$8,000 Home Buyer Tax Credit at a Glance

The information on this page pertains to the American Recovery and Reinvestment Act of 2009.

· The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

· The tax credit does not have to be repaid. (You must stay in the home for 3 years)

· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

· The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

For more information please click this link or contact me today!

4 factors for a mortgage

This article was posted on bankrate.com and provides a great mnemonic called the “Four C’s”
The four C's

Capacity, which refers to the adequacy of the borrower's income to pay the interest and principal due on the loan, plus property taxes and homeowners insurance.

Character, which refers to the borrower's track record of paying debts as evidenced by his or her credit history and credit score.

Capital, which refers to the borrower's down payment (or equity) as a percentage of the current value of the home.

Collateral, which refers to the safety and soundness of the home and the value of the home as determined by an appraisal relative to the agreed-upon purchase price.

- Greg Gwizdz, nationalsales manager for Wells Fargo Home Mortgage in Des Moines, Iowa. 7/10/2008

If you are okay according to the four C’s you should be able to get a mortgage. You might also be able to obtain a mortgage if one of these C's is a little weaker then the other one. For example, you have a ton of equity (>35%) and have a lower credit score. You will be able to get a loan or vice versa, you have little equity, but a terrific credit score.

The truth is that there are tons of products on the market for consumers. Don’t be too concerned about not getting a loan if you live within your means and have a good credit score.

If you have any questions regarding your current mortgage, please contact us @ http://www.thesatorigroup.org/.If you meet all of the four C's you might be a perfect fit for our SWBStm.

http://www.bankrate.com/brm/news/mtg/20080710-mortgage-requirements-a1.asp