Federal Tax Credit up to $7500

The highlights of this federal tax credit are as follows:

• The amount of the federal tax credit is for 10% of the cost of the home, up to a maximum credit of $7,500.  In essence, this is an interest-free loan that enables consumers to receive a tax credit on a dollar-for-dollar basis on their personal income tax return in the calendar year following the year of closing on their home.
• Eligibility is for first-time homebuyers only.  In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the past three years, but who may have done so previously.  Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single.
• Individuals whose Form 1040 filing status s single (or head of household) are eligible for the tax credit if their income is no more than $75,000.
• The federal income credit can be claimed on one's individual or joint tax for the purchase of any single-family home between April 9, 2008 through July 1, 2009.  Individuals should consult a professional tax advisor for exact tax calculations.

          e.g., If an individual's actual tax liability was $5,000, then after the tax credit is applied the purchaser would receive a total refund of $2,500.  The refundable amount is the difference between the $7,500 tax credit and the amount of one's tax liability.

          e.g., If an individual's actual tax refund was $2,000, then after the tax is applied the purchaser would receive a total refund of $9,500.

First-Time Homebuyers

Contact us for information about the First-Time Homebuyer Silent Second program eligibility requirements and additional information about other First-Time Homebuyer programs and signing up for a  First-Time Homebuyer class for the following locales:

• City of Carson First-Time Homebuyer Program 
• City of Compton First-Time Homebuyer Program 
• City of Los Angeles Mortgage Credit Certificate Program 
• City of Los Angeles American Dream Down Payment Initiative 
• County of Los Angeles Housing Opportunity Program 

Loan Modifications

Has your Adjustable Rate Mortgage adjusted?  Is your interest rate too high?  Maybe we can help. Contact us to see if you can qualify for a FREE loan modification.

Short Sales

Do you owe more than your property is worth?  Have you been denied a loan modification?  Call us to see if you have a hardship that qualifies you for a Short Sale and to see if we can help you settle your account with the bank.