The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.
To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.
Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms on line.
The wait for a refund is three or four months.
The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.
Selling a home in the dead of winter might seem ill-advised, particularly considering the state of the economy, but some experts think that making the decision to wait until spring to list the property could be a mistake.Government incentives will likely have a big impact in 2010, with many buyers determined to sign a contract before the April 30 tax credit deadline.“This year, we're anticipating sales will peak earlier,” says Nicole Hall, editor in chief of Lendingtree.com, an online mortgage comparison service. “The best time to get your house on the market will be February or early March, and maybe even earlier if you want to avoid competition.”
On December 16, 2009, the Federal Housing Administration (FHA) released Mortgagee Letter (ML) 2009-52, providing guidance to lenders and underwriters on short sales and short pay offs. The guidance is effective immediately and impacts FHA Handbook 4155.1, Mortgage Credit Analysis for Mortgage Insurance on One- to Four-Unit Mortgage Loans. The ML provides guidance to lenders for borrowers: 1) taking advantage of market conditions, 2) eligible for a new FHA mortgage, and 3) in default at the time of the short sale. According to the guidance, borrowers who enter into a short sale agreement to take advantage of a declining market to purchase, at a reduced price, a similar or superior property will not be eligible for a new FHA mortgage. Borrowers may be eligible for a new FHA mortgage if they were current on their mortgage when entering into a short sale agreement and the proceeds from the short sale serve as payment in full. Borrowers who are in default on their mortgage at the time they enter into a short sale agreement are not eligible for a FHA mortgage for three years.
MATTAPOISETT FORECLOSURE
• 1,523 sq. ft., 2 bath, 3 bdrm 2 story "CAPE" - $239,900 - MATTAPOISETT VILLAGE
Mattapoisett Center, Mattapoisett - CAPE STYLE HOME ON CORNER LOT IN MATTAPOISETT VILLAGE, LARGE YARD, OUTDOOR FIREPLACE, SHED & EXTERIOR LIGHTING. INTERIOR BOASTS HARDWOOD FLOORS, WOOD BURNING FIREPLACE, FIRST FLOOR BEDROOM, SECOND FLOOR HAS 2 MORE BEDROOMS WITH HARDWOOD FLOORS AND A HALF BATH. THE BASEMENT HAS A LAUNDRY ROOM, UTILITYROOM/WORK SHOP PLUS A ROOM FOR STORAGE ETC.
Property information
Rose Point Waterfront with dock
• 1,270 sq. ft., 2 bath, 2 bdrm 2 story - 
MLS® $275,000 - Waterfront
Wareham, Plymouth County - Rose Point Waterfont Home. Beautiful water views from every room in back of house. Boat, fish or suim from our own back yard. Home is on a double so there is plenty of room for family and friends to visit and still have lots of room boats & trailers etc.
Property information
3 Br. 2.5 Bath Colonial
• 2,318 sq. ft., 3 bdrm 3 story "Colonial" - 
MLS® $445,900
Lakeville, North Lakeville - GORGEOUS 3BR 2.5BA COLONIAL surrounded by professionally designed and installed landscaping with zoned sprinkler system. Out buildings include heated Playhouse and Doghouse. Front-to-back living/dining room, cozy fireplace family room, gorgeous kitchen with island and slider to a 12x10 deck. Finished walk-up attic for entertaining, hobbies or getaway Three zone heating and central air provide custom comfort throughout. 5 min. to T-Station and major highway
Property information
Deep Water Mooring with approval
• 2,044 sq. ft., 2 bath, 3 bdrm 2 story - $435,000
Mattapoisett Shores, Mattapoisett - Home for sale in desirable Mattapoisett beach community. Deeded rights to association beach. Deep water mooring possibility. Neighborhood consists of many custom built and newly renovated homes which lends to creative renovation possibilities. Mattapoisett is a historic, seaside town. Activities in town include Golf Clubs, swimming, boating, youth camp. Year round activities are sponsored by many local and very active community organizations. Short distance to Boston, Providence, Newport, Cape Cod and the Islands of Martha’s Vineyard and Nantucket. Truly a lovely place to live.
Property information
Banks are backing away from short sales, forcing sellers to pay extra at closing or demanding a promissory note for the amount due. One-third of borrowers owe more on their mortgages than their properties are worth, according First American CoreLogic. When their situations were really tough, most banks preferred short sales because they were their best opportunity to get the most money back. But with an improving economy, and because the losses on many of these properties have already been written off the books, banks are increasingly reluctant to negotiate a short sale. Today, banks demand 9.5 weeks to respond to a short-sale request, compared to 4.5 weeks a year ago, according to research firm Campbell Communications. Their reluctance is frequently stymieing sales and frustrating real estate practitioners
South Coast Cycling has relocated from Marion to 34 Bartstow Street. Stop in and welcome owner Gary Souza. Their new phone number is 508-758-6666.
They offer Quality bikes, Skate Boards, accessories and repair parts.
Store hours are Mon, Wed - Friday 11am to 6pm and Saturdays from 10am to 4pm.
VERY COMFORTABLE + NICE VIEWS
• 1,000 sq. ft., 1 bath, 1 bdrm single story "2 one bedroom Apts." - MLS® $850 USD Monthly - WINTER RENTAL
Mattapoisett Center, Mattapoisett - Two large and lovely, furnished one bedroom apartments in a 200 year old home, across from the Harbor, in Historic Mattapoisett Village.
WINTER RENTAL OCT 15TH TO MAY 15TH.
Property information
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today. The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.
Listed on Mass Historic Homes Registry
• 2,186 sq. ft., 2 bath, 3 bdrm 2 story "New England Colonial" - MLS® $215,000 - NEW PRICE
Mattapoisett, Plymouth County - The Captain Mayhew House was built in 1814 and is listed on the Mass. Historic Registry. The house has 5 fireplaces, original wide pine floors in most rooms, full baths on first & second floors. Dining room and bathroom have exposed original hand-hewn beams. Structural repairs done in 1999. This antique home is just waiting to be restored. 480 square feet of space can be used for an in-home business with a special permit
Property information
CALL SEAHORSE REALTY TODAY TO SEE IF YOU ARE ELIGIBLE FOR A $8000.00 TAX CREDIT WHEN YOU PURCHASE A HOME. YOU MAY EVEN QUALITY FOR A INTEREST RATE OF 4.125% AND A ONE YEAR FREE BORROWERS POLICY THAT WILL MAKE YOUR MORTGAGE PAYMENTS IF YOU LOSE YOUR JOB.
When/Where: AVAILABLE NOW AT SEAHORSE REALTY
Here at Seahorse Realty you can get the help you need! We will list your home for sale as a Short Sale at no cost to you.. When we get a buyer for your home we will negotiate with your lender to accept the offered price and forgive the balance. We even work on your behalf in an attempt to get your lender to only report to the credit bureaus that the debt was satisfied.
CURRENTLY KITCHEN & BATH SHOWROOM
• 1,600 sq. ft., 1 bath single story "NICE OPEN SPACE" - MLS® $1,600 USD Monthly - Commercial Lease
Mattapoisett, Plymouth County - WALK INTO THE LARGE OPEN SPACE WITH NICE HARDWOOD FLOORS, IN THE BACK OF THE OPEN SPACE THERE ARE TWO OFFICES. OFF THE OPEN SPACE IS A FULL BATH, ANOTHER OFFICE AND A STORAGE AREA. THIS SPACE SUITABLE FOR PROFESSIONLS, OR MOST ANY TYPE OF LOW NOISE BUSINESS. BUILDING HAS GOOD VIISIBILITY, SIGNAGE AND PLENTY OF PARKING.
THIS SPACE IS CURRENTY OPERATING AS; KITCHEN & BATH DETAILS
CALL FOR YOUR PRIVATE SHOWING....
Property information