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2009 Economic Stimulus Plan
18 February 09 03:05 PM | Elena & Kirill Gorbounov(a) | 0 Comments   

Four important points: 1) Tax credit to First Time Home Buyers is $8,000 (tax deduction) and it does not have to be repaid if you live in the property at least 3 years (valid until December 1st 2009). fyi: if you owe less than 8K in taxes then the government will send you the difference in the mail!!! 2) Home improvement tax credit (e.g. if you were to spend $4500 in home improvement that would result in a more energy efficient home then the government will give you a 30% tax write off of $1500 - the maximum). Improvements that qualify ... energy efficient exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters. 3) FHA limits raised to $625,500 across US. If you are unfamiliar with what an FHA loan is here are the highlights: 3.5% cash investment, seller subsidy for closing cost is doable, must be principle residence, etc. Another option is purchase a HUD property and they can tack on $35K (i.e. buy a property that is 50 cents on a dollar and use the money to do the necessary improvements to make it habitable). Furthermore, you can add energy efficient fyi: NAR's monthly official forecast as of February 3: Average 30-year fixed mortgage rate by mid-2009: 5.2% Read More...

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