Larry Shaw, CRS, ABR, SFR, SRES
Licensed in Illinois
(309) 343-6168 ext. 7717
(309) 221-8061 (cell)
(309) 343-5269 (fax)
Email Me
Office:
Mel Foster Co.
816 N. Henderson
Galesburg, IL 61401
FinancingPre-Approval - Your first step when buying a home!The first and one of the most important steps in buying a home is finding out just how much you can really afford. Whatever your reasons for buying, getting pre-approved by a lender will prevent disappointment down the road. Pre-approval is based on your employment, income, assets, liabilities, and available down payment to close on your home. Some Sellers will not accept offers from Buyers who have not been pre-approved. Five Great Reasons to Be Pre-Qualified By a Lender:
FinancingA Mel Foster Co. real estate expert can and will show you various financing options for buyers that you may not be aware of and will discuss the likely impact of each alternative on the sale of your property. Depending on the price of the home and/or the amount of your down payment, there may be several options that fit your personal situation:
Information your real estate professional or lender will ask (the information provided is confidential with your lender):
Mortgage CalculatorsMel Foster Co. offers a variety of calculating tools that can help you determine:Davenport NOWProperty owners in Davenport, Iowa will have their own stimulus package for purchasing or improving a home or expanding or relocating a business. The Davenport NOW program is designed to enhance neighborhoods and grow the city through a tax-rebate program.Anyone who constructs a new, owner-occupied home or a new commercial structure, except rental properties, will be eligible for a 50 percent rebate of the city's portion of property taxes for 10 years. Participants can choose from tax rebates each year or an upfront, lump sum rebate at the project's completion. Rebate good until December 2011. Contact your Mel Foster Co. REALTOR® for more information or start looking at a neighborhood today! Complete the Davenport NOW application Tax Credits
First-Time BuyersFirst-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for First Time Home Buyers is 10% of the purchase price of the home, with a maximum available credit of $8,000. Current Owners
The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. What are the New Deadlines?In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Tax Credit versus Tax DeductionIt's important to remember that the tax credit is just that...a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing. Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, he or she can still receive a check for the remaining $4,000. Remember, the new tax credit programs include a number of details and qualifications. For more information or answers to specific questions, please contact me.
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