First Time Buyers, $ 8,000 tax credit

Welcome

Once In A Lifetime
Opportunity for
First-Time
Homebuyers
Silvia Ruch
954-344-2881
www.SilviaRuchTeam.com 1

There are many reasons to own your home
– from personal to financial. Whatever
your reason, THREE FACTORS have
come together to make TODAY your day.

www.SilviaRuchTeam.com

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Three Factors

1. Mortgage rates are at historic lows!

Conventional mortgage rates at or below 5%
reflect a 37 year low.

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Three Factors

2. Homes Are Bargain Priced!

Home prices have declined nationwide by 23.4%*, plus
foreclosures and short sales offer attractive options.

* As reported in the The 20-city S&P Case-Shiller index.

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Three Factors

3. NEW Federal Tax Credit!

This program, worth up to $8,000 for first-time
buyers, is part of the American Recovery and
Reinvestment Act of 2009, signed into law in
February and only available until Nov. 30, 2009.

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Three Factors

Never before have these three factors happened
at the same time. That is why this is a …

ONCE IN A LIFETIME OPPORTUNITY
for first-time homebuyers.

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Let’s look at these three factors more closely –

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Mortgage Reality

Monthly Mortgage Payments on a 30 year convention $200,000 Loan:

Rate: 5.50% Payment: $1,135.58
Rate: 5.00% Payment: $1,073.64
Rate: 4.50% Payment: $1,013.37
Monthly Mortgage Payments on a 30 year conventional $100,000 Loan:

Rate: 5.50% Payment: $568.00
Rate: 5.00% Payment: $537.00
Rate: 4.50% Payment: $507.00

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Mortgage Reality

Mortgage Lending has changed.
In order to take advantage of these low
rates you must have EXCELLENT credit!
We can help you learn your FICO score
and show you how to improve it.
Your score should be 720 or better to get
these great rates.

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Mortgage Reality

Lenders now routinely require a down
payment. The amount depends on the
type of loan, your personal financial
factors, and local market conditions.

Down payments can range from 3.5% on
FHA loans to 20 % or more on
conventional mortgages.

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Mortgage Reality

Loans are available, however…

Lenders are going to look at your financial
situation very closely. So the loan approval
process is going to take longer with more
documentation required.

We can help you prepare to get the best results.

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Local Housing Prices

Insert Local Market Reports

Examples:


Distressed Properties

Foreclosures, Bank Owned properties (REOs) and
Short Sales are routinely referred to as distressed
property. These are great bargain opportunities.
However, there are pitfalls to avoid such as prior
liens and negotiating with the owner or bank. We
know the best bargains in our market.


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Tax Credit

Federal $8,000 Tax Credit for First-Time Homebuyers!
Who is Eligible?

• The $8,000 tax credit is available for first-time home buyers only.
• The law defines a first-time homebuyer as a buyer who has not owned a home during the
past three years.
• All U.S. citizens who file taxes are eligible to participate in the program.

Types of Homes that Qualify for the Tax Credit

• All homes, whether single-family, town homes, or condominiums will qualify.
• However, there are several conditions:
• The home must be used as a principal residence, and,
• The buyer has not owned a home in the prior three years, and
• The home must be within the United States.
• The tax credit includes newly-constructed homes

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Tax Credit

Income Limits

• Homebuyers who file as single or head-of-household taxpayers can claim the full $8,000
credit if their adjusted gross income (AGI) is less than $75,000. (The price of the purchased
property must be $80,000 or more to receive the full credit; otherwise the tax credit would be
10% of the sales price.)

• For married couples filling a joint return, the income limit doubles to $150,000.

• Single or head-of-household taxpayers who between $75,000 and $95,000 are eligible to
receive a partial first-time homebuyer tax credit.

• Married couples filling jointly who earn between $150,000 and $170,000 are eligible to
receive a partial first-time homebuyer tax credit.

• The credit is not available for single taxpayers who AGI is greater than $95,000 and
married couples filling jointly with an AGI that exceeds $170,000.

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Tax Credit

Tax Credit is Refundable

A refundable credit means that if you pay less than $8,000 in federal income taxes, then the
government will write you a check for the difference.

For example, if you owe $5,000 in federal income taxes, you would pay nothing to the
IRS and receive a $3,000 payment from the government.

If you are due to receive a $1,000 tax refund from the government, your refund would
grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).

The tax credit can be taken on 2008 or 2009 income tax.

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Tax Credit

Payback Provisions

The tax credit is forgivable, meaning that if you remain in the
qualifying property for three years, you do not have to pay back the
tax credit.

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To Take Advantage Of This
Once In A Lifetime Opportunity
You Need To Be Prepared!
Here’s How…

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10 Steps To Prepare
10 Steps to Prepare for Home Ownership
1. Decide how much home you can afford. Generally, you can afford a
home equal in value to between 2 and 3 times your gross income.

2. Develop a wish list of what you’d like your home to have. Then prioritize
the features on your list.

3. Select three or four neighborhoods you’d like to live in. Consider items
such as schools, recreational facilities, area expansion plans, and safety.

4. Determine if you have enough saved to cover your down payment and
closing costs. Closing costs, including taxes, attorney’s fee, and transfer
fees average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report.

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10 Steps To Prepare
6. Determine how large a mortgage you can qualify for. Also explore
different loans options and decide what’s best for you.

7. Organize all the documentation a lender will need to pre-approve you
for a loan.

8. Do research to determine if you qualify for any special mortgage or
down payment assistance programs.

9. Calculate the costs of homeownership, including property
taxes, insurance, maintenance, and association fees, if applicable.

10. Find an experienced real estate agent who can help you through the
process.

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About Me & My Team
Broward County Real Estate Services
Resident of Coral Springs/Parkland since 1996
Sales Professional with 1st Choice GMAC Real Estate
Top Level Professional Realtor with a Personal Touch
Focused on Serving You and Your Family
Knowledgeable, Helpful and Responsive to Your Needs
Complete Market Knowledge
Serving All of West Broward
Thorough Attention to Details
Available 24 hours a day, 7 days a week to serve you
Speak English and Spanish
Strong background in Marketing
Providing excellent service and customer care
I care, and will do whatever is necessary to get the job done

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About Me & My Team
Member
· Florida Association of Realtors
· Realtor Association of Greater Ft. Lauderdale
· National Association of Realtors

Specialist
· For Sale By Owner
· Residential Marketing
· Luxury Condominium & Home
· Coral Springs/Parkland and surrounding areas
· New Construction Properties
· In Most Cities of Broward & Palm Beach Counties

Education
· Master Degree on Computer Science
· Former School Teacher. Kindergarten private owner in Argentina
· Graduate of Mike Ferry Real Estate Academy
· Graduate of Greg Proctor One on One Coach


Mortgage Partner

Rich Campanella
Mortgage Consultant
Wells Fargo
6451 North Federal Hwy Ste 500
Fort Lauderdale, FL 33308
Office: 954.626.4040 Cell: 954.647.0106
http://richcampanella.wachovialoans.com


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Title Company

1st Choice GMAC Title

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Thank You!

Questions about this
Once In A Lifetime Opportunity?
Ask me!

Silvia Ruch
954-344-2881
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First Time Buyers, $ 8,000 tax credit

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