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C.A.R. LAUNCHES MORTGAGE PROTECTION PROGRAM
April 2nd, 2009 5:31 PM

C.A.R. LAUNCHES MORTGAGE PROTECTION PROGRAM

To help provide first-time home buyers with peace of mind when purchasing a home, the C.A.R. Housing Affordability Fund (C.A.R.H.A.F.) is offering a new mortgage protection program to first-time home buyers.

Through the Housing Affordability Fund's Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.'s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program this year, and estimates that up to 3,000 families will benefit from the program throughout 2009.

To qualify for the Mortgage Protection Program, applicants must:
. Be a first-time home buyer - someone who has not owned a home in the last three years
. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed or military personnel)

First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®. For applications and other information on this exciting new program, go to
www.car.org/aboutus/hafmainpage/ or contact Monica Rodriguez at (213) 739-8380 or monicar@car.org.

More info:
www.car.org/aboutus/hafmainpage/ 


Posted by Gabe Bodner on April 2nd, 2009 5:31 PMPost a Comment (0)

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First Time Buyer Tax Credits...in more understandable terms
April 2nd, 2009 2:49 PM

Tax Break For First-Time Buyers

Who is Eligible
· The $8,000 tax credit is available for first-time home buyers only.
· The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
· All U.S. citizens who file taxes are eligible to participate in the program.
Payback Provisions
· The tax credit is a true credit. It does not have to be repaid.
· The only repayment requirement is if the home owner sold the home within three years after the purchase.
Income Limits
· Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000.
· For married couples filing a joint return, the income limit doubles to $150,000.
· Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
· Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
· The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with a MAGI that exceeds $170,000.
Effective Dates for the Tax Credit
· First-time home buyers would receive an $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009. To qualify, you must actually close on the sale of the home during this period.
Tax Credit is Refundable
· A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference.
· For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $3,000 payment from the government.
· If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).
· Buyers can take the tax credit on their 2008 or 2009 income tax return.


Posted by Gabe Bodner on April 2nd, 2009 2:49 PMPost a Comment (0)

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