Home Buying Tips
What is the DoctorMortgageAlliance Realtor Referral program ?
Well, if you are relocating to a new hospital or business practice anywhere in the United States, we can make your move easier by placing you in touch with a highly trained real estate agent. There is absolutely no obligation and the Realtor will listen to your needs while being personable, friendly and extremely knowledgeable in the area of the country you are wanting to purchase your new home. Our alliance is with Realtors who are proven top-producers.
We are excited to have formed a referral alliance with a #1 ranked real estate brand, Prudential NW Properties. Their breadth of coverage is comprehensive with only the best real estate independents in the United States.
Just click the logo just below and you will be directed their web site where you will find valuable real estate information.
Be sure to complete the DoctorMortgageAlliance contact form by clicking "Apply Now" or this tab on the DMA homepage. After completing all required sections simply indicate in the "additional comments" area that you would like to have a Real Estate Professional contact you. DMA will then notify the appropriate party so that a Realtor can be directed to you.
Prudential NW Properties Coast Office
1355 Phelps Street, Suite 3
Netarts, OR 97143
** Realtor site Links coming soon **
VALUE. SERVICE. POWERFUL RESULTS.
The Power of Leverage
Regardless of whether you have the money, putting money down to purchase a home doesn't make sense if you don't have to. Savvy investors know that keeping the down payment money in their pocket, frees it up for other investments and keeps it working for them.
One of the biggest misconceptions homeowners have is that their home is the best investment they ever made. If you purchased a home in 1990 for $250,000 and sold in June of 2003 for $600,000 that represents a gain of 140%. During the same period, the Dow Jones grew from 2590 to 9188, a gain of 255%.
The reality here is that financing your home was the best investment decision you ever made. When you purchased the $250,000 house in 1990, you only put $50,000 down. The $50,000 cash investment produced a profit of $350,000. That is a total return of 600%, far outpacing the measly 255% earned by the stock market.
The Tax Credit
The Tax credit for homebuyers was expanded in 2009 to include Repeat Home Buyers. It was also extended to April 30, 2010. You may close on the purchase as late as June 30, 2010 if the binding purchase contract is in place by April 30, 2010.
Remember that the credit is in effect a rebate against your taxes, which you receive even if you owe no taxes at all!
The links below are provided by the National Association of Home Builders $8,000 First-time Home Buyer Tax Credit at a Glance
· The $8,000 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 unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.
· The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
· The tax credit applies only to homes priced at $800,000 or less.
· The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
· For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
· For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
· To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
· The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.
· The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
· The tax credit applies only to homes priced at $800,000 or less.
· The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
· Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Helpful LINKS:
First Time Buyers http://www.federalhousingtaxcredit.com/faq1.php#10
Repeat Buyers http://www.federalhousingtaxcredit.com/faq2.php
Military/Service Rules http://www.federalhousingtaxcredit.com/service_mem.php
Key Facts http://www.federalhousingtaxcredit.com/key_info.php
The IRS Website below may be your most authoritative source.
http://www.irs.gov/newsroom/article/0,,id=204671,00.html
Shop for the best deal if you want:
http://www.bankrate.com/
Calculate a payment if you want:
http://calculators.interest.com/content/calculators/monthly-payment.asp?
Check your credit if you want:
https://www.annualcreditreport.com/cra/index.jsp
Interesting trade site:
http://www.anesthesiastat.com/
Liability Disclaimer
Information on this web site is intended solely as general guidance for financing and/or refinancing a home loan.
None of the information provided on this website constitutes legal, tax, accounting, or other professional advice. All information included on this web site is believed to be accurate, although inaccuracies or typographical errors may exist.
Mortgage loan terms, and other information on this web site are subject to change without notice. This website may provide links to web sites operated by parties other than DoctorMortgageAlliance, including web sites of affiliated referral partners. (Affiliated referral partners are independent companies.)
DoctorMortgageAlliance does not control these web sites and is not responsible for their content. These links are provided for reference only. Inclusion of these links does not imply endorsement of materials, products, or services provided on other web sites.
Any trademarks and service marks are the property of DoctorMortgageAlliance. DMA