Tax Credit Forms and Rules links - last week for FHA Spot Approval
January 25, 2010
This week is the last chance to do a FHA spot approval for condo purchases and it is the last week for us to order FHA appraisals without going through our HVCC system. We must have case numbers assigned by Friday to use these great tools.
Make sure to ask us about getting approvals for condo developments for FHA – the HOA members (not Management Company) will need to participate for success. Know your approvals before taking a condo listing: FHA, Fannie and VA no longer reciprocate.
The official IRS guidance is out for homes purchased after November 30, 2009:
- Clients can get a 10% ax credit f up to $6500 for replacing their existing home if they wrote their contract between November 7, 2009 and April 30, 2010. Think about your customers that owned homes they may qualify. Must close by June 30, 2010
- The max purchase price for the house is $800,000
- If youour client buys a new home but still owns their old home they must prove that the new home is going to be their primary residence – think mail received that comes to you house as proof.
- Income limits are $125,000 for single and $225,000 for married couples.
Things you will need to claim the $6500 and $8000 tax credit:
Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421
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@ The Valeo-Croy Team, we are here for you.
704-366-7711
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