Attention Miitary Home Buyers

If you’re an eligible federal employee or qualified military personnel, you have less than 3 weeks to use the federal home buyer tax credit, and to claim up to $8,000 in federal income tax credits. 

According to the IRS, eligible persons include members and spouses of the uniformed services, members and spouses of the Foreign Service, and intelligence community employees who served at least 90 days of qualified, extended duty service outside of the United States between January 1, 2009 and April 30, 2010, and their spouses.

Eligible persons must be under contract for a new home on or before April 30, 2011, and close on or before June 30, 2011.

Eligible home buyers receive a dollar-for-dollar tax reduction equal to 10 percent of the subject home’s purchase price, not to exceed $8,000 for first-time home buyers, and not to exceed $6,500 for repeat home buyers.

Repeat home buyers must have lived in their “main home” through 5 of the last 8 years in order to be eligible. The complete program description is published on the IRS website.

Use your VA loan to buy a home with no down payment. The Department of VA recently increased the Maximum Guaranty Amount for veteran home loans. Read about VA loan eligibility and other important loan information.

El Paso Home Values - what's-my-home-worth-in-a-buyer's-market

El Paso Home Values

El Paso Home Values

The El Paso TEXAS homeowner needs to understand that arriving at home values is a bit more complicated than just obtaining a Zillow estimate or looking at the Central Appraisal's valuation.

How would you know what anyone is willing to pay for your El Paso TX home? The answer is that to arrive at your home's value you must use a licensed residential appraiser. An appraiser's duty is to develop an opinion of the value of real property, usually "market value". Of course, there is a considerable investment involved when you hire an appraiser. Alternatively, you should obtain the services of an experienced REALTOR® to set your home's selling price.

El Paso TEXAS Home values can rise and sometimes fall just like any other investment, but do you truly know the importance of El Paso TX home values? Learn your home's value by using a complete CMA prepared by an experienced REALTOR®. Complete a simple form with your address and brief description to begin the process. Finding the accurate home value is an important step when considering selling particularly now in the robust Buyer's Market and prolonged recession.

One of the most important factors in El Paso TEXAS home values is measuring the saleability of a house. As we all know, El Paso TEXAS home owners have their own opinion of their home's value, but this is just the start to a bigger prospective of El Paso TX home values. Just like the home owners, neighborhoods hold their value based upon the homes that are located within them. To go a step further, a subdivision or even a city's value is generally determined by the neighborhoods and homes that are contained within their boundaries. As we know all too well by now is that home values have a large impact on a house, a block, a city, a state and even a country's economy. Home values in El Paso are also a key indicator of how well the El Paso TEXAS economy is doing.

Find El Paso TEXAS home values by asking for a CMA. The CMA report attempts to find out what willing and able buyers are willing to pay for a comparable home. A CMA creates an average sales price to determine El Paso TX home values. Contact me today for a fast home value report in El Paso TX.

Home values in El Paso TEXAS are of great importance to the industry of real estate and appraisers but they are also of great significance to homeowners across the nation. Learn your El Paso TX home's values by using my CMA. It is quick and fast. Just enter your El Paso TEXAS address here to get a home value report.

 

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Tax Credit closing deadline

A bill that would extend the U.S. Homebuyer Tax Credit closing deadline from June 30 to Sept. 30 was passed Tuesday by the House of Representatives. The Homebuyer Assistance and Improvement Act of 2010 (HR 56232) passed by a 409-5 margin.

The measure now goes to the Senate, which last week defeated a bill that contained a similar amendment. The outcome of the Senate vote is seen as uncertain.

If the extension passes in the Senate, it would give homebuyers who were under contract by April 30 more time to complete their sales. The National Association of Realtors estimates that as many as 180,000 buyers could miss out on the credit without an extension because of circumstances beyond their control. Short Sale and REO transactions are holding up many of these closings.

"RE/MAX agrees with the National Association of Realtors leadership on the idea of extending the tax credit closing deadline, because it’s the right thing to do," says RE/MAX Chairman and Co-Founder Dave Liniger. "We’ll continue to speak out in favor of the extension."

Liniger urges homebuyers who are waiting to close to stay in touch with their Realtor and contact their U.S. senators to urge swift action on the tax credit.

Article courtesy of REMAX. Contact a REMAX agent today.

Tax Credit closing deadline extended

The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.

Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.

The amendment to HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010" -- which primarily extends unemployment insurance benefits -- was approved in a 60-37 vote Wednesday. This does not extend the deadline for homebuyers to qualify for the tax credit, NAR said but only extends the deadline for closing transactions already in contract.

According to Yvonne Russell, a RE/MAX REALTOR, This amendment is a much needed answer to the huge bottle neck the June deadline created. Every mortgage broker, appraiser, title company and realtor I know in my local market is breathing a collective sigh of relief. The June deadline coupled with the changes in lending practices as well as the way appraisal are handled was unsustainable.