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As anticiapted, the tax credit for home buyers has been extended and expanded. It is now in effect until April 30, 2010. In addition, it not only applies to first time buyers, but has been expanded to include repeat buyers who meet several criteria. First time buyers still qualify for the 10% credit up to $8,000. Repeat buyers who qualify will be eligible for a 10% credit up to a maximum of $6,500. An individual qualifies as a repeat buyer if he or she, or their spouse, owned and lived in a principle residence in the Unites States for five consecutive years within the eight years prior to the closing date. There are also income restrictions. To receive the full credit, the buyer's MAGI must be less than $125,000 for an individual or $225,000 for joint filers. Above that, the credit phases out. Call me or your tax professional for more information......
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On Friday, November 6th, the first time homebuyer tax credit was officially extended through April 30, 2010. (A sales contract needs to be signed by April 30, 2010. Closing must take place before July 1, 2010.) This is good news for new buyers who aren't on track to meet the original deadline of November 30 and for repeat buyers who are considering a move. Included in this extension is a new provision for repeating homebuyers who have lived in their previous home for 5 consecutive years during the past 8 years. Here are some basics to know about the new tax credit as noted by the Illinois Association of Realtors: - First-time buyers who have not had interest in a principal residence for three years are still eligible, and the maximum amount remains the same – $8,000 (or $4,000 for married couples filing separately).
- Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 (or $3,250 for married couples filing separately).
- Qualifying buyers must sign a purchase agreement by April 30, 2010, and close before July 1.
- The tax credit may not be used to purchase a home for more than $800,000. Vacation homes are ineligible.
- The income limits to earn the maximum for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.
- All buyers who want to get the credit must include documentation of the purchase on their tax returns.
- The credit is extended for through June 30, 2011, for members of the military serving outside the United States for at least 90 days.
For more information visit: http://www.federalhousingtaxcredit.com/home.html
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Great 3 BR One-Level Ranch
• 1,276 sq. ft., 1 bath, 3 bdrm single story -  MLS® $129,900 - 3-Season Room Edgewood, East Peoria - Three bedroom ranch with newer carpet throughout and everything on one level. Wonderful 3-season sunporch. Newer white washed oak cabinets in eat-in kitchen. Fenced yard with wood deck and storage shed. Extra parking next to garage. Wood burning stove in living room can be used to help heat home. Property information
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Come home to your own personal retreat!
• 2,320 sq. ft., 3 bath, 3 bdrm 1 1/2 story - MLS® $269,900 - Outbuilding / 2.97 acres Lowpoint, Metamora - Come home to your personal retreat! Custom built 3 BD, 3 BA two story on almost 3 mostly wooded areas * 30x50 insulated outbuilding w/12' high door * 16x8 shed plus 10x12 playhouse * Family room with vaulted ceiling and gas log fireplace added in 2001 * Master BDR has balcony that over looks the FR * whirlpool tub in master bath * wood burning fireplace in LR * Main floor laundry area * very private setting * new roof w/30 yr shingles in 2001 * Central vacuum * 14 x 6 storage or work room at back of garage * Zoned Ag - Horses welcome! * All measurements are approximate * Freezer reserved Property information
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The First Time Home Buyers Tax Credit is scheduled to expire at the end of November, so if you have any thoughts about taking advantage of that great deal, you need to start moving ahead! To get the credit, you must close on your house by Nov. 30, which means that you will need to have a house under contract by early November. That is only two months away! In addition, if you plan to use FHA financing, you may qualify to use up to $6,000 of the credit at closing to help with your down payment. Details can be found at http://www.ihda.org/ViewPage.aspx?PageID=328. If you have any questions or would like to discuss this further contact me at 309-687-4826, or call your mortgage loan officer.
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Lake Park, Peoria - Announcing a price reduction on 1803 W Clarewood, a 2,193 sq. ft., 3 bath, 3 bdrm 3-level split. Now MLS® $174,900 - Great central location!. Property information
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Are you willing to pay up to $100 a year to have extra refrigerator or freezer storage space? If you have a secondary fridge or freezer in your garage or basement manufactured before 1993, that’s exactly what you’re doing. If you’re looking to cut your energy costs and get rid of that old appliance, you can safely recycle it through Ameren's Refrigerator & Freezer Recycling Program. Ameren Cilco will haul it away for free—and pay you $35! For more information, and to find out if your old fridge or freezer is eligible, go to www.ActOnEnergy.com or Call toll-free: 866-899-9088
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Ameren Cilco just released this news: The Ameren Illinois Utilities’ (AmerenCIPS, AmerenCILCO, AmerenIP) Residential Unemployment Program will provide a one-time $300 grant to qualifying electric customers currently out of work.Am I eligible? You are eligible to receive the $300 grant if you meet the following requirements: 1. You are an active residential Ameren Illinois Utilities’ electric customer who is currently unemployed due to a job lay-off. Unemployment must not have occurred before December 2008. 2. The Ameren Illinois account is listed in your name or your spouse’s name. There is a limit of one grant per household. 3. The Ameren Illinois account is your primary residence. How do I apply for the one-time grant? The easiest way to apply for the grant is to fill out the form and follow the instructions on the back of this flyer. How does the program work? Once the Ameren Illinois Utilities receives and verifies the application form and other required documentation, you will receive notification announcing your acceptance into the program. The $300 grant will be applied as a credit to your electric charges within 30 days. Can the grant be used as a down payment on a Payment Agreement? Because an exact date the grant will be applied cannot be guaranteed (but will be within 30 days of the date you are accepted into the program), the grant money cannot be used as a down payment on a Payment Agreement. When does the program end? Grants will be awarded on a first-come basis and will be dispersed until funds are depleted. Can funds be applied to a final account? No, grants must be applied to an active electric account. Is there anything else I should know? You are responsible for all account charges until the grant is applied (within 30 days of acceptance into the program). Whom shall I contact if I have additional questions? The Ameren Illinois Utilities’ Customer Service Centers will be happy to answer any questions you may have. You may reach them at the following numbers: AmerenCIPS 888.789.2477 AmerenCILCO 888.672.5252 AmerenIP 800.755.5000 Application for the Residential Unemployment Program To apply for the Residential Unemployment Grant Program, fill out the short form below and mail or fax it to Ameren Illinois Utilities. Please note that in order for us to process your application you must also send documentation of your unemployment status dated within the past 30 days. Examples of acceptable documentation include (a) a confirmation from the Unemployment Office of a recertification claim filed within the last 30 days, (b) a print-out from the Unemployment Office within the last 30 days, or (c) a letter from your employer regarding your unemployment dated within the last 30 days. Name on Ameren Illinois Utility Account: Spouse’s Name Ameren Illinois Utility Account Number: Daytime Contact Phone Number: Email Address: Date of Unemployment: Address: City, State, ZIP Mail or fax your documents to: For AmerenCILCO/CIPS customers: For AmerenIP customers: AmerenCIPS or AmerenCILCO AmerenIP Attn: Energy Assistance Attn: Energy Assistance, A-10 2105 E. State Route 104 P.O. Box 2543 Pawnee, IL 62558 Decatur, IL 62525 Fax: 314-612-2807 Fax: 314-612-2807 Don’t forget! To complete your application, you must include documentation of your unemployment status dated within the past 30 days. Examples of acceptable documentation include: • A confirmation from the Unemployment Office of a recertification claim filed within the last 30 days. • Print-out from the Unemployment Office within the last 30 days. • Letter from your employer regarding your unemployment dated within the last 30 days.
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Woodside Creek, Peoria - We invite everyone to visit our open house at 55-6440 N Allen on June 14 from 2:00 PM to 4:00 PM. Property information
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Metamora, Woodford County - We invite everyone to visit our open house at 1508 Noel Dr on June 14 from 1:00 AM to 3:00 AM. Property information
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Good news! There is now a program to allow FHA borrowers to make use of the tax credit at closing, rather than having to wait until they file their taxes. The following summary is from a recent news release from the National Association of Realtors: Consumers across the country can now take advantage of a Federal Housing Administration program to allow qualified home buyers to apply the $8,000 tax credit when purchasing a home. FHA will now permit its lenders to provide a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger downpayment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate. Shaun Donovan, secretary of the Department of Housing and Urban Development, announced the change on May 29, 2009. In an address to several thousand Realtors® gathered two weeks ago at NAR’s Real Estate Summit: Advancing the U.S. Economy, Donovan announced HUD’s plan to offer the tax credit as downpayment assistance. Donovan detailed the modifications to that original proposal and announcement.“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans allowing eligible home buyers to access the funds immediately at the closing table. NAR has supported monetization of the tax credit, which was part of an Obama administration housing stimulus plan enacted earlier in the year. NAR petitioned HUD to allow home buyers to use the $8,000 tax credit to help them cover downpayment or closing costs to bring new home buyers to the market and stimulate home sales. “We think this is a good program; our members have been getting many inquiries from potential buyers about it,” McMillan said. “NAR is pleased that this enhancement has been made to the administration’s housing recovery program. As we have heard before, there can be no economic recovery without a housing recovery. With an abundance of inventory, reduced home prices, historically low interest rates and now the availability of the tax credit at closing, we expect to see the housing market further stabilize and improve.” For more information, contact your mortgage professional........
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Coventry Farms, Metamora - Announcing a price reduction on 412 Westminster, a 2,775 sq. ft., 4 bath, 5 bdrm 2 story. Now MLS® $349,900 - Half Acre Lot. Property information
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Metamora, Woodford County - Announcing a price reduction on 894 County Road 1500 N, a 1,911 sq. ft., 4 bath, 4 bdrm ranch. Now MLS® $309,900 - Allows horses. Property information
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Charming 3 Bedroom Cape Cod
• 1,517 sq. ft., 2 bath, 3 bdrm single story - MLS® $164,900 - Great Curb Appeal Morton, Tazewell County - Very charming 3 bedroom, 2 full bath cape cod in the heart of Morton! Great curb appeal with a landscaped yard and inviting front porch. Numerous updates have been made over the past several years including Andersen windows, wiring, plumbing, insulation, remodeled kitchen, oak woodwork throughout, brick front and some flooring. Charm abounds with arched doorways and colonial style windows. Beautiful kitchen and dining area with oak Kraftsmaid cabinets and laminate wood flooring. Dining area has built-in chandelier and door leading to patio. Wonderful master suite in upper level with sitting area, walk-in closet and full bath. A large brick paver patio overlooks the lovingly cared for and privacy fenced backyard. Attached one car garage with extra wide driveway to park second car. Matching shed in backyard for extra storage. Property information
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I just saw an interest rate sheet from one of the banks I work with that quoted 4.75% for a 30 year fixed mortgage. Wow! That is a great rate........Of course, not everyone will qualify for that. It depends on your own specific data, including your credit scores, your debt level, and how much you want to borrow. But, it is encouraging to see that the rates are staying low.......Now is a great time to buy!
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