This is an exciting opportunity for qualified home buyers in the market to purchase a home.  But you need to get started now, before time runs out.  Before the first deadline of April 30th, you need to first qualify for a loan, determine the style of home you want to purchase, take some time to look for the right home, allow a Realtor professional to negotiate on your behalf with the seller's agent and execute the contract.

Though there is not a lot of time left to accomplish this, our team is prepared to walk you through the steps to make sure you are successful in time to take advantage of this great benefit.

For questions about this program, you can contact me.  Alternatively, you can visit an online resource produced by the National Association of Home Builders here. (Clicking will open a new window.)

• For first-time homebuyers only. To qualify, you must not have owned a principal residence during the three-year period propr to purchase.
• Amount of tax credit. The maximum tax credit is $8,000.  The credit will equal 10% of the home's purchase amount, up to this $8,000 limit.
• The program expires. In order to receive this tax credit, you must close on your home before December 1, 2009.
• You do not pay this back. The previous tax credit was not actually a credit at all, it was a loan.  This tax credit is a true credit and never has to be paid back, providing you follow the program guidelines, we work with lenders that can fully explain the requirements.
• You get the credit even if you did not pay this much in taxes. The homebuyer credit can be claimed even if the taxpayer paid less than the credit in taxes for the 2008 tax year.
• Your income must qualify. Single taxpayers with incomes up to $75,000 and married taxpayers with incomes up to $150,000 qualify for the full credit.  You can get part of the credit if your income exceeds these amounts.
• Tax credit is applied to 2008 taxes. The tax credit is claimed against your 2008 tax returns for homes purchased after January 1, 2009 and closed before December 1, 2009.  Consult with your tax adviser on filing your amended return to receive your credit.

But remember, time is running out!  You need to be making your home selections SOON in order to get closed in time.  We are ready to help you with all the resources a team of real estate professionals provide.  Contact us right away!

These plans should be of interest to the entire Sugar Land area but will be particularly interesting to residents of Sugar Mill, Estates of Sugar Mill, The Forrest of Sugar Mill, Misty Lake, Estates of Oyster Creek, The Hill and others in the area.

For more information, contact Sugar Land Crime Prevention Officer Harris Johnson at 281-275-2580.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer's tax credit is determined by two factors:

The price of the home – the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income – single buyers with incomes up to $75,000 and married couples with incomes up to $150,000-may receive the maximum tax credit.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

The tax credit passed earlier this year is limited to $8,000 and has income caps.

U.S. Sen. Johnny Isakson, a Georgia Republican, introduced the legislation, and Senate Banking Committee Chair Christopher Dodd, a Connecticut Democrat, quickly stepped up to co-sponsor.

The National Association of REALTORS® and the National Association of Home Builders have said they would like to see the tax credit improved.

Source: The Wall Street Journal, Jessica Holzer (06/10/2009)

Are you going to look back at this time, low interest rates and tax credits, and wish you had bought your next home?  Let's talk soon to develop the best plan of action for you and your family.

University Blvd in Telfair, Sugar Land

Telfair wants everyone to know that University Blvd. now runs all the way between US 59 and Hwy 90.  This does greatly improve access in and out of Telfair.  Before the opening of University Blvd., the only options to get to Hwy 90 from US 59 was to get to Hwy 6 or Hwy 99 first.  Telfair is a great place to live for many reasons!  Are you thinking about a move to Telfair? Contact me to discuss how you can hire me and all the Don Burns Team to help you with all your real estate needs.

• Over 100 indoor booths with unique items!
• Handmade Jewelry, Handbags, and Note Cards
• One-of-a-kind Yard and Home Décor
• Monogrammed Children and Baby Items
• Easter and Mother's Day Gifts, too!

*FREE ADMISSION* *STROLLERS WELCOME*

Featured booth is StoneCrossed, stop by and see the owner Blain Smolik and his creations!

With the ailing economy and rising unemployment, Senate Democrats have seemed to reach some preliminary agreements with  Republicans  that include spending cutbacks, necessary to get some moderate Republicans on board to approve the enormous stimulus package with a current price tag of around $920 billion.

Sen. Johnny Isakson (R-GA)

A provision currently in the bill would significantly impact the housing market and assist home buyers for the next two years was proposed by Sen. Johnny Isakson (R-GA).  Senator Isakson's proposal adds $36 Billion to the package and would offer up to $15,000 in tax credits to anyone that buys a home in the next 2 years.

This proposal is not certain, however, according to Senate Democrats.   This proposal and another that would provide a $1,500 tax credit to buyers of American made vehicles could be trimmed or eliminated all together.

It is interesting to note that even if the home purchase credit remains in the package, The Washington Post reported that Isakson still might not support the package.  Go Figure.

Will the Stimulus Package Tax Credit help you directly?

Perhaps the answer to a couple of these questions might help you determine this.

1. I bought a home and qualified for the $7,500 credit that has to be paid pack, will I qualify for the  this new $15,000 credit? The short answer is no, says Rob Dietz, an economist for the National Association of Home Builders. "The effective date of the amendment is the date of enactment," Dietz says. "So if you've already completed a purchase, you would not be qualified for the new program."

2.  Does the $15,000 tax credit have to be paid back? Nope. That's a key distinction from the $7,500 first-time home buyer credit, which was "actually a 17-year repayment, which translates into a no-interest loan," Dietz says.

3. Are there income limits or other restrictions to participate? The tax credit would be limited to primary residences and does not come with an income restriction, says Joan Kirchner, Sen. Isakson's Deputy Chief of Staff. "You must occupy [the property] for at least two years as your primary residence," she says. It applies to "any home, meaning a condo, a house, foreclosed, new, [or] previously owned."

4. Can I take the credit during tax year 2008? Yes, says Chris Cook, a legislative assistant to Sen. Isakson. Even if you buy a home in 2009, the provision would enable you "to file your taxes as if you purchased your home on December 31 of 2008," he says.

5. What are the odds of this provision becoming law? Who knows for sure, right? The $15,000 home-buying provision is a component of the massive–and increasingly controversial–economic stimulus package. The House of Representatives has already passed its version of the stimulus bill, and the White House is putting pressure on the Senate to do the same. However, the size of the package–which now totals more than $900 billion–has prompted some Republic Senators to try and slash provisions to lower the tab. Still, Kirchner argues that the $15,000 tax credit enjoys strong support from the National Association of Realtors and the National Association of Home Builders, and will remain in the stimulus bill that is signed into law. "Because of the way that it was adopted–unanimously, they didn't call a roll call vote because both sides agreed to accept it–this provision is in," Kirchner says. Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, also predicted that the amendment would make it into the final package. "It's a targeted solution that will address housing as well as taxpayers–both of which need help," he said.

I was not personally in favor of the original stimulus package, it was too vague and contained proposals I totally disagreed with.  Certainly the way that money has been spent is wrong, and this does not lend credibility to another package, does it.

But this one seems to include some provisions that are going to encourage spending by tax payers, not by the government.  This is at least encouraging.

No matter if you are for or against this, either way, let your elected officials know!