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"As a first-time homebuyer, I was nervous about the entire process. Step by step, Joe made it easy and fun. His expertise in the Columbus real estate market is a tremendous asset. He is highly recommended!" - Nicolette Horan
"I wanted to say thank you again, so much, for all your hard work. I know that you really put a lot of time into this transaction and I really, really appreciate it. I'm so happy I got the house and it all worked out and I just wanted to say thanks again, you did a great job and i really appreciate it. I will put that on the survey when they send it to me.
If there is ever anything I can do for you, please don't hesitate to give me a call. I will refer every single person I know to you. I'm going to go get my dog and we're going to sit on the floor of our new house and have a glass of champaign. Thanks a lot Joe" -- Michael Mamp
New Housing Bill won’t do Much for Columbus Home Buyers or Sellers
August 12th, 2008 categories: For Home Buyers, For Home Sellers, Mortgage/Finance
There has been a lot of hoopla about the 694-page housing act signed by the President July 30. There has also been a lot of mis-information regarding the potential for a $7,500 credit for first time home buyers—-This is not a cash back scenario, no one will take money off the top of your home purchase.
Rather, through the home-buyer tax credit, buyers who are purchasing for the first time or who haven’t owned a property in the last three years can now qualify for a tax credit equal to 10% of their home purchase price, up to $7,500. The purchase must be made between April 9, 2008 and July 1, 2009. The credit phases out if the buyer’s income exceeds $75,000 for an individual or $150,000 for a couple filing jointly and it must be paid back over a 15 year period in equal installments. The credit can be claimed on the buyer’s 2008 tax return even if the purchase is made in 2009 (it’s important to note that this is a tax credit and not a tax deduction).
So, it’s not as exciting as it may have seemed in the media. On the plus side, FHA loan limits will once again be going up, possibly increasing the jumbo limit from $417,000 to $625,000 for Columbus Homes (Someone please tell me if I’m not reading this correctly).