Silver Sage Realty » For Buyers

Home Warranty give Peace of Mind to Homebuyer

Connie Herbert — Sat, 03 Apr 2010 17:21:52 +0000

Buying a new home is one of the biggest financial decisions a person makes in their life time. A home warranty can help give the new homeowner a level of comfort regarding failures of appliances and/or systems in the home. There are a couple of options available to the new homebuyer that you can review from Home Warranty of America View Home Warranty Pricing Information

Home Buyer’s Tax Credit Ending Soon

Connie Herbert — Tue, 30 Mar 2010 21:11:32 +0000

The First Time Home Buyer’s Tax Credit of up to $8,000 and the expanded credit of up to $6,500 for existing homeowners who qualify is approaching an important deadline. A buyer wanting to qualify for the credit, must have the home they are purchasing under contract by April 30th. That means you need to find the home, make an offer, and have it accepted by the seller by April 30th. If you aren’t working with an agent and need help finding a home or need your questions answered, any of the agents at Silver Sage Realty, Inc. would be happy to talk to you. Call 208-837-6153 to talk to the agent on call or request the agent of your choice.

Federal Reserve Chair, Bernanke Says Interests Rate to Remain Low

Connie Herbert — Thu, 04 Mar 2010 15:16:23 +0000

Many are lenders have been predicting that interest rates will be going up soon. A buyer was even told that they should lock their rate soon before the rates go up the first of April. Because of that this report of Bernanke’s opinion that interest rates will remain low is a relief. Even so, those considering buying still need to keep in mind the deadline of April 30th to have a home under contract to if they for the either the First Time Homebuyer $8000 tax credit or the $6500 tax credit to current homeowners. Be sure to talk to your accountant about how the tax credit affects. you.

Idaho Banks Strength Helps Support the State’s Economy

Connie Herbert — Tue, 26 Jan 2010 05:18:06 +0000

Robb Hicken wrote in an article in the Idaho Business Review that :Banks in Idaho look bright: Despite challenges, banks move forward”. He discusses the benefits of having sound Idaho banks to Idaho’s economy and some of the challenges the state faces as the economy recovers.

Guidance on New $6,500 Tax Credit for Repeat Home Buyers

Connie Herbert — Mon, 25 Jan 2010 21:10:47 +0000

If you have questions about the the $6,500 tax credit for repeat home buyers, the IRS has published guidance to help consumers better understand the requirements. This Washington Post article gives an explanation of the credit and provides a link to the IRS for more information. A little research led me to this IRS link IRS link which provides the most information. As always we recommend that you consult with your accountant to determine if you are elegible for the credit. I might be a good idea to print the information found at these links and take to your accountant so that you can have any issues in the articles addressed. Our staff is ready to help you with your home purchase whether you are a repeat buyer or and first time buyer looking to take advantage of the $8,000 first time homebuyer tax credit.

January 1, 2010 HUD-1 and GFE Changes

Connie Herbert — Mon, 18 Jan 2010 20:04:13 +0000

Effective January 1, 2010 a new Good Faith Estimate (GFE) and HUD-1 (closing statement) are required. These updated forms are designed to better inform borrowers and to restrict fee increases that borrowers have experienced in the past. It should help to eliminate surprises at the closing table in relation to fees the borrower pays or costs of getting the loan. The following video from REALTOR TV explains some of the changes.

Explanation of New HUD-1 and GFE

Mortgage Forgiveness Tax Relief Still in Effect

Connie Herbert — Mon, 18 Jan 2010 18:36:27 +0000

A law enacted in 2008 relieves homeowners from paying taxes on mortgage debt that as been relieved through mortgage workouts, short sales, etc. This is in effect through 2012 and there is a specific for used to report this to the IRS. Read the IRS bulletin regarding tax relief.

Taxes in Idaho

Connie Herbert — Mon, 21 Dec 2009 06:31:20 +0000

Just read an article in the Idaho Business Review about a study that says Idaho’s tax burden is the sixth lowest per capita. It is great to be able to live in Idaho where the quality of life is so positive and our tax burden is lower than so many other states. To read more of the article go to Idaho Business Review

Fed Interest Rates to remain at Historic Low

Connie Herbert — Wed, 16 Dec 2009 23:08:19 +0000

I just read about the Federal Reserve’s announcement that they will leave key interest rates unchanged for an extended period. With low mortgage rates to continue, and the homebuyer’s tax credit for those who qualify, purchasing a home is still a viable option.

MSNBC wrote, “just in time for the holidays, a gift from the Federal Reserve: interest rates will remain at historic lows for an “extended period” in the hopes that cheap credit for car loans, mortgages and other consumer debt will help prod the recovery.

The Fed pledged Wednesday to hold rates down to help cut double-digit unemployment. Its key bank lending rate has stood at zero to 0.25 percent since last December.” Read the entire article.

Homebuyer Tax Credit Update

Connie Herbert — Wed, 09 Dec 2009 23:28:18 +0000

NAR Issue Brief

Homebuyer Tax Credit Changes

National Association of REALTORS® Government Affairs Division
500 New Jersey Avenue, NW, Washington DC, 20001

Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.

FEATURE	Jan 1 – November 30, 2009Rules as enacted February 2009	December 1 – April 30, 2010 Rules as enacted November 2009
Firsttime Buyer – Amount of Credit	$8000 ($4000 married filing separate)	$8000 ($4000 married filing separate)
Firsttime Buyer – Definition for Eligibility	May not have had an interest in a principal residence for 3 years prior to purchase	Same
Current Homeowner – Amount of Credit	No Provision	$6500 ($3250 married filing separate)
Effective Date – Current Owner	No Provision	Date of Enactment
Current Homeowner – Definition for Eligibility	No Provision	Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit	Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)	Purchases after April 30, 2010
Binding Contract Rule	None	So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits (Note: Increased income limits are effective as of date of enactment of bill)	$75,000 – single $150,000 – married Additional $20,000 phase out	$125,000 – single $225,000 – married Additional $20,000 phase out
Limitation on Cost of Purchased Home	None	$800,000 Effective Date of Enactment
Purchase by a Dependent	No Provision	Ineligible Effective Date of Enactment
Antifraud Rule	None	Purchaser must attach documentation of purchase to tax return