There is time left for qualified buyers to take advantage of the 2009 First-Time Home Buyer’s $8,000 Tax Credit & Repeat Home Buyer’s $6,500 Tax Credit. Binding sales contract must be executed by April 30, 2010, the closing can be extended until June 30, 2010.
The newly expanded first-time homebuyer and repeat homebuyer tax credit was signed into law a few months ago, but many married, unmarried, or soon to be married tax filers, are confused about claiming these credits. Understandably so. There are numerous scenarios that can come up, e.g. “I am a long-time principal homeowner but my spouse has lived there for only 3 years. Can we qualify for the long-time homeowner’s credit if we purchase a new principal residence?” Marcy Stolle, Sr. Mortgage Banker at Paramount Mortgage Company recommends to her clients and prospects to “make sure” and consult with their tax professional or check with the IRS if they are not clear about their eligibility.
The IRS website is very helpful and addresses these questions and various scenarios.
There’s not much time left. If you are seriously considering a home purchase, April 1st is coming fast.
St. Louis Mortgage Rates – February 2, 2009 *
- 30-year fixed-rate mortgage 5.00% no points
- 15-year fixed-rate mortgage 4.375% no points
- 5/1 adjustable rate mortgage 3.875% no points
- 3/1 adjustable rate mortgage 3.750% no points
- FHA/VA 30-year fixed rate mortgage 5.250%
- Jumbo 5/1 ARM 4.125% no points
For more information or if you have questions on mortgage rates in St. Louis you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*Note- The above rates are based upon a typical sale price of $187,500 with a 20% percent down payment leaving a loan amount of $150,000 to a borrower with a 720 credit score for a loan with no discount points charged. Rates and terms will vary depending upon loan amount, home value, credit and income of borrower.
This information is provided by this author and this site for informative purposes only and is not warranted or guarteed in any way.
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