Congress has extended and expanded the Homebuyer Tax Credit. The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on November 7, 2009 as well.

FEATURE	Jan 1 – November 30, 2009 Rules as enacted February 2009	December 1 – April 30, 2010 Rules as enacted November 2009
First-time Buyer – Amount of Credit	$8,000 (4,000 married Filing separate)	$8,000 ($4,000 married Filing separate)
First-time Buyer – Definition for Eligibility	May not had an interest in a principal residence for 3 years prior to purchase	Same
Current Homeowner – Amount of Credit	No Provision	$6,500 (3,250 married filing separate)
Effective Date – Current Owner	No Provision	Date of Enactment
Current Homeowner – Definition for Eligibility	No Provision	Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit	Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)	Purchases after April 30, 2010
Binding Contract Rule	None	So long as a written binding Contract to purchase is in Effect on April 30, 2010, the Purchaser will have until July 1, 2010 to close.
Income Limits (Note: Increased income Limits are effective as of Date of enactment of bill)	$75,000 – single $150,000 – married Additional $20,000 phase out	$125,000 – single $225,000 – married Additional $20,000 phase out
Limitation on Cost of Purchased Home	None	$800,000 Effective November 7, 2009
Purchase by a Dependent	No Provision	Ineligible Effective November 7, 2009
Anti-fraud Rule	None	Purchaser must attach Documentation of purchase to tax return
ALEJANDRO CONTRERAS REALTOR® 1368 N Zaragosa Dr. Suite A El Paso, TX 79936 Cell: (915) 240-9544 Office: (915) 849-9219 Fax: (915)849-9229 E-mail: acontreras07@yahoo.com

FIRST-TIME HOMEBUYER TAX CREDIT

As modified in the American Recovery and Reinvestment Act

Major Modifications italicized

February 2009

FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Ten Percent of cost of home, Not to exceed $7,500.00	Maximum Credit amount increased to $8,000.00
Eligible Property	Any Single-family residence (including condos, co-ops) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes, Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year.	No change Purchaser will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes, Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively).	No change   Same income limits continue to apply.
First-time Homebuyer Only	Yes, Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Repayment	Yes, Portion (6.67% of credit) to be repaid each rear for 15 years. If home sold before 15 years, then remainder of credit recapture on sale.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recapture on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009
Termination	July 1, 2009	December 1, 2009
Effective Date	Purchases on or after April 9, 2008	All revisions are effective as of January 1, 2009
If you will like to receive a Power Point presentation of the above table e-mail ALEJANDRO CONTRERAS acontreras07@yahoo.com   or call (915) 240-9544		Each office is independently owned and operated

FIRST-TIME HOMEBUYERS have several Options to maximize New Tax Credit

• File an extension. Taxpayers who haven’t yet filed their 2008 returns but are buying a home soon can request a six-month extension to October 15.  This step would be faster than waiting until next year to claim it on the 2009 tax return.  Even with an extension, taxpayers could still file electronically, receiving their refund in as few as 10 days with direct deposit.
• File now, amend later. Taxpayers due a sizable refund for their 2008 tax return but who also are considering buying a house in the next few months can file their return now and claim the credit later.  Taxpayers would file their 2008 tax forms as usual, then follow up with an amended return later this year to claim the homebuyer credit.
• Amend the 2008 tax return. Taxpayers buying a home in the near future who have already filed their 2008 tax return can consider filing an amended tax return. The amended tax return will allow them to claim the homebuyer credit on the 2008 return without waiting until next year to claim it on the 2009 return.
• Claim the credit in 2009 rather than 2008. For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year when they file the 2009 tax return rather than claiming it now on the 2008 tax return. This could benefit taxpayers who might qualify for a higher credit on the 2009 tax return. This could include people who have less income in 2009 than 2008 because of factors such as a job loss or drop in investment income.

As Modified in the American Recovery and Reinvestment Act

February 2009

FEATURE		FIRST-TIME HOMEBUYER FEDERLA INCOME TAX CREDIT: EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit		The amount of the homebuyer federal income tax credit is the lesser of 10% of the cost of the home bought or $8,000
Eligible Property		Any single-family residence (including a condo, co-op, or townhouse) may be an eligible property under the homebuyer income tax credit, provided it will be used as the homebuyer’s principal residence.
Refundable		This homebuyer income tax credit reduces income tax liability. The $8,000 tax credit is a clean refundable credit, unlike the one that was passed last summer, which required a repayment. If you qualify as a first-time buyer (i.e., haven’t been a home buyer in the last three years), then you can claim the $8,000 to reduce your tax burden. If the $8,000 is greater than the tax you owe, then you will get a refund check for the difference. Example: you owe $2,000 in taxes on April 15, 2010. But if you bought a home before the stimulus expiration on Dec. 1, 2009, then you will get a tax refund check for $6,000 from the IRS.*
Income Limit		In order to be eligible for the homebuyer income tax credit in full, the homebuyer can have an annual adjusted gross income of no more then $75,000 ($15,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit.
First-time Homebuyer Only		The homebuyer income tax credit is designed for first-time homebuyers, which means the homebuyer (and/or the homebuyer’s spouse), can not have owned a principal residence in the 3 years prior to purchase of the eligible property.
Revenue Bond Financing		A homebuyer who utilizes revenue bond financing may be eligible for the homebuyer income tax credit.
Repayment		There is no repayment of the homebuyer income tax credit by the homebuyer.
Recapture		However, if the property is resold within three years of purchase, the entire amount of homebuyer income tax credit is recapture on the sale.
Effective Date		The First-Time Homebuyer Federal Income Tax Credit is effective for purchase on or after January 1, 2009 and before December 1, 2009. This guide reflects a modification from the First-Time Homebuyer Federal Income Tax Credit, which remains in effect for home purchased by eligible homebuyers between April 9, 2008 and December 31, 2008.

*Seek advice from a professional tax advisor for specific tax calculations and timing for claiming the tax Credit.

SOURCE: Based on information provided by the National Association of Realtors.

Affortable Homes  Starting in the Low 90's

Our Homes helps you save today and tomorrow with ENERGY STAR® qualified homes.

VSH- 1487 - $115,000.00      VSH- 1328 - $111,500.00      VSH - 1119 - $95,500.00        VSH - 1102 - $92,000.00

VISTA SERENA FEATURE LIST:
-Ceramic Tile at entrance, dining room, bathroom and kitchen
-Bathrooms include - cultured marble vanity tops, cereamic tile at shower and bath walls
-All other floors are carpeted - can be upgraded Barber Carpet
-Full Appliance Package to include: Stove, Refrigerator, Dishwasher, Hood, Trash Disposal, Washer & Dryer
-Front yard landspaping including sides
-Some floor plans include bay windows and skylights
-High energy efficient gas forced air furnance
-Mini-blinds on all major windows
-Formaica countertops in kitchen
-Stainless steel sink in kitchen
-40 Gallon gas water heater
-2 speed evaporative cooler - can be upgraded to Refrigerated air
-Ceiling fan in living room
-High energy efficient windows
-Electric Service for washer and dryer
-36 inch wide doors for handicap accessibility
-Buyers can choose color from builder's sellection

BUILDER PROVIDES WITH UP TO 5% CONTRIBUTION FOR CLOSING COST WITH PREFERED LENDER. INCLUDING 1 YEAR BUILDERS WARRANTY AND 2-10 HOME OF TEXAS EXTENDED WARRANTY.

Other floor plans available  in the Low 90's

Call at (915) 240-9544 or email me at: acontreras07@yahoo.com to send you a short credit application via email to pre-qualify you for the Loan.  We have FHA, VA, CONVENTIONAL, First Time Buyers and USDA Loans available.

OUR HOMES PROVIDE:

LOWER UTILITY BILLS - Our ENERGY STAR® qualified homes use substantially less energy delivering $200 - $400 in annual savings. Over the average 7 to 8 years you may live in your home, this adds up to thousands of dollars saved on utility bills.

LOWER MAINTENANCE - Enjoy the peace of mind that comes with a low-maintenance home. Tight construction and log-lasting, efficiency equipment makes our home more durable, helping to minimize many of the maintenance problems found in typical homes.

COMFORT AND QUIET - Properly installed energy efficiency features deliver better protection against cold, heat, drafts, moisture, pollution, and noise. Our ENERGY STAR® qualified homes help to provide consistent temperatures, improved indoor air quality, and great durability.

THE GOVERNMENT BACKED ENERGY STAR® LABEL - Homes buying is complex enough without having to know all the details of energy-efficient construction.  Instead, look for the ENERGY STAR® label to easily identify homes that are truly energy efficient.

SMART INVESTMENT - More then 725,000 ENERBY STAR® qualified homes have been built across the country. By the end of the decade, more than 2 million homes are expected to earn the ENERGY STAR®. The trend is clear. By choosing a home that has earned the ENERGY STAR® label, you can be confident that that your home will have an increasingly value feature when the time comes to sell.

***Availability, Prices And Terms Subject To Change Without Notice***

Century 21 APD Associates

Each office independently owned and operated.

6601 Montana Avenue, Suite J, El Paso, TX 79925 • (915) 779-5611 • (800) 222-5611 • FAX (915) 779-5059
Westside Office • 5500 N. Desert Blvd, Suite A1, El Paso, TX 79912 • (915) 584-2100 • FAX (915) 584-2131
Eastside Office • 1368 N. Zaragosa Rd., Suite A, El Paso, TX 79936 • (915) 849-9219 • FAX (915) 849-9229