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First-time Homebuyer Tax Credit Signed!

Today President Bush signed HR 3221 into law. With his signature the first-time homebuyer tax credit will go into effect immediately. For an outline of the basic features of this provision, click here.

Foreclosure Bill Passed by the House

Passed by the Senate and now by the House President Bush could sign the foreclosure rescue bill as early as this week. This bill will provide $300 billion to help homeowners who are spending more than 31 percent of their income on their mortgage payment. These homeowners may qualify for a more affordable FHA loan.

For those purchasing their first home, the bill provides a $7500 tax credit--with stipulations. You must make your home purchase between April 9, 2008 through July 1, 2009 in order to receive the tax credit and it is available in full to purchasers making less than $75K ($150K is the ceiling for couples). However, the tax credit would need to be paid back interest-free over 15 years.

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Special Event for Prospective Home Buyers

As I was driving home the other day, I heard an advertisement on the radio for a home buyer program that I am familiar with so I thought that I would share it with you.

From July 19 through July 23, 2008 the Neighborhood Assistance Corporation of America (NACA) is holding a free workshop for homeowners who have mortgages that are higher than they can afford. NACA is a grassroots organization that educates and assists prospective homebuyers who are interested in purchasing a home. If you have owned a home before, you still may be eligible to purchase your next home using NACA as long as you do not currently own a home.

I have personnally assisted a number of my clients who purchased a home using NACA for financing. Even if you are looking to purchase a "fixer-upper" NACA can help. Note the features of the program:

• No downpayment
• No application fee
• No closing costs
• No requirement for perfect credit
• No points
• No Private Mortgage Insurance (PMI)

Register today by visiting NACA's website.

Enjoy the program and let us know what you thought about it.

HUD Owned Condo in Laurel, MD

If you are familiar with the planned community of Russett then you know the benefits. Situated close to the BW parkway between Washington, DC and Baltimore, Russett offers a number of amenties such as tennis courts, volley ball areas, jogging trail, pool, on-site management and more.

Built in 1998, this condo foreclosure is priced at $207,400 and has 2 bedrooms and 1 bath spread over roughly 900 square feet. This property does need some work and is being sold as-is.

UPDATE - 7/29/08: This property is now priced at $195,200.

UPDATE #2 - offer accepted on 8/4/08

UPDATE #3 - back on the market as of 8/15/08

UPDATE #4 - offer accepted on 8/18/08

UPDATE #5 - back on the market as of 8/30/08

For more information or if you are interested in bidding on this property contact Cheronn at CheronnC@att.blackberry.net

FDA Consolidate Headquarters in White Oak

Notice anything different when you travel north on New Hampshire from Takoma Park? The next time you are there (between Hillandale Shopping Center and Lockwood Drive), look right and you will see where FDA is consolidating it's headquarters. With the front entrance on New Hampshire Avenue and the back entrance on Cherry Hill Road, it is expected that there will be roughly 7,700 employees at this location. Several phases of the project have been completed with Engineering and Physics Laboratory currently underway (scheduled to be completed in 2007). Click here to see pictures of the completed buildings.

Changes to the DC Transfer and Recordation Tax

Thirty-five states plus District of Columbia impose a tax on the transfer of real property. In DC the recordation tax is the responsibility of the buyer and the transfer tax is the responsibility of the seller unless otherwise negotiated. The transfer and recordation taxes are based on the sales price of the property. Effective October 1, 2006 the transfer and recordation taxes for tranactions at $400,000 and above will increase from 1.1% to 1.45%. Transactions at $399,999 and below will continue to be 1.1% of the sales price.

Speaking of taxes, DC exempts the first $60,000 if you occupy the property as your primary residence and you file a homestead deduction application. Once the deduction has been in effect for a full tax year*, DC will not increase your taxable assessment by more than 10% per year. Visit the DC government website for more information.

*DC property tax year runs from October 1 through September 30 and taxes are due on twice a year (March 31st & September 15th)