Star One Mobile MLS

STAR ONE MOBILE MLS

2010-06-09T18:27:00.000-07:00

Remember to use STAR ONE MOBILE MLS when touring open houses. The service will send you an email and/or text message of the house you just viewed so you can review it later. It will save you time!

Ever drive by a home and wonder how much is the listing price? or how many bedrooms does the home offer? or does it offer a formal dining room? Get information immediately from STAR ONE MOBILE MLS.

STAR ONE MOBILE MLS is easy to use. Simply call either 513-381-4000 for any Ohio listing for sale or 859-993-4000 for any Kentucky listing for sale.

The system will prompt you to enter the house number for the property and then respond with information on the property you are inquiring upon. While on the call you can press 1 to connect to a REALTOR, 2 to receive a text message about the property, 3 to receive estimated mortgage payment, 4 to physical street address and mls number, 6 to search for any other property within the local area.

Dial these numbers from any phone, any time on any listing (including other brokers' listings!) The phone number is easy to remember "4 1000's of listings"

TAX CREDIT EXTENDED FOR MILITARY

2010-04-29T19:50:00.000-07:00

http://www.federalhousingtaxcredit.com/service_mem.php

Cincinnati Renters - ‘Buy Now’ Says Forbes

2010-02-04T10:42:00.001-08:00

Cincinnati Renters - ‘Buy Now’ Says Forbes

Posted using ShareThis

IRS spelled out guideline for elgibility...

2009-12-15T06:28:00.000-08:00

The IRS has spelled out guidelines for eligibility for the home buyer credit when co-borrowers purchase a property.
When a home-owning parent of an adult child co-signs for a mortgage and both names appear on the note, the IRS says that under some circumstances, the first-time home buyer can qualify for the whole amount.
The IRS says the parent doesn't qualify for any portion of the credit, but if the child hasn't owned a home during the three years preceding the current purchase and can qualify based on income, he or she can be allocated the entire $8,000 credit.
When unmarried individuals co-purchase a home and only one of them is eligible for the credit, then the full $8,000 can be allocated to the eligible buyer.
Source: Washington Post Writers Group

Great Information - Website Links

2009-11-09T11:18:00.000-08:00

http://www.nahb.org/generic.aspx?genericContentID=128298

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

http://www.federalhousingtaxcredit.com/

http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7

NAR Frequently Asked Questions Homebuyer Tax Credit Changes

2009-11-06T08:28:00.000-08:00

National Association of REALTORS® Government Affairs Division
500 New Jersey Avenue, NW, Washington DC, 20001

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit:

Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase,
which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and
occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

Tax Credit Passed in the House

2009-11-06T06:40:00.000-08:00

Congress voted yesterday to extend the $8,000 First-time Homebuyer Tax Credit and created an additional $6,500 credit for existing property owners looking to sell their home and buy another.
The House vote was 403-12 in favor of the bill after the Senate approved the measure in a 98-0 vote Wednesday night. The legislation now moves to the White House for President Obama’s signature, which could occur as early as tomorrow or Saturday.

The tax credit for both programs (first-time homebuyers and existing homeowners) will apply to all written binding contracts in effect by April 30, 2010 and closed by June 30, 2010.
Both credits have income restrictions limiting their availability and are applicable only for single-family residences.

In the meantime, refer to this NAR-provided link for more information.

$8K tax credit extension likely

2009-10-26T06:11:00.000-07:00

Extending the First-Time Home Buyer Tax Credit, due to expire at the end of November, is high on the Democratic Congressional to-do list, legislative aides said.
After last Wednesday's meeting with President Obama and House Speaker Nancy Pelosi (D-Calif.), Senate Majority Leader Harry Reid (D-Nev.) released a statement that the government should, "continue efforts to strengthen the housing market by extending the home buyer tax credit."
Mark Zandi, chief economist at Moody's Economy.com, who is a consultant to Democrats in the administration and Congress, is advocating extending the credit through August and making it available to all home buyers. He said failure to extend the credit just as more foreclosures enter the market will push housing prices down.
Also, the House is expected to pass legislation to extend the credit through 2010 for people who have been out of the country in the military, intelligence, or foreign services.
Source: The New York Times

Deadline is coming soon!!!

2009-09-14T12:59:00.000-07:00

If you are a first time home buyer, please do not wait until the last minute to buy. NOW is the time to buy because you must close the transaction by November 30 in order to take advantage of the $8000 tax credit.

“Should I Buy a Home Now, or Wait?”
Will prices get better if I wait? Will mortgage rates be lowerI if I wait? Will I have a wider choice of homes to buy if I wait?
All good questions. They deserve good answers.
Sept. 1, 2009
(1) Will home prices get better if I wait?
The average home price in the MLS of Greater Cincinnati has fallen by 13 % over the past year. As the number of homes for sale shrinks (see question #3 below), that will create pressure for higher home prices. It may not happen over night, but it will happen. In a recent Baylor University survey, 8 of 10 economists agreed home prices will rise in the next 5 years. So will rental costs. Do you want to capture the advantage of equity build-up…or collect “throw-away” rent receipts?
(2) Will mortgage rates be lower if I wait?
Today’s mortgage rates are near 50-year lows. They are at bargain levels. But if you’ve never
bought a home before, you just don’t realize the “borrowing power” of today’s low rates (unless your parents, friends, or other relatives told you). You don’t have to pay 15% for a home loan, as you did in the early 1980s, or 7%-to-8% in the 1970s and 1990s. Today they’re between 5-6%. That’s all. But when inflation returns, you can “kiss goodbye” mortgage rates under 7%.
(3) Will I have a wider choice of homes to buy if I wait?
There are currently 14,182 homes for sale in the MLS of Greater Cincinnati. One year ago that
number was 16,680. Two years ago it was 17,880. The trend in the number of homes available is
definitely downward. The lower the inventory, the greater pressure for higher prices. So, should you wait for a wider choice? Fewer homes on the market = higher selling prices. So, do you want to buy low (now), or buy higher (later)?
Bonus Question:
Is there any particular reason, as a First-Time Buyer, why I should buy now?
Yes. Until Nov. 30, 2009, first-time buyers are eligible for a “federal tax credit” up to $8,000 on the purchase of a home that is closed by that date. Pure credit, not repayable. Anyone who hasn’t owned a home in the past 3 years may be eligible, if they meet income limits -- single buyers, $75,000 a year; married couples $150,000. The credit decreases for single buyers earning between $75,000 and $95,000, and between $150,000 and $170,000 for home buyers filing jointly. If you finance your home through FHA, you may use the tax credit money to help pay for down payment or closing costs. You may also be eligible for further tax credits through the Ohio Housing Finance Agency. If you’ve been sitting on the fence, now is the time to get off that fence. Arm yourself with the facts, and join the 75 million homeowners nationwide who enjoy the benefits of home ownership (equity build-up, home appreciation, tax advantages, and pride of ownership).
Call your REALTOR. He or she knows (a) local market home inventories, (b) homes values,
(c) lending programs, (d) first-time homebuyers tax credit program and (e) everything else to
help you make a housing choice…TODAY. It’s time to…Get Off the Fence.

Great Website for Information on Stimulus Housing Package

2009-07-31T06:22:00.001-07:00

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

$8000 First-Time Home Buyer Tax Credit Can Be Used on Closing Costs

2009-06-09T07:31:00.000-07:00

~ HUD $8,000 First-Time Home Buyer Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5%.
The loans can't be used to cover the minimum 3.5% downpayment.
In addition, the Ohio Housing Finance Agency has developed its own tax credit bridge loan programs, so Ohio home buyers can monetize the tax credit upfront to cover all or part of their downpayment.

Some "Real World Examples"

2009-03-10T07:52:00.000-07:00

What if I purchase later this year but can't get to the settlement before December 1?
The credit is available for purchases before Dec. 1, 2009. A home is considered as "purchased" when all events have occurred that transfer the title from the seller to the new purchase. Thus, closings must occur prior to December 1 to be eligible for the credit.

I haven't even filed my 2008 tax return yet. If I buy in 2009, do I have to wait until next year to get the benefit of the credit?
You will have a helpful choice that might speed up the process. Eligible homebuyers who make their purchase between January 1 and December 1, 2009 can treat the purchase as if if had occured on December 31, 2008. Thus, they can claim the credit on their 2008 tax treturn that is due on April 15, 2009. You have three options:
1. If you buy between January 1 and April 15, you can claim the credit on the 2008 return due April 15.
2. You can extend the 2008 income-tax filing as late as October 15, 2009. IRS automatically grants extensions, but you must file!
3. If you've file your 2008 return before the purchase of a home, you can file an amended 2008 tax return on Form 1040X.
Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return (due April 15, 2010).

I know there is no repayment requirement for the $8,000 credit. Will I ever have to repay any of the credit back to the government?
One situation does require a recapture payment back to the government,. If you claim the credit but then sell the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply.

Question and Answers

2009-03-10T07:35:00.000-07:00

How do I apply for credit?
There is no pre-purchase authorization, application or similar approval process. All eligible purchasers simply claim the credit on their IRS Form 1040 tax return. The credit will be reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found at www.irs.gov

So, I can't use the credit amount as part of my downpayment?
No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the process.

So there's no way to get any cash flow benefits before I file my tax return?
Yes, there is. Any first-time homebuyers who believe they are eligible for all or part of the credit may modify their income tax withholding (through their employers) or adjust their quarterly estimated tax payments.

Good Articles to Read Regarding Homeowner Stimulus Package

2009-03-03T07:19:00.000-08:00

The Homeowner Affordability and Stability Plan is part of the President's broad, comprehensive strategy to get the economomy back on track. The plan will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. To read more about the Homeowner Stimulus Plan read the following articles:
http://whitehouse.gov blog - Hope for Homeowners
http://WashingtonPost.com: Homeowner Affordability and Stability Plan on 02.08.2009
http://www.federalhousingtaxcredit.com

Homebuyer Tax Credit Increased to $8000

2009-02-24T11:43:00.000-08:00

This program is available for single persons with adjusted gross income up to $75,000 (or $150,000 for married couples filing a joint return). Partial benefits are available for single persons with incomes between $75,000 AND $95,000, and for married couples (filing jointly) with incomes between $150,000 and $170,000. You may take the tax credit in either 2008 or 2009. If the eligible purchaser's federal income tax liability is less than the homebuyer tax credit, the purchaser may receive a refund from IRS for the unused amount. Consult your tax advisor for full guidance. The program benefits first-time buyers and anyone who hasn't owned a home (principal resident) in the immediate three (3) previous years.

Stimulus Package Help

2009-02-17T11:21:00.000-08:00

Star One Realtors offers you professional assistance with your home purchase. Our full service real estate agents can help you with your purchase of your home. First time home buyers are eligible for $8000 tax credit if you purchase your home before December 1, 2009. The stimulus package can be confusing and hard to understand - let our REALTORS answer your many questions.

Begin your search for your new home at http://starone.com/.