First Time Home Buyer Credit Available

First-Time Home Buyer Tax Credit:
6 Things to Know from US News Report
Money & Business THE HOME FRONT by Luke Mullins
February 17, 2009 06:19 PM ET Luke Mullins Permanent Link Print
While the proposed $15,000 home-buyer tax credit died in negotiations between the House and the Senate, the $787 billion stimulus bill that President Barack Obama signed into law Tuesday includes a similar--albeit smaller--measure designed to help revive the real estate market. Here are six things you need to know about the freshly-enacted $8,000 first-time home buyer tax credit.
1. Eight grand, new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.
2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.
3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.
4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.
5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.
6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)


I wanted to share this in case any new home buyers are considering purchasing this year you should look for this opportunity. See if you qualify! Call me anytime and I can help.

Are Polybutylene Pipes found in home in Colorado Springs an issue?

Polybutylene Pipe Question:
I had an interesting question come up today about the polybutylene pipes action lawsuit in reference to a home we have listed for sale. The home is http://www.4646kashmire.com/ It was built in 1997. Since it was built past the date to qualify for the lawsuit doesn't this mean the pipes should not be an issue in the home and shouldn't they be covered by the home warranty? (see http://www.pbpipe.com/ for more info on the lawsuit)

I have a new listing at www.1585OldStage.com. We have a Broker tour tomorrow, Wed, Feb 11. 2009 at 9 am with several other brokers. We are trying to stir up some interest. Is there any out there?

January 14, 2009 - Let's start with some background

Kathy graduated from the Univ. of Missouri (GO MIZZOU!) with a BA in Psychology and a minor in Computer Science. After exploring several career fields including software programming and restaurant management, Kathy married and was able to stay home and raise two beautiful children in the Kansas City area.
The family moved to Colorado Springs where she later restarted her career in Real Estate and joined the Skora Team. She is both an agent and the team’s marketing coordinator.
Quality service with a smile is what it’s all about when you work with Kathy. She’s well qualified, friendly, available whenever you need her to be, and is committed to helping you achieve your real estate objectives. She pledges to you the highest level of service possible while maintaining honesty and integrity in all that she does. Above all, she is committed to always placing her client's goals first.