest Rate
HECM borrowers can choose an adjustable interest rate or a fixed rate. If you choose an adjustable interest rate, you may choose to have the interest rate adjust monthly or annually. Lenders may not adjust annually adjusted HECMs by more than 2 percentage points per year and not by more than 5 total percentage points over the life of the loan. FHA does not require interest rate caps on monthly adjusted HECMs.

Repaying a HECM

A HECM loan must be repaid in full when you die or sell the home. The loan also becomes due and payable if:

You do not pay property taxes or hazard insurance or violate other obligations.

You permanently move to a new principal residence.

You, or the last borrower, fail to live in the home for 12 months in a row. An example of this situation would be if you (or the last borrower) were to have a 12-month or longer stay in a nursing home.

You allow the property to deteriorate and do not make necessary repairs.

HECM homepage

Port Charlotte, Sarasota, North Port, Punta Gorda, Owner Financing

2009-09-14T09:11:00.000-07:00

Port Charlotte, Sarasota, North Port, Punta Gorda, Owner Financing

Owner Financing in Port Charlotte, Sarasota, North Port, Punta Gorda

(aka "Seller Financing")

You might be thinking, "Hey, could I just make payments directly to the seller instead of getting a mortgage? Then I wouldn't have to qualify for the mortgage." That indeed could be a good deal, except that owner-financed deals like this are rare. Here's why.

The seller has to pay off their existing mortgage before they can sell there home in Port Charlotte, Sarasota, North Port, Punta Gorda.

Let's say the seller is selling the house for $150,000 house in Port Charlotte, Sarasota, North Port, Punta Gorda, and they've got $110,000 left on the mortgage. If they sell it the regular way, where you get your own loan from a bank, then $110,000 of the your new mortgage will pay off the seller's old mortgage, and the seller will wind up with $40,000 in cash.

But if the seller wants to owner-finance his Port Charlotte, Sarasota, North Port, Punta Gorda to you, then s/he'll have to pay off the existing mortgage first. Does the seller have a spare $110,000 lying around? Probably not. So in most cases, sellers can't owner-finance to you even if they wanted to, because they don't have the means to pay off their existing mortgage.

The seller in Port Charlotte, Sarasota, North Port, Punta Gorda wants all their cash up front.

With a regular sale, the seller gets all the cash up front. When they owner-finance, the money trickles in, month by month, for 30 years. So most sellers prefer a regular sale so they can get all their money up front. After all, what's the most common reason people sell a house? So they can buy another one. And they'll likely need the money from the sale of the old house to use as a down payment on the new house, or to fix it up, or both.

Another reason the seller might not want to owner-finance is that they don't expect to live another 30 years in order to collect all the payments. This is especially true if the seller is over 40.

So you see, sellers usually either can't seller-finance, or they don't want to. That's why you'll rarely find houses that are owner-financed.

Of course there are exceptions. Here are cases when owner-financing is a possibility.

Read More Here

First-Time Homebuyer Credit Questions.

2009-08-23T00:20:00.000-07:00

First-Time Homebuyer Credit Questions and Answers: Basic Information

Q. What is the credit?

A. The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period.

The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.

Q. How much is the credit?

A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more ($80,000 if purchased after Dec. 31, 2008, and before Dec. 1, 2009).

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before Dec. 1, 2009, to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home.

Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.

Q. Can I apply for the credit if I bought a vacation home or rental property?

A. No. Vacation homes and rental property do not qualify for this credit.

Q. Who is considered to be a first-time homebuyer?

A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase.

Q. When do I have to buy a new home to get the credit?

A. The home must be purchased after April 8, 2008, and before Dec. 1, 2009, in order to obtain the credit. For a home you construct, the purchase date is considered to be the date you first occupy the home.

Q. How do I apply for the credit?

A. The credit is claimed on new IRS Form 5405, First-Time Homebuyer Credit, and filed with your 2008 or 2009 federal income tax return.

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less. Read More.....

Allison James Estate and Homes

Are There Grants For First-time home purchase?

Can buying a North Port, FL fixer upper be beneficial?

Why Pay Rent- Get Seller Finaning/ Owner Financing

FREE Charlotte County, FL Moving CheckList

Benefits of Real Estate Investment In Port Charlotte

Great Place For Kids Online-Charlotte County Directory

Charlotte County Directory Kid Space.

At CharlotteCountyDirectory.com, we are concerned with the safety of kids on the Internet. Parents, please click on the WiredKids.org logo to learn more about how you can keep your kids safe. ( CLICK HERE )

CHARLOTTE County, FL Demographic Information

How Can REO property’s and Foreclosure’s Get Cleaned Out Fast?

Port Charlotte Neighborhood Knowledge Is Key To Sell Your Home.

Port Charlotte Neighborhood Knowledge Is Key To Sell Your Home.

Punta Gorda Foreclosed Homes For Sale > Florida Foreclosed Homes > Charlotte Foreclosed Homes > Punta Gorda Foreclosed Homes

Port Charlotte, Florida Foreclosure Listings - Port Charlotte, Florida F...

FREE Invitation to Join MerchantCircle

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Invitation to Join MerchantCircle

FREE Rental Homes Search In North Port | Punta Gorda | Port Charlotte?

FREE Rental Homes Search In North Port | Punta Gorda | Port Charlotte?

FHA Reverse Mortgages

FHA Reverse Mortgages(HECMs) for Consumers

Borrower Requirements

Mortgage Amount Based On

Financial Requirements

Property Requirements

How the Program Works

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First-Time Homebuyer Credit Questions.

First-Time Homebuyer Credit Questions and Answers: Basic Information

FHA Reverse Mortgages
(HECMs) for Consumers