No Need to Sell First to Get Tax Credit...

For those of you out there with homes on the market, keep in mind that you do not have to sell before buying your "move-up" home and realizing your $6500 tax credit. As time grows near to have a property under contract, you can certainly consider other options for your current home such as renting or lease/purchasing. Now, the kicker is that you may have to show a lease or income before being able to qualify for the loan on your second home and you may not feel comfortable paying two mortgages. All of this hinges on your personal financial situation and how comfortable you feel. According to an article on RISMedia they say the following about the "move-up" credit.

A home buyer does not need to sell their current home in order to be eligible for the repeat buyer credit. They can continue to own both homes and rent or use their former home for something else, as it no longer serves as their principal residence. The taxpayer is required to use the new home as their principal residence, and live in it for at least 36 months or they will have to repay the credit.

Certainly something to consider as time approaches for the credits to end. If you have any questions about your personal tax situation, remember to consult your tax advisor. Should you have questions about your personal real estate situation, remember to consult your local Realtor, Brooke Cashion.

Happy Easter!

AMAZING RATES!

-This just in from Allen Tate mortgage! For all of you sitting on the fence regarding purchasing a home or for those of you waiting for prices to fall and great interest rates...NOW IS THE TIME! Keep in mind my previous blog posts regarding how much prices would have to fall as compared to interest rates going up as it relates to your monthly payment. For those of you who may not have seen that post, you can reference it or the basic premise is: Prices can dip another 15-20% but if the interest rates crept up 1% your payment would be the same! Take advantage of these awesome rates coupled with great pricing and inventory.

Give me a call or email and let's talk about what is out there...First-time buyers---Time is especially of the essence for you guys...you really need to be under contract in the next couple of weeks to take full advantage of inventory, condition of homes and not be bottle-necked in the last few weeks of November, while lenders are under the gun to close everyone out during Thanksgiving week!

Per Allen Tate's mortgage consultant Jennifer Tuttle:

Here is some valuable information for you. RATES ARE GREAT!!! See below for a list of Allen Tate Mortgage Rates and Programs. Rates are very low….at their lowest in several weeks. Please let me know if you have any questions or if I can be of assistance to your buyers. I would love the opportunity J

Conventional 4.875% Conventional 5/1 LIBOR ARM 3.750% This is NOT a typo…..Holy COW!!
FHA 5.125%
VA 5.125%
Jumbo 5.750% 90% LTV Most banks or other lending institutions are capped at 80 – 85%LTV on Jumbo loans