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Homebuyer Tax Credit
Extension
The
House and the Senate has passed legislation to extend the first-time
homebuyer tax credit. Here are the specifics of the proposal as we know it:
Homebuyer Tax Credit
·
Extends the $8,000 tax credit until April 30th
for first-time homebuyers;
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Creates a new $6,500 tax credit for move-up
buyers for the same period;
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Both categories of homebuyers have an
additional 60 days (June 30th) to close on the home;
·
Both categories of homebuyers have new, higher
income limits of $125,000 for individuals and $225,000 for couples;
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Move-up buyers must have been residing in
their primary residence for 5 consecutive years out of the last 8 in order to
qualify for the credit; and
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Homes over the purchase price of $800,000 do
not qualify.
NOL
Carryback
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Five year carryback for NOLs in either 2008 OR
2009, not both;
·
Years 1-4 allow for 100 percent use of NOLs,
year 5 is limited to 50 percent of a company's taxable income in that year;
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No size limitation or other cap on revenues;
and
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Unused NOLs in year 5 are still eligible for
20 year carry forward.
For
more information go to
www.federalhousingtaxcredit.com
NIFA program for
revised Federal tax credit
NIFA would like to
share with you news of the release of an exciting new homebuyer program - the
Advanced Buyer Credit-2 (ABC-2) Loan Program.
A press release
is attached. A few highlights:
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The program is designed to help borrowers take
advantage of the Federal Homebuyer Tax Credit at the closing of their home
loan, instead of waiting for several months after closing to receive the tax
refund. NIFA advances a portion of the homebuyer's expected tax credit
refund at closing.
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An incentive check of $500 will be paid by
NIFA to borrowers who pay off their ABC-2 second mortgage loan within 180
days of receiving their tax refund.
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New and different than last year's ABC
program: the ability for non first-time homebuyers to use the ABC-2 program
if they qualify and buy in a federally-designated target area of Nebraska
(maps attached).
·
NIFA had a great response to the original ABC
Loan Program that was released last June.
For
more information go to www.nifa.org
MOBA on Facebook!!
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you a fan of MOBA? Would you like to be? Check out the MOBA page on Facebook.
Keep up to date with the latest MOBA events, meetings, news and overall fun.
Go
to www.facebook.com and search
"Metro
Omaha Builders Association"
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