Monday, February 23, 2009

2009 Economic Stimulus Package Update Tax Credit First Time Home Buyers

Wonderful news for first time home buyers in SW Florida. Take a moment to read the message below from Countrywide loan consultant, Adrian Jacobs then call Mary Neilson at 239-243-5989 or email Adrian is making things happen and qualifying buyers for loans every day. Don't miss this fantastic opportunity to own a home while prices are low and take advantage of this portion of the stimulus package. The Mary Neilson Team (239) 243-5989 and Countrywide's Adrian Jacobs (239) 677-7250, serving your real estate needs in Cape Coral, Fort Myers, Lehigh Acres, San Carlos & Bonita Springs.

Mary, hope that you had a Great Weekend!

I know the following is a bit long, but it's well worth the read as you may have a friend, family member or someone that your working with that will qualify and benefit from this portion of the stimulus bill.

Well Mary... This is the one thing that we can actually start promoting NOW from the recently passed Economic Stimulus Plan. Done Deal! So if you know someone that has been sitting on the fence about purchasing, then NOW you can give them some GREAT news... This News might just take them off that fence (and into a home). You might be thinking that there is already a Home Buyer Tax Credit in effect; it helped some, but not all that much. Yep. But take a look at the reasons why this newer version is much more buyer-friendly than the one that took effect last July ('08).

* The NEW tax credit is for $8,000. (Before it was for $7500.)

* The NEW tax credit is available for home purchases made between 1/1/09 thru 11/30/09. (Before it was 4/9/08 thru 6/30/09.)

* This is a GREAT benefit… The NEW tax credit has NO repayment requirement! (Before the homeowner paid back $500/yr for 15 years, i.e., full payback.)

* The NEW tax credit has a 3-year recapture requirement (if the home is sold within 3 years). (Before if the home sold within the 15-year repayment period, the outstanding was recaptured on sale.)

* The NEW tax credit allows for MRBs... bond loans. (Before there was NO credit for state/local bond funding.)

THERE are five good reasons to "talk the NEW Homebuyer Tax Credit up" it's improved, and it's NOW. Not all that familiar with the overall tax credit to begin with? Here are bullet points:

* The dollar amount of the credit is actually 10% of the purchase price, up to a max credit of $8,000. (Ex: $72,000 purchase price = $7,200 tax credit.)

* The credit is available for principal residences only (owner occupied).

* The credit is available to first time homebuyers -- note that the definition of a first time HB is a purchaser (and purchaser's spouse) who has not owned a principal residence in three years previous to purchase. Owning a second home(s) or an investment property(s) does not disqualify a person as long as the principal residence rule is intact.

* There are income limits -- To receive full credit the max AGI (adjusted gross income) for individuals is $75K; for joint returns it's $150K. There is a phase out above those caps.

* Any house, anywhere -- new/old, cheap/expensive, REO/short sale/regular, a manufactured or a hi-rise -- if the buyer is "eligible", the credit is there.
Now, the best part about this is that this is an actual tax CREDIT -- it's not a tax DEDUCTION!!! As such, this is a dollar-for-dollar tax REDUCTION -- the buyer's tax liability for the year of purchase may be reduced, eliminated, OR he/she might even receive a "refund". (Example: The Purchaser is eligible for the full $8,000 credit; he/she has a total tax liability of $2700; the $2700 wipes to -0-, and the purchaser will receive a refund of $5,300 from the filed tax return.) Money INTO the pocket BECAUSE it was bought..... Likely at a great price; likely at a great rate; likely with a PITI that competes loudly with renting.

Stay tuned for March 4th for the final "details" on many of the 2009 Stimulus plans and beyond that for some interpretation and decisions on how it will all work.
Remember Mary, a customer can make application with me 24/7 at or email at: Please call if I can assist you, a client, a friend or a family member with their financing needs. I look forward to earning your business! I am available 7 days a week.

Whether you call Adrian at 239-677-7250 or email him at, don't forget to mention you read this on The Mary Neilson Team website. Together, Adrian and I will put you in the home of your dreams today.

Mary, Make it a Great Week!
Adrian Jacobs
Countrywide Home Loans
13550 Reflections Pkwy
Fort Myers, FL 33907

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