Thinking About Using Tax Credit Toward Buying a Home in Summit County, Colorado? Act Fast!

lbaxter — Tue, 30 Mar 2010 23:34:34 +0000

"Great home for the first time home Buyer"

If you are thinking about using the extended and expanded home buyer tax credit to purchase a home this year you better act fast. Now is the perfect time to get a great deal on a home in Summit County or surrounding areas. The tax credit can be used on homes purchased by July 1, 2010, but the homes must be under contract by April 30, 2010. The prices of Single Family homes and other types of properties (i.e. Condo’s, Duplexes, Town homes) have come back down to price points we were seeing in 2006. You have a little more than a month to locate your new home. Check out the MLS on current listings in Breckenridge, Keystone, Copper Mountain, Frisco, Silverthorne or Dillon.

What does this mean? The tax credit is for two types of buyers, first time home buyers (home buyers who have not owned a home in the past 3 years) or home owners who have lived in their home for 5 of the past 8 years and want to purchase a new primary residence.
Important aspects of the tax credit include:

Homes must be closed by July 1, 2010, under contract by April 30, 2010.
Homes must have a value of $800,000 or less and must be the buyer’s primary residence.
There are income restrictions, $125,000 for singles, $225,000 for couples.
The credit is also affected by being single or married. Married couples who file together are entitled for up to $8,000 for a first home buyer, up to $6,500 for current homeowners. Single people are entitled for up to $4,000 for a first time home buyer and $3,250 for a current homeowner.
The credit will need to be repaid if you sell your home within a time period of 36 months.

Leadville is only 30 minutes to Summit County and there is a perfect 3bd/2ba home for Sale for $230,000. The Summit Stage runs between Copper Mtn. and Leadville for $5, so you don’t have to even worry about the commute. What are you waiting for now is the time and it is running out! Contact Leah Baxter, or email leah@leahbaxter.com at ReMax in Frisco to start looking for your new home if you intend on using the tax credit.

Phone direct-970-389-6367

FHA loan limits, tax credits in Summit County Colorado

lbaxter — Sat, 04 Oct 2008 14:00:57 +0000

Now is a great time to buy property, especially if you are a first time home homeowner. The government is actually going to give you a tax credit if this is your first home.

Click Here For $7,500 Tax Credit Information

If you are trying to get a FHA mortgage see below.

This next section is to show you the max loan limit for FHA in Summit County:

FHA Mortgage maximums as of Friday October 03, 2008

SILVERTHORNE, CO (MICRO)

43540

SUMMIT

117

$729,750

$934,200

$1,129,250

$1,403,400

03/05/2008

Previously this year the a housing bill was passed that : affects FHA, Fannie and Freddie, tax policy and many changes involving the housing market. Here are the major components:

1. FHA Changes

Mortgage limits for high cost areas will be increased to $625,000 on a permanent basis (115% of the current conforming limit).

The FHA floor will go from 48% to 65% of the current conforming limit. This will put the new permanent floor at $271,000.

Cash downpayment is set at 3.5%.

The seller funded downpayment assistance program (DPA) will be terminated on September 30.

The risk based premium established by HUD last week will be suspended on September 30. The ceiling on upfront premiums will go to 3%.

2. Fannie and Freddie

The conforming loan limit will be increased to 115% of area median up to $625,000.

The bill provides for a federal "backstop" for Fannie and Freddie which allows the Treasury to capitalize the companies by taking an equity stake.

A new regulator with enhanced powers is created.

The bill creates an affordable housing trust fund paid for by assessments on Fannie and Freddie to help prevent foreclosures and facilitate affordable housing

3. FHA Rescue Fund

The bill creates a special FHA refinance program designed to allow the refinance into fixed rate FHA products of up to $300 billion in distressed mortgages.

4. Licensing

Encourages a nation wide licensing and registry system for loan originators by setting minimum qualifications and assigning responsibility to HUD for establishing new rules for those states that do not enact licensing laws.

5. Redevelopment of Foreclosed Properties

Provides $4 billion in funds for local governments to purchase and redevelop foreclosed properties.

If you want to know how much a property might be worth, check out my market snapshot.

Breckenridge | Frisco CO Real Estate & Community News » Tax Credits

Thinking About Using Tax Credit Toward Buying a Home in Summit County, Colorado? Act Fast!

FHA loan limits, tax credits in Summit County Colorado