Home Buyer Tax Credit Extended

The new bill signed by the president includes the following provisions:

Taxpayers must purchase their home, or be locked into a contract to close, before midnight on April 30, 2010. The closing must occur before midnight on June 30, 2010.

The credit is allowed in full for those with incomes up to $125,000 ($225,000 if married filing joint). The credit is reduced for taxpayers with an income between $125,000 and $145,000 ($225,000 and $245,000 if married filing joint) and is not available for taxpayers with an income higher than $145,000 ($245,000 if married filing joint).

Taxpayers who have lived in their home for five consecutive years out of the eight years preceding closing on a new house may qualify for a reduced credit ($6,500 or $3,250 for those who file separately).

Nice Saginaw Short Sale!

This appears to be a really nice house, worth the aggravation of the short sale process! It's in the Saginaw subdivision of Creekwood and has 3 bedrooms, 2 and 1/2 baths, a study, and a 3 car garage! It also has granite counter tops and backs to a greenbelt. Creekwood is close to the schools too.

Eagle Mountain Lake Foreclosures

There are two foreclosures available on the lake. One is in Lake Country, built in 1978, listed for $376,200.
The other one is in Oak Harbor and was built in 1992. It's listed at $400,000. They both have docks.

First-Time Home Buyer Tax Credit

The name is a little misleading. If you haven’t owned a home in the last three years, you may qualify for a tax credit up to $8000. (10% of the home’s purchase price up to a maximum of $8,000.) It's a temporary credit available on a principal residence purchased on or after January 1, 2009 and before December 1, 2009. Unlike last year's tax credit, this tax credit does not have to be repaid if you don’t sell your home for at least three years. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full credit.

This is a pretty sweet deal. The tax credit combined with low interest rates and a great supply of available homes, both new and preowned make this the perfect time to buy.

Eagle Mountain Foreclosure

There is a foreclosure on the lake! I'm asked about this all the time, but they aren't that common. This one is a doublewide with a dock and a pool, on an acre. List price is $117,900. The lake is down about 5 feet right now. We need some rain! It could be worse, Bridgeport is down about 10 feet.

Highland Oaks - Keller, Texas

1511 Cat Mountain - listed at $186,000.

This is a really great house. Four bedrooms, formal living and dining. All the bedrooms have big closets. The den has new carpet.