first time buyers, $ 8,000 tax credit

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Welcome

Once In A Lifetime Opportunity for First-Time Homebuyers

Silvia Ruch954-344-2881www.SilviaRuchTeam.com

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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.

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Three Factors Mortgage rates are at historic lows!Conventional mortgage rates at or below 5% reflect a 37 year low.www.SilviaRuchTeam.com

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Three Factors2. 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. www.SilviaRuchTeam.com

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Three Factors3. 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. www.SilviaRuchTeam.com

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Three FactorsNever before have these three factors happened at the same time. That is why this is a

for first-time homebuyers.ONCE IN A LIFETIME OPPORTUNITYwww.SilviaRuchTeam.com

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Lets look at these three factors more closely www.SilviaRuchTeam.com

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Mortgage RealityMonthly Mortgage Payments on a 30 year convention $200,000 Loan:Rate:5.50%Payment: $1,135.58Rate:5.00%Payment: $1,073.64Rate: 4.50%Payment: $1,013.37Monthly Mortgage Payments on a 30 year conventional $100,000 Loan:Rate:5.50%Payment: $568.00Rate:5.00%Payment: $537.00Rate: 4.50%Payment: $507.00www.SilviaRuchTeam.com

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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.www.SilviaRuchTeam.com

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Mortgage RealityLenders 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 RealityLoans 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.www.SilviaRuchTeam.com

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Local Housing PricesInsert Local Market Reports

Examples:


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Distressed PropertiesForeclosures, 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 CreditFederal $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 CreditIncome 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 CreditTax 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 CreditPayback 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! Heres Howwww.SilviaRuchTeam.com

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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 youd like your home to have. Then prioritize the features on your list.

3. Select three or four neighborhoods youd 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, attorneys 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 Prepare6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide whats 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 TeamBroward 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 www.SilviaRuchTeam.com

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About Me & My TeamMember 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 Coachwww.SilviaRuchTeam.com

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Mortgage Partner

Rich CampanellaMortgage ConsultantWells Fargo6451 North Federal Hwy Ste 500Fort Lauderdale, FL 33308Office: 954.626.4040 Cell: 954.647.0106http://richcampanella.wachovialoans.com


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Title Company1st Choice GMAC Title


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Tax Attorney (Insert slides from Tax Attorney)For Example:

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

Silvia Ruch954-344-2881www.SilviaRuchTeam.com

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first time buyers, $ 8,000 tax credit

Economy & Finance