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February 18, 2009

$8000 First Time Home Buyers Tax Credit

While I won't get into what I don't like about these stimulus bills that the government keeps passing (with a seemingly limitless amount of money), I do want to stress one of the changes and how it affects first time home buyers.

Last year, first time home buyers were granted a $7500 tax credit that was to be paid back at a rate of $500/year for 15 years.

With the new stimulus bill that was just signed by President Obama, first time home buyers who purchase from Jan. 1st of 2009 through the end of the year will be granted a true $8000 tax credit.  This money doesn't need to be paid back.

There are some income guidelines, but for the most part, everyone who is buying their first home will be able to obtain this credit.

 

Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty St Cloud MN

http://StCloudEdina.com - Search real estate in St. Joseph, MN

http://JasonTangen.EdinaRealty.com - Home of the e-Market Analysis.

Posted by Jason Tangen at 08:45 AM | | Comments (0)

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February 04, 2009

Central Minnesota Residential Real Estate Sales - Units Sold in January 2009

Here are the numbers of total residential homes that were sold in each area during last month.

North St Cloud - 7

South St Cloud - 4

East St Cloud - 3

West St Cloud - 4

Sauk Rapids - 3

Sartell - 9

Waite Park - 3

St Joseph - 8

If you would like more data for real estate sales in central Minnesota, give me a call at (320) 492-2667 or post your requests here.  I can pull together just about any real estate related data that you would like from specific office sales to average sales prices and more.

 

Jason Tangen, GRI - Real Estate Broker Associate with Edina Realty in St Cloud MN

http://StCloudEdina.com - Home of the e-Market Analysis (free home value estimator).

http://JasonTangen.EdinaRealty.com - Search real estate in St Cloud MN.

Posted by Jason Tangen at 10:37 AM | | Comments (0)

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Specific Careers May Entitle You to Buy a Home at 1/2 Price

I would like to thank Jada Camara of Edina Realty Home Mortgage for providing me with the information on this program.  As it turns out, Police Officers, EMT's, Firefighters, and Teachers are able to purchase HUD foreclosed properties and have 1/2 of the loan as a silent second mortgage (no payments and no interest) that is to be forgiven in three years (no obligation to pay!).  That means that any people in these professions can get a HUD property for 1/2 price if they live there for only three years.  Think about it, if you buy a home for $150,000, in three short years this program will make it so that you only owe $75,000!  Definitely worth looking into.  Here are some of the qualification guidelines and a brief program overview that Jada typed up for me:

 

Good Neighbor Next Door Loan Program

 Overview

  • Entitle a full time Law Enforcement Officer, Teacher, or Firefighter/Emergency Medical Technician to purchase specifically designated HUD acquired homes
  • At a 50% discount from the list price 
  • Property must be located in a revitalization area
  • Successful bidder is selected by random lottery
  • Offers must be submitted through real estate brokers

 Purchaser Qualifications

  • Law enforcement officer, Teacher, or Firefighter/emergency medical technician
  • Good faith intent to remain in employment status for one year
  • Earnest money
  • Fulfill owner occupancy period- 36 months
  • No residential real property ownership for 1 year preceding offer submission date by either spouse
  • No prior participation in program by either spouse
  • Only one spouse may purchase
    •  Law Enforcement Officer
    • Employed full-time by a law enforcement agency of the federal government, a state, unit of general local government, or an Indian tribal government; and
    • In carrying out such full-time employment, the person is sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws

     Teachers

    • Employed as a full-time teacher by a state accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12; and
    • The public or private school where the person is employed as a teacher serves students from the area where the home is located in the normal course of business
      • Firefighter/Emergency Medical Technician
      • Employed full-time as a firefighter or emergency medical technician
      • By a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located Owner Occupancy Term
        • 36 months
        • Starts on 30, 90 or 180 days from closing according to property condition

          Interruption of Owner Occupancy Term

          • Permitted if the interruption is necessary to prevent hardship as determined by HUD
          • Request in writing received 30 days or more from desired vacation date
          • Agrees to resume occupancy Special Financing Incentives
            • Finance all reasonable and customary closing costs
            • Down payment of $100May Not Be Used for Multi-Family HousingPost Purchase Obligations
              • Continue to own, and live in as his/her sole residence, the home purchased through the GNND Sales Program; and
              • Certify initially and once annually thereafter during and at the conclusion of the owner-occupancy term that s/he was at all times fully in compliance with paragraph (a) of this sectionFor more details, check out the flyer in the file below.

                Download file

                To view the HUD foreclosed properties that qualify for this incentive, visit http://www.tenmanagement.com/listings/property-list.do.

                To learn more about Jada Camara with Edina Realty Home Mortgage, visit http://jadacamara.edinarealty.com/.

                Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud, MN.

                http://StCloudEdina.com - Home of the free on-line home value estimator, the e-Market Analysis.

                http://JasonTangen.EdinaRealty.com - Search real estate in St Cloud, Minnesota and surrounding areas.

Posted by Jason Tangen at 07:31 AM | | Comments (0)

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