Saturday, November 14, 2009

Go See High School Musical at the Temecula Theater

Guess what? I got tickets to the High School Musical live play at the Old Town Temecula Theater. We got our seats and it had already started. First, they were in class and Sharpay, Ryan, Taylor, Gabriella, Chad, and Troy got their phones taken away and get's detention. Then, it is basketball practice. Finally, the Science Decathlon team wins, Sharpay and Ryan sing, the Wildcats basketball team wins, Gabriella and Troy sing and win the singing competition. I think the play was a great show.

Monday, November 9, 2009

California $8,000 Home Buyer Tax Credit Extended and Expanded to $6,500 for Move-up Buyers

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Home buyers in the Riverside, Corona, San Bernardino, Temecula, Murrieta ,and entire Inland Empire of California will like this.  It's now official!  President Obama on November 6, 2009 signed a bill to extend the original $8,000 First Time Homebuyer Tax Credit through to April 30, 2010 and give existing California home owners who purchase again (move-up buyers who qualify), a chance stuff their pockets with $6,500 cash when they purchase another home.  Move-up buyers will not be required to sell their existing home to qualify for the credit.


To receive a

Priority Buyer Status Approval from a Professional Loan Officer on a California No Down Payment Home Loan, FHA ½% Down Payment Home Loan, or a traditional FHA 3.5% Down Payment Mortgage, call me at (951) 332-7864 or complete a quick loan application on my website @ www.9651MortgageCoach.com.

California's Military personnel who are or were deployed overseas for a minimum of 90 days in 2008 or 2009, will have until April 30, 2011 to claim the tax credit.  This is a great additional benefit for our Military personnel who live in San Diego, Riverside, San Bernardino, Orange, and Los Angeles Counties. Here are Highlights and/or Changes of the New Tax Credit Legislation:

The home buyer tax credit expansion of $6,500 for existing California homeowners is available to those who have lived in their current residence for a consecutive five-year period

• The new bill also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000

• The maximum allowed home purchase price is $800,000

• A home buyer must have an executed sale agreement in hand by April 30 and close escrow by June 30, 2010

• Anyone who collects either tax credit and sells the home within three years of buying must return the refund

• Buyers can't purchase the home from a parent, spouse, or child

• Buyers can't purchase the home from an entity in which they're a majority owner

• Buyers can't acquire the home by gift or inheritance

• All parties to the purchase must meet eligibility requirements

• The credit is 10 percent of the purchase price of the home, with a maximum available credit of $8,000 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

And remember, the First-Time Home Buyer program grants a tax credit as opposed to a deduction.  This means that a tax filer will receive an actual check from the IRS/U.S. Treasury for $8,000 if he eligible for all $8,000 available under the new law.

The complete list of qualifying criteria is posted on the IRS website.  Be sure to review it with a tax professional to determine your eligibility.  Then mark your calendar for April 30, 2010.  That's only five months away.

To explore home loan options with a Licensed Professional Loan Officer (that's me), call (951)332-7864 or email brad(at)951MortgageCoach.com