'Del Sur' Category
Top 5 Facts About The New Homebuyer Tax Credit
February 27th, 2010 Categories: 4S Ranch, Brookside Escondido, Del Sur, Escondido, Find Your Home, Homebuyer Tax Credit, Poway, Rancho Bernardo, Rancho Penasquitos, Real Estate News, San Diego, San Marcos, Santa Fe Valley
On November 6, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law, extending and expanding the important home buyer tax credit, and thereby providing many Americans with just the break they need to buy a first home or move up to a new home.
New Homebuyer Tax Credit
One of the requirements for becoming a Member of the Top 5 in Real Estate Network® is to provide my community with critical real estate information so you can make the best possible decision when buying or selling a home. To that end, I wanted to pass along some key facts about the extended and expanded tax credit that are critical for you to understand in order to take advantage of this opportunity:
1. Eligibility: The tax credit is now available for first-time home buyers and eligible current homeowners. A first-time home buyer is an individual who has not owned a principal residence during the three-year period prior to the purchase. This law applies for both parties in a married couple; if you haven’t owned a home for three years, but your husband has, then neither one of you can qualify for the tax credit. A qualified current homeowner who wished to move to a different home, must have owned and resided in their residence for five consecutive years out of the last eight.
2. Salary requirements: Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
3. Amount of credit: The maximum credit amount for first-time home buyers is $8,000; the maximum credit amount for current homeowners is $6,500. The federal tax credit amounts to 10% of the cost of the home, up to a maximum credit of $8,000 for first-time home buyers and $6,500 for current homeowners. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less. The tax credit is a true credit—it does not have to be repaid unless the homeowner sells or stops using the home as their principal residence within three years after the purchase.
4. It’s refundable: The tax credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if you owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405, which you file with your original or amended tax return.
5. Timeline. The credit is available for homes purchased on or after November 7, 2009 and before May 1, 2010. The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home (newly-constructed or resale, single-family detached, townhomes or condominiums) between the dates of November 7, 2009 and April 30, 2010. Home purchases subject to a binding sales contract signed before May 1, 2010 will also qualify for the tax credit as long as closing occurs by June 30, 2010.
For more information on the home buyer tax credit, e-mail me or visit www.irs.gov. Please forward this email to friends and family who may also be able to take advantage of this unique opportunity to purchase the home they’ve always wanted.
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High Balance Conforming Loans…Minimum Down Payment Requirements
September 10th, 2009 Categories: 4S Ranch, Brookside Escondido, Carmel Valley, Del Sur, Escondido, Poway, Rancho Bernardo, Real Estate News, Santa Fe Valley
Conventional loan amounts up to and including $417,000 are considered Conforming loans, or Agency loans, and are typically backed by Fannie Mae and Freddie Mac.
In San Diego County, conventional loan amounts greater than $417,000 and less than or equal to $697,500 are considered High Balance Conforming loans (also known as Conforming Plus, Conforming Jumbo, and Agency Jumbo).
Some areas, like Los Angeles and Orange County, have high balance conforming limits as high as $729,750.
These loans are still backed by Fannie Mae/Freddie Mac. However, the High Balance guidelines differ slightly from the true conforming guidelines. One of the most important differences is the minimum down payment requirement.
The following is a quick breakdown of the minimum down payment requirements for High Balance Conforming loans:
Owner Occupied Purchase
- SFR and Detached PUD’s, the minimum down payment is 10%
- Condo and Attached PUD’s, the minimum down payment is 20%
- 2-4 units, minimum down payment is 25%
Second Home Purchase
- The minimum down payment for all property types is 35% for a 2nd home purchase
- 2-4 units are not allowed
Investment Property Purchase
- The minimum down payment for all property types is 35% for an investment property purchase
- SFR, Attached and Detached PUD’s, Condo’s, and 2-4 units allowed
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Get Your Tickets to the Twilight Concert on the Green at the Bernardo Winery-Tickets from $25
September 2nd, 2009 Categories: 4S Ranch, Community Events, Del Sur, Dining, Entertainment, Escondido, Poway, Rancho Bernardo, Santa Fe Valley
Join Windermere Exclusive Properties at the Bernardo Winery on September 12th as we sponsor this year’s Twilight Concert on the Green. Proceeds will benefit the Rancho Bernardo Historical Society and the Poway High School Music Boosters.
A historical event, the Twilight Concerts are reminiscent of the Concerts held on the greens decades ago. Celebrities like Bob Hope and many more entertained crowds of Rancho Bernardians. In 2006, the Rancho Bernardo Historical Society decided to resurrect the bygone Concerts at the Bernardo Winery in beautiful Uncle Vito’s Park. With over 600 attendees the Concert was a success. Now in its third year, September’s Concert will be a guaranteed success.
Portion of proceeds will benefit the Rancho Bernardo Historical Society and the Poway High School Music Boosters
Ticket Information:
General Admission Tickets – $25 per person
Grass or Chair Seating – First come, first serve on seating location.
Guests, if planning on sitting on the lawn, are encouraged to bring lawn chairs, blankets. No umbrellas or shade implements are allowed. Coolers are NOT allowed. No alcohol, food or beverages may be brought onto the property. Bottled water OK.
The “Amici” Package $1500, 1 available
- Seating for 10 in the largest private gazebo
- Plated 4 course meal with an appetizer, soup or salad, entrée and dessert
- Bottomless wine, of your choice from the Bernardo Winery Wine List
- VIP Parking
Private Gazebo Packages for 8 $500.00, 2 available
- Includes seating for 8 in private gazebo
- Cheese & crackers for 8
- Boxed lunches for 8
- One bottle of White wine
- One bottle of Red Wine
- 8 Complimentary BW logo glasses
VIP Tables for 8 $400.00, 20 available
- Includes seating for 8 at round table on lawn with linen
- Cheese & cracker tray
- Boxed lunches for 8
- One bottle of White wine
- One bottle of Red Wine
Private Golf Cart Drive-In $75, 4 available.
- Admits 2 guests and their golf cart for VIP Drive-In.
Corporate or Private Party Bundles – $175 (Bundle discount of $25.00)
- Bundle includes package of 8 tickets for a reduced price of $175
- Chair or grass seating only
Tickets can be purchased at Bernardo Winery as well as the Rancho Bernardo Windermere Exclusive Properties Office Located at 16890 Bernardo Center Drive. San Diego, CA 92128
Contact Sean Zanganeh @ (858) 229-6063 for more information on how you can get attend this special evening!
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