things are pickin' up in the world of real estate in b'ham

Rates Friday closed at 4.625. Can you believe that? Should get things moving around here. We are seeing a pick-up for sure and anticipating even more. The stimulus package will also give relief to first-time home buyers.

FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Shaded
February 2009

REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER

JANUARY 1, 2009

AND BEFORE DECEMBER 1, 2009

Maximum credit amount increased to $8000

All principal residences eligible.

Purchasers will continue to receive refund for unused amount when tax return is filed.Any unused amount of tax credit refunded to purchaser.

Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).

Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.

Purchasers who utilize revenue bond financing can use credit.

No repayment for purchases on or after January 1, 2009 and before December 1,

2009

If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.

Terminates December 1, 2009

Effective as of January 1, 2009