More information about the $8,000.00 Tax Credit

The IRS website has some really great information about the First Time Homebuyer Tax Credit.

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

You can also see scenarios that might apply to you at
http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Obama's Making Home Affordable Program

This is a great website that outlines the Making Home Affordable Program which is designed to help folks that are in financial crisis and unable to make mortgage payments. Homeowners can find information on the foreclosure process, utility assistance and home repair assistance to make smart choices and avoid losing their homes. Please pass this on to anyone you know of that may be in trouble.

http://www.kyhousing.org/protect/referral.asp  

More good news about the $8,000.00 tax credit

Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.


The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.

Donovan’s announcement came at a National Association of Realtors legislative summit this morning, although HUD’s details on the initiative aren’t scheduled for official release until next week. The initiative will allow FHA-approved lenders to monetize the tax credit through short-term bridge loans, letting borrowers access the funds at the closing table.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said, according to NAR.

The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000 — or $4,000 for married individuals filing separately — on either their 2008 or 2009 tax returns. Unlike the previous law — which required recipients of the tax credit to repay the funds over a number of years without interest — the new home buyer credit effective with the passage of the act does not have to be repaid.

Homes on the market in Mt. Washington

As of today, there are 210 homes listed for sale in Mt. Washington. Ranging in prices of anywhere between $79,950.00 and $1,100,000.00. At this time last year 84 homes had sold compared to 72 being sold this year to date.
In Bullitt County as a whole there are currently 580 homes on the market ranging anywhere from $44,900.00 to $1,250,000.00. This time last year 262 homes had sold in Bullitt County compared to this years 207. Wow.. not really a huge decrease.

Here are the GLARMLS Monthly Statistical Reports for the entire Louisville Area.

Sales on the Rise
http://www.louisvillerealtors.com/statistics/sotr.pdf

Month at a Glance
http://www.louisvillerealtors.com/statistics/mag.pdf

Year to Date at a Glance
http://www.louisvillerealtors.com/statistics/ydg.pdf

Year to Date at a Glance – Price Ranges
http://www.louisvillerealtors.com/statistics/ydgpr.pdf

New Jobs for Bullitt County....

Sabert Corp., based out of New Jersey, has opened a central hub in Kentucky.
Sabert will manufacture plastic food containers at a 250,000 sq. ft. facility in Shepherdsville and employ about 70 people. Read more here.... http://www.wave3.com/Global/story.asp?S=10324841

Update from Kentucky Housing Corp.

First Home Advantage Program Changes

Effective immediately, the $350 KHC second mortgage application fee is being reduced to $50. This will be paid to KHC and will be withheld at time of funding. The pre-payment incentive of $300 principal reduction has been eliminated. Interest will not begin until July 1, 2010.