For Buying

Buying a home is an exciting time in one's life. Making the smart move of choosing a REALTOR® is your first step to ensuring that your new home and community meets your needs. My services and experience range from financial aid to helping you find the home that best suits you and your family. For your convenience, I also provide listings by email. I pride myself on repeat business and hope you'll come to understand why.

TAX CREDIT EXTENSION - IT'S OFFICIAL!!

The current measure extends and expands the scope of the homebuyer tax credit. Included in the expanded portion is a program for Current Homeowners. This new $6,500 tax credit is designed for current homeowners interested in buying a new primary residence. Eligible current homeowners must document that their sold home or home being sold was used as a principal residence consecutively for 5 of the last 8 years. The modifications to the original measure become effective December 1st. A summary of the changes follows:

To qualify the purchaser must not have owned a home in the last 3 years. Purchaser must owner-occupy the home.

· The tax credit is equal to 10% of the purchase price of the home, not to exceed $8,000.

· Qualifying maximum income limits effective on December 1st, 2009:

$125,000 Adjusted Gross Income for Individuals
$225,000 Adjusted Gross Income for Married Couples
This is an increase from $75,000 and $150,000 respectively from the previous version of the tax credit.

· If a taxpayer owes less than the tax credit, the government will send a check for the difference. If the taxpayer is due a refund, the reimbursement will be the refund due + the tax credit.

· Recapture provision: The tax credit is not required to be repaid unless the home is sold within the first three years of ownership.

· Binding Contract Provision: To qualify for the tax credit, the purchaser must have a binding contract effective on or before April 30, 2010 with the closing happening before July 1st, 2010.

· New - Limitation on Cost of Purchased Home - The price of the home cannot exceed $800,000.

· New - Purchase by a Dependent - The home cannot be purchased by a dependent. This rules the transaction ineligible.

· New - Anti Fraud Rule - The purchaser must attach documentation of purchase to tax return.

· The purchaser is eligible to claim the credit on their 2009 or 2010 tax return. They should discuss the details of how to file for the credit with their CPA.

How I Can Help
Before you start looking
Closing Costs

As Your Agent, I Will:

Assure that you see all the properties in the area that meet your criteria.
Guide you through the entire home buying process, from finding homes to look at, to getting the best financing.
Make sure you don't pay too much for your new home and help you avoid costly mistakes.
Answer all of your questions about the local market area, including schools, neighborhoods, the local economy, and more.

Before You Start Looking For Your New Home:

I can Check your credit rating FREE. Straighten out any errors before its too late.
Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
Find a loan program that meets your needs and get pre-qualified (preferably pre-approved).
Choose a REALTOR® that you trust and who understands your needs.
Determine what neighborhood best matches your needs.
Identify important features you need your new home to have.

Closing Costs to Expect:

Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account.
Third-party fees include charges for insurance, title search, and other inspections such as termites.
Government fees include deed recording and state & local mortgage taxes.
Escrow and interest fees include homeowner's insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.

Find out how much your closing costs could be.

For Buying

John S. Mangione