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President signs federal tax credit extension
President Obama on Friday, Nov. 6 signed a bill extending and expanding the Federal Tax Credit for Home Buyers. The bill passed the U.S. House of Representatives yesterday and the U.S. Senate late Wednesday.
The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively.
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For information about First-Time Home Buyer Tax Credit
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For information specifically about the eligibility requirements for existing homeowners
Click Here>>If you're thinking it's time to do something about your cold house and your high heating bills, here are five win-win suggestions that will help you do both.
1. REPLACE YOUR FURNACE FILTER A clogged filter makes your furnace work harder to deliver the same amount of heat, which wastes energy by keeping the furnace on for a longer period in order to bring the house up to the requested temperature.
If you have a central heating system (used for heat only), replace the filter once a year, at the start of the heating season. If you have a heat pump or a furnace with central air conditioning, replace it twice a year, at the start of the heating season and at the start of the cooling season. While replacing the filter, you should always use a shop vacuum to clean up as much dust and debris within the filter cavity as you can reach.
more>>Are you a first time homebuyer? APPLY FOR THE MORTGAGE PROTECTION PROGRAM! C.A.R.’s Housing Affordability has dedicated $1million to provide an insurance product that will provide $1,500 a month up to six months for qualified first time homebuyers in the event of job loss, FREE! To qualify, buyers must be first time homebuyers – haven’t owned a home for the last three years; has opened escrow on or after April 2, 2009 and closed escrow before December 31, 2009; use an active California REALTOR® ; purchase the property in California, and be a W-2 employee (cannot be self-employed).
For examples on how the program works Click Here>>
For a list of Frequently Asked Questions Click Here>>
To view the latest News Release on the Mortgage Protection Program Click Here>>