New Tax Credit Includes Current Homeowners

(NAPSI)-Many current homeowners can now qualify for up to a $6,500 home buyer tax credit. The initial success of the $8,000 first-time home buyer tax credit convinced Washington to expand the program and extend it until April 30, 2010. This extension, however, will be the last.

Under the extended home buyer tax credit, current homeowners are eligible as long as they have lived in their present residence for five consecutive years within the past eight. First-time home buyers who haven't owned a home in the past three years are still eligible for up to an $8,000 tax credit. Singles who make up to $125,000 and married couples who make up to $225,000 can qualify for the full credit. Those who exceed those income limits may qualify for a reduced amount.

"The new provisions and modifications make an already enticing real estate market even more attractive and accessible. Interest rates are low and home prices are more affordable now than they have been in decades," said National Association of Realtors® (NAR) Chief Economist Lawrence Yun. "There's never been a better time for potential buyers to invest in their future through homeownership."

Many areas are already seeing a rise in home prices and demand, with multiple bids on properties becoming more common. According to the NAR Profile of Home Buyers and Sellers, first-time home buyers became homeowners in record numbers over the past year, comprising 47 percent of all home sales between July 2008 and June 2009. This flood of activity helped shrink housing inventory levels. Reduced inventory is a sign the market is returning to a more balanced state and helps sustain home values.

Yun said that while the housing crisis isn't over, the extended and expanded tax credit is a step in the right direction.

"The bottom line is that the housing market is doing much better now than one year ago, and the home purchases using the tax credit should continue to reduce inventory to acceptable levels. The extension is a big win for consumers, but to take advantage of this rare opportunity, would-be buyers need to get the ball rolling and contact a Realtor® who can help them on the path toward owning a home."

For more information about the tax credit, visit www.HouseLogic.com/homebuyertaxcredit.

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Finally, Good News for Home Sales

/PRNewswire/ -- First time home buyers can now take advantage of the American Recovery and Reinvestment Act of 2009 Tax Credit without waiting. A tax credit of up to $8000 is available for first time homebuyers. The problem for most first time home buyers is the down payment. The Tax Credit is only available to purchasers that have already closed on their home.

An Alpharetta firm, Metro Buyers Group, LLC has solved the problem. They will purchase the tax credit prior to closing, thus allowing a purchaser to have the funds for their down payment at closing. The tax credit is a great idea. This program will allow more potential home purchasers to take advantage of the tax credit. The program is available through several mortgage lenders throughout the southeast. "This is a legitimate monetizing program that actually works" says David Abrahamson Vice President of S.E. Operations for American Home Key Mortgage Company. There may be no better time than now to buy a home. With home inventories at record high levels potential home purchasers have a great selection from which to choose. In order to take advantage of the Tax Credit a purchaser must close on their home by November 30th, 2009. "The Tax Credit is working and helping sellers attract more home buyers," says Buck Denton, Area Manager and Asst. V.P. for Colonial Bank.

As part of the stimulus package approved by Congress, one of the goals of the tax credit is to jump start home sales. The Metro Buyers Group Tax Credit Purchaser program was created to encourage hesitant home purchasers to get off the fence and purchase. Doug Cotter, past president of the Greater Atlanta Home Builders Assoc. says, "This program will have an immediate positive impact for builders." The program will help reduce the enormous housing inventory by bringing many new purchasers into the market. Chad Lane with Re/Max Greater Atlanta, The Mark Spain Team, says, "I have seen the program 'take off' for both New Construction Homes as well as the Re-sale market. We are anticipating a record number of closings for 2009." With the reduction in existing inventories, builders will be able to start new homes which will have a stimulating and stabilizing effect on the economy.

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Buy Your First Home-Get $8,000

(NAPSI)-First-time home buyers may find that buying a home-sweet-home is just a little sweeter this year.

They can now claim a tax credit of up to $8,000 through November 30, 2009. The credit is a crucial component of the American Recovery and Reinvestment Act of 2009, signed into law by President Obama earlier this year, designed to entice buyers off the fence and into the neighborhood.

"Homeownership offers immediate benefits and long-term value," said Lawrence Yun, chief economist for the National Association of Realtors®. "Those who qualify can reduce their tax burden and realize their dreams of homeownership."

So just who is eligible to receive this credit? Qualified first-time buyers include those who have never owned a home or haven't owned a home in three years. If you're married and filing joint returns, both you and your spouse must meet the first-time buyer requirements to enjoy the benefit.

Buyers should also keep in mind the home purchased must be their principal residence, where they plan to spend 50 percent or more of their time, and be located in the U.S. Unfortunately, vacation homes and rental properties aren't eligible.

To take full advantage of the credit, the buyer must remain in the home for at least three years. If the buyer sells the home before the end of the three-year period, he or she will have to repay the credit. This is to discourage short-term buying.

Although the $8,000 credit is an incentive for first-time buyers, there are currently several benefits all buyers can enjoy, including:

• Lots of choices-Increased inventory of homes on the market means buyers can negotiate better prices and terms.

• Low interest rates-Mortgage rates remain historically low, making borrowing more affordable for potential homeowners.

• Affordability-Home prices are more affordable now than they have been since 1970, according to NAR research.

"The tax credit, hopefully, will bring buyers into the market to help stabilize prices and reduce inventory," said Yun. "Because the real estate market is cyclical, those who are eligible should take advantage of this window of opportunity before it closes."

For more information, contact a Realtor® in your area or visit www.realtor.org/2009housingtaxcredit.

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Down Payment Assistance Now Available for Northeast Georgia Home Buyers

PRNewswire/ -- The Community Foundation for Northeast Georgia, The IMPACT! Group, The Brand Banking Company and a network of local builders are partnering to provide down payment assistance for consumers who buy a home in Northeast Georgia.

Tough economic times and the recent turmoil in the mortgage market have made it harder to secure mortgage loans. For buyers without funds for a down payment, the dream of home ownership has become even more elusive.

"This is a 'win-win' proposition. The Northeast Georgia Down Payment Assistance Program will benefit consumers who want to buy a house in our local communities. It will also strengthen the overall economic climate -- which benefits every business and every resident," explains Judy Waters, executive director, Community Foundation for Northeast Georgia.

Today's announcement comes at a critical time. The nation's largest privately funded down payment assistance program, The Nehemiah Program, will be eliminated on October 1, 2008. The Northeast Georgia Down Payment Assistance program will fill that void for area home buyers.

The Northeast Georgia Down Payment Assistance Program is not restricted to first-time home buyers and does not require repayment. This is in contrast to the recently enacted Housing and Economic Recovery Act of 2008, which offers a $7,500 tax credit to qualified first-time buyers. Those funds are then paid back over a 15-year period.

"Brand Bank has been a vital part of building our community for more than 100 years, so we're pleased to be a part of this innovative program to foster home ownership," says Bartow Morgan, Jr., CEO, Brand Bank. "We will be making market-rate mortgage loans to qualified buyers who are eager to build their home and their future in Northeast Georgia."

The IMPACT! Group, a local nonprofit community development corporation, will help provide the down payment assistance along with education and credit counseling to homebuyers who want an objective advisor to help them through the process. "Our HomeOwnership Center provides home buyers with the tools they need to achieve sustainable homeownership. We are very excited to work with Brand Bank and the Community Foundation on this innovative program," says Marina Peed, executive director, The IMPACT! Group.

For more information about The Northeast Georgia Down Payment Assistance Program, call 770-963-3044 or log on to www.thebrandbank.com and click the program link for a list of eligible homes.

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