Contact Information
Jerome Jay Beams Realty Executives 2201 Jack Warner Pkwy Tuscaloosa, AL, 35401
Office: (205) 758-1040 Cell: (205) 310-8528 Fax: (205) 758-9936
Lic. #: 51799
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Your Guide to Tuscaloosa Alabama Real Estate
www.TTownHomes.com is your best for Source for Real Estate in the Tuscaloosa Alabama market area.
Tuscaloosa county with it's diverse
employment base offers a stable environment for the housing market.
Within the county are the communities of Tuscaloosa, Northport,
Brookwood, Lake View, Vance, Coaling, Fosters, Ralph, Coker, Buhl,
Samantha, and Duncanville. Have questions about Tuscaloosa area's
real estate market? Call or email me and I'll be happy to answer your
questions!
Tuscaloosa real estate buyers...With
the new tax credit you qualify if you have not owned a home in the
three previous years prior to your new home purchase. The purchase must
be completed before December 1, 2009 to obtain this $8,000.00 tax
credit. The tax credit could mean you receive a check for the whole
amount and you do not have to pay it back too! If you would like to
know more, I invite you to call or email with any questions you may
have on the qualifications for this tax credit. Imagine, you purchase
your first home and can make a deposit into your savings account in the
amount of $8,000... plus growing equity in your new home every year and
receiving a tax break on the interest you pay for the mortgage...NOW is the time to buy!!!
Any Questions about Finding Tuscaloosa Alabama Homes or Selling Properties for Top Dollar Fast can be answered here...
Submit the Quick Contact Form Below and we'll be in touch right away!
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Last Updated ( Sunday, 07 June 2009 )
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U.S. Housing and Urban Development Secretary Shaun Donovan announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.
The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. This announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to ‘monetize’ up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5% of appraised value or their closing costs, which can help achieve a lower interest rate.
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5% downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5% minimum down payment, but, under the terms of this announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower’s own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. This action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.
For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary.
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