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Archive for the ‘Tax Credit’ Category


Congress Extends Mortgage Insurance (MI) Tax Deduction

Wednesday, January 13th, 2016

Mortgage Insurance (MI) Tax Deduction Extended

Great news! Congress voted at the end of December to extend the tax deduction for mortgage insurance (MI) through 2016.

This means, if you purchased or refinanced a home and the loan closed after December 31, 2014, you may qualify for the tax deduction. Any MI premiums you paid or accrued from January 1, 2015 through December 31, 2016 may qualify for the tax deduction on your subsequent federal tax returns. (Consult a tax advisor.)

Who qualifies for the tax deduction?

  • Borrowers with adjusted gross incomes up to $100,000 can deduct 100% of their borrower-paid MI premiums. Deductions are reduced by 10% for each additional $1,000 of adjusted gross income, phasing out after $109,000.
  • The threshold for married borrowers filing separately is $50,000 of adjusted gross income per person. Deductions are reduced by 5% for each additional $500 of adjusted gross income, phasing out after $54,500.

Government Homebuyer Stimulus –

More Generous than Last Year’s $8000 First-time Homebuyer Tax Credit!

Wednesday, August 24th, 2011

The Sacramento Housing and Redevelopment Agency has allocated new funds for the Mortgage Credit Certificate (MCC) program. What does that mean for first-time homebuyers? Well, if you purchase a $225,000 home and plan to live in the home for at least the next three years, with the tax credit savings you receive from the MCC, you will have gotten more than $8000 in stimulus money!

Here is an overview of the program and how it works:

    First-time Homebuyer

  • Provides a 20% tax credit on the interest of your mortgage (this is in addition to the other tax benefits you receive when you purchase a home)
  • You must be a first-time homebuyer
  • You must live in the home (you can only receive the tax benefits as long as you live in the home, but can receive the tax benefits for the life of the loan as long as you still live there)
  • Reserved for areas around Sacramento (contact me for a full list of eligible areas)
  • There is a $250 application fee to take advantage of the program
  • To take advantage of the MCC program, your household income must fall below these limits:
    • 1 to 2 Person Household – $75,100
    • 3 or more Person Household – $86,365

Contact me today, to learn more about the MCC program and the benefits for you, and to determine your eligible.

Photo of John Easterbrook

John Easterbrook
(916) 486-6969
jeasterbrook@teamvitek.com
Licensed – NMLS # 226555


More Generous than Last Year’s $8000 First-time Homebuyer Tax Credit!


Bounce Back and Buy a Home Again…
…Quicker Than You Might Think!

Friday, May 27th, 2011

Losing a house through a short sale or foreclosure doesn’t have to mean the end of the road to purchasing a home again. You may be able to bounce back and buy a home once again quicker than you think!* In fact, if you haven’t owned a home in the last 3 years, you might even be eligible to purchase a home as a ‘first-time homebuyer’ and only need 3.5% down*!

Depending on your particular situation the following time frames must pass in order to be eligible for a new home loan*:

Previous Short Sale

3 Years to apply for an FHA
1 Year to apply for a VA
2 Years to apply for a Conventional*

Previous Foreclosure

3 Years to apply for an FHA
2 Years to apply for a VA
7 Years to apply for a Conventional

In all cases, satisfactory re-established credit must be shown. There are sometimes exceptions on the above restrictions when there has been a life event that has occurred, allowing for shorter time frames to qualify. A life event would be considered a death, but would not include a job loss or divorce.

In addition, you may also qualify for a Federal Income Tax Credit* based on a percentage of the mortgage interest paid each year.

Contact me today for a personal qualifying and planning evaluation!

Photo of Jennifer Remedios

Jennifer Remedios
(916) 486-6954
jremedios@teamvitek.com


* Restrictions apply. Not all borrowers will qualify. This is not a commitment to lend. Program guidelines may change without notice. VITEK Mortgage Group always encourages you consult the advice of a tax professional for tax related programs. VITEK Mortgage Group is licensed by the Department of Corporations under the California Residential Mortgage Lending Act.


Pended Sales Rebound

Wednesday, July 21st, 2010

TRENDGRAPHIX’s latest report shows a 38% increase in pended sales for the month of June for the four-county region of Sacramento, Placer, El Dorado and Yolo Counties. This increase was surprising; especially given the 12% decline in pended sales the previous month. Seeing such a steep increase in sales in conjunction with increasing inventory and flat prices is not common. “We can only attribute this to 50 year lows in interest rates and well priced inventory,” stated Michael Lyon, CEO – Lyon Real Estate. “Most sellers realize that only aggressively priced properties are selling now; which is giving buyers a lot of options. This latest jump in pended sales is yet another recovery step towards stable housing prices.”

The June Trendgraphix report also shows that closed sales decreased 2% during the month of June for the four-county region of Sacramento, Placer, El Dorado and Yolo Counties; and June 2010 sales were 2% lower than June 2009. June 2010 inventory of 7,529 homes for sale is 4% higher than June 2009 inventory, representing a 51% decrease from the regional inventory record high of 15,302 homes for sale set in August 2007.

COUNTY HIGHS AND LOWS

Sacramento County sales decreased 3 percent from May to June 2010. Inventory increased 8 percent during the month of June. Pending sales increased by 42 percent in the month of June. 52 percent of the homes sold for under $200,000; 41 percent of the homes sold for between $200,000 and $400,000; and 7 percent of the homes sold for over $400,000. The average price per square foot decreased 2 percent during the month of June to $125.

Placer County sales increased by 5 percent and inventory increased by 8 percent during the month of June 2010. Pending sales increased by 25 percent from May to June. 4 percent of the homes sold for under $200,000; 51 percent of the homes sold for between $200,000 and $400,000; and 45 percent of the homes sold for over $400,000. The average price per square foot decreased by 1 percent during the month of June to $146.

El Dorado County sales decreased by 1 percent from May to June, and the inventory increased by 7 percent from May to June. Pending sales have increased 43 percent during the month of June. 21 percent of the homes sold for under $200,000; 39 percent of the homes sold for between $200,000 and $400,000; and 40 percent of the homes sold for over $400,000. The average price per square foot increased 1 percent during the month of June to $153.

Yolo County sales decreased by 15 percent for June 2010 and the inventory increased by 2 percent. Pending sales increased 37 percent during the month of June. 24 percent of the homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 28 percent of the homes sold for over $400,000. The average price per square foot increased 6 percent during the month of June to $171.

Nevada County sales have increased by 48 percent during the month of June, and inventory increased 9 percent. Pending sales decreased by 17 percent. 5 percent of homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 47 percent of the homes sold for over $400,000. The average price per square foot increased by 9 percent during the month of June to $190.

San Joaquin County sales have increased by 4 percent during the month of June, and inventory increased by 9 percent in June. Pending sales increased 34 percent. 38 percent of the homes sold for under $200,000; 50 percent of the homes sold for between $200,000 and $400,000; and 12 percent of the homes sold for over $400,000. The average price per square foot decreased 2 percent during the month of June to $101.


$8000 Tax Credit Extended for Members of Uniformed Services

Friday, July 2nd, 2010

Many of you have heard that the federal $8,000 first-time homebuyer tax credit and the $6,500 move-up tax credit expired as of June 30, 2010. While this is true for most, the U.S. government has extended the homebuyer tax credit for members of the uniformed services, members of the Foreign Service and employees of the intelligence community.

The tax credit extension is available for those who serve or have a spouse in the Military Reserve, National Guard and Air National Guard. The serviceman or woman must be on official extended duty service outside of the United States for at least 90 days during the period after Dec. 31, 2008, and before May 1, 2010. To take advantage of the credit, the eligible taxpayer must buy, or sign a contract to buy, a principal residence on or before April 30, 2011. If a contract is entered into by that date, you have until June 30, 2011, to close on the purchase.

For more detailed information and necessary tax forms, go to www.irs.gov or contact your tax professional. Although I am always here to answer your questions, I strongly encourage you to seek qualified and legal tax counsel. Contact me today to discuss your loan options to get you into your dream home, before the tax credit expires for good!

John Easterbrook
John Easterbrook
(916) 486-6969
jeasterbrook@teamvitek.com