Erica Winn, REALTOR

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Erica Winn
(804) 683-4723

Friday, May 29, 2009

How to get the $8,000 first time home buyer tax credit upfront

The Federal Housing Administration rolled out details of its policy Friday that will let first-time home buyers apply an $8,000 tax credit to fund home purchases.

Until now, home buyers were only able to get that money after they bought a home, by applying for the credit–10% of the home’s price up to $8,000–on their tax returns.
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The policy change means home buyers, who use FHA-backed financing, can get a short-term loan to help buy a home. The loan is repaid a few months later, after the buyer files an amended tax return and receives the credit.

A few important notes:

  • This is only for FHA loans, which require a minimum 3.5% down payment.
  • Borrowers must first come up with the minimum 3.5% themselves. The bridge loan would cover a larger down payment.
  • Borrowers can still use loans from certain non-profits and state and local housing finance agencies to fund the 3.5% down payment.

    A handful of states, including Colorado, New Jersey and Ohio, have already launched programs providing bridge loans that allow home buyers to ‘monetize the tax credit,’ which expires Dec. 1. And Realtors and homebuilders have pushed hard for the agency to do the same. But the industry could be disappointed by the plan, announced at a builder conference Friday by HUD Secretary Shaun Donovan, because they wanted to allow buyers to use the credit to fund the initial 3.5% down-payment. The FHA’s policy makes sure that buyers still have “skin in the game” by funding their initial down payment, even if they use tax credit to fund closing costs and a larger down payment.


  • This is from The Wall Street Journal online today.

    Fri, May 29, 2009 | link

    Monday, May 18, 2009

    Are you struggling with your house payments? I'd be glad to help.
    Don't wait until it is too late.  If you are feeling the pressure of the economy and are struggling making your house payments, give me a call.  Short sales, loan modifications, and refinancing are all potential options.  There is even an option called deed in leiu.  I can explain all the options and help you decide what may work best for you.  I would be glad to sit down and chat about your options.  My job as a professional REALTOR® is not just to help you buy and sell, but also to consel you about one of life's biggest decisions.  I look forward to hearing from you.
    Mon, May 18, 2009 | link

    Thursday, April 9, 2009

    Buyer Rewards Program
    Harris & Associates and Erica Winn hold the key to saving you $$$.  Enjoy REAL out-of-pocket savings!

    We have partnered with service providers in the real estate industry to save our buyers up to $1,000 on their home purchase. 

    Save $ - Call today to find out how you can take advantage of our Buyer Rewards Program.

    (804) 683-4723
    Thu, April 9, 2009 | link

    Monday, March 23, 2009

    UVa study: Foreclosure crisis relatively narrow
    UVa study: Foreclosure crisis relatively narrow

    A new study from U.Va. says that the "housing crisis" — the rise in foreclosures and the significant drop of home values — is concentrated in only a handful of states. And even within a state, a small number of areas are dragging everyone's numbers down.

    The analysis, done by U.Va. professor William Lucy and graduate student Jeff Herlitz, looked at all 50 states, 35 major metro areas, and 236 counties.

    The results? They found that 87 percent of housing losses in 2008 came from California, Florida, Nevada, and Arizona (plus "a modest number of metropolitan counties in other states"). In the rest of the country, although there are pockets of substantial declines, claims that overall housing values have tanked nationwide are exaggerated, they said.

    [Click here to read more about the study]

    Source: Commonwealth Online  Virginia Association of REALTORS®
    Mon, March 23, 2009 | link

    Thursday, February 26, 2009

    Tax Credit for Homeownership


    Congress Enacts Bigger and Better Home Buyer Tax Credit

    A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.


    There is also a $1,500 Home Energy Credit newly available.


    Unlike deductions, tax credits are a dollar for dollar cut off what you owe to Uncle Sam AND they are refundable.  So if you don't owe, you will receive a check!!! 


    Have questions?  Just send me a message or call 683-4723.

    Thu, February 26, 2009 | link

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    Why Use A Full Service REALTOR®?

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    I am a full time, full service, REALTOR® specializing in the Richmond Metro and surrounding areas.  Whether you are looking to buy, sell or invest in residential land, new construction or resale properties, it would be my pleasure to offer assistance for all your real estate needs.

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    Harris & Associates, Inc. * 16401 Harrowgate Rd. * Chester * VA * 23831 Mobile: (804) 683-4723 Office: (800) 249-0491 Ext:122 Fax: (866) 898-4723 Email: ericasellsforyou@yahoo.com

    Copyright, Erica Winn, REALTOR, 2008.

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