Free Newlywed Buyer's Guide

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Jeff McIlhenny Beacon Brokers Realty Cell: 843-452-2953 jeffm@beaconsc.com www.ourfirstcharlestonhome.com

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Free Newlywed Buyer's Guide

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"The Newlywed Homebuyer's Survival Guide"

You have made a very important decision in your life. You've chosen the single person you'll spend the rest of your life with. And now it's time to buy your first home TOGETHER.

You owe it to yourself and your spouse to make sure you understand ALL the aspects of buying a home in the Charleston SC real estate marketplace. After all, the purchase of a home is one of the largest investments you will ever make.

It can be a stressful process, but doesn't need to be. That is why I put together this 36 page guide to help steer you through the process.

You can avoid the pitfalls and mistakes other buyers make, so that the process is smoother and less stressful. An informed buyer is a smart buyer--knowledge is power! Here are some of the topics covered in the guide:

8 Steps to Getting Your Finances in Order

Budget Basics Work Sheet

8 Ways to Improve Your Credit

10 Steps to Prepare for Homeownership

How Big a Mortgage Can I Afford?

7 Reasons to Own Your Own Home

5 Common First-Time Homebuyer Mistakes

10 Ways to Take the Trauma Out of Homebuying

Hidden Home Defects to Watch For

10 Questions to Ask a Home Inspector

Choices That Will Affect Your Loan

5 Things to Understand About Homeowners Insurance

10 Ways to Lower Your Homeowners Insurance Costs

And More!!!

Keep in mind that the services of a Real Estate Agent are free to homebuyers! I am happy to provide this guide to you for free, with no obligation simply because I believe in the "What you give, you get back" philosophy of business.

I have a lot of information that can help homebuyers, and I gladly share it with those in the homebuying process. Whether you are just beginning, or you are further along in the process, I would appreciate the opportunity to talk with you more about your purchase, and perhaps work with you as your Realtor. However, that is not a requirement to receive the Survival Guide.

To receive your free copy of "The Newlywed Homebuyer's Survival Guide", simply fill out the information below and I will email it to you immediately. If you have any questions, or if I can be of srvice to you, you can contact me at 843-452-2953 or email me at jeffm@weichertpc.com.

Jeff McIlhenny
Weichert Realtors Palmetto Coast

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Last Updated ( Saturday, 29 November 2008 )

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Download your free copy of my
"Newlywed Homebuyer Survival Guide"
full of helpful information
about the homebuying
process, credit, applying
for a mortgage, and
the pitfalls to avoid!

$8000 First Time TaxCredit Info For Married Couples
The American Recovery and Reinvestment Act of 2009 provides a tax credit for first time home buyers in 2009. The $8000 tax credit differs from the $7500 credit from last year because it does not have to be repayed. This is also a true tax credit, and not a tax deduction. That is, it is a dollar for dollar reduction in what a taxpayer owes. Here are the basics of the tax credit, as well as how it impacts and applies to newlyweds and couples getting married in Charleston SC. The credit applies to first time home buyers that purchase a home between January 1, 2009 and December 1, 2009. A first time homebuyer is not only someone that has never purchased a home before, but also anyone that has not had ownership in a home in the last 3 years. This credit is only applied to purchases of primary residences. Income limits: for individuals, $75,000/year and married couples $150,000/year jointly. There is a range where the credit will be proportionally less according to income. For individuals, this range is between $75,000 and $95,000. For married couples, this range is from $150,000 to $170,000. For individuals making over $95,000 a year and married couples making over $170,000 jointly, there is no tax credit. There is no reapayment on the credit if you stay in the home for a minimum of 3 years. The credit is 10% of the value of the home up to a maximum of $8000. Because this is a tax credit, it is possible to be refunded up to the full amount. If a tax payer owes $2000 in taxes, then they would instead see a refund of $6000! For married couples, the law looks at both parties individually but affects the couple as one. In other words, if you have not owned a home (primary residence) in the past 3 years but your spouse has, then neither of you qualify for the tax credit. It might be best for an engaged couple to buy a home in Charleston SC first, before getting married to take advantage of the tax credit. You could even use the money to help pay for the wedding! It is possible to use the credit as a down payment (by adjusting withholdings), but it is important that you speak with an Accountant to ensure that this is done properly. *5/15--FHA has now allowed this tax credit to be used at closing for Down Payment!!!!** If you have already filed your tax returns for 2008, you can go back and amend your taxes and still receive your tax credit, as opposed to having to wait until next years taxes! Be sure to contact me for any questions you have, and to ensure you plan your first home purchase as carefully as you do your wedding day!

$8000 First Time TaxCredit Info For Married Couples

The American Recovery and Reinvestment Act of 2009 provides a tax credit for first time home buyers in 2009. The $8000 tax credit differs from the $7500 credit from last year because it does not have to be repayed.

This is also a true tax credit, and not a tax deduction. That is, it is a dollar for dollar reduction in what a taxpayer owes.

Here are the basics of the tax credit, as well as how it impacts and applies to newlyweds and couples getting married in Charleston SC.

The credit applies to first time home buyers that purchase a home between January 1, 2009 and December 1, 2009. A first time homebuyer is not only someone that has never purchased a home before, but also anyone that has not had ownership in a home in the last 3 years.

This credit is only applied to purchases of primary residences.

Income limits: for individuals, $75,000/year and married couples $150,000/year jointly. There is a range where the credit will be proportionally less according to income. For individuals, this range is between $75,000 and $95,000. For married couples, this range is from $150,000 to $170,000. For individuals making over $95,000 a year and married couples making over $170,000 jointly, there is no tax credit.

There is no reapayment on the credit if you stay in the home for a minimum of 3 years.

The credit is 10% of the value of the home up to a maximum of $8000.

Because this is a tax credit, it is possible to be refunded up to the full amount. If a tax payer owes $2000 in taxes, then they would instead see a refund of $6000!

For married couples, the law looks at both parties individually but affects the couple as one. In other words, if you have not owned a home (primary residence) in the past 3 years but your spouse has, then neither of you qualify for the tax credit.

It might be best for an engaged couple to buy a home in Charleston SC first, before getting married to take advantage of the tax credit. You could even use the money to help pay for the wedding!

It is possible to use the credit as a down payment (by adjusting withholdings), but it is important that you speak with an Accountant to ensure that this is done properly.

***5/15--FHA has now allowed this tax credit to be used at closing for Down Payment!!!!****

If you have already filed your tax returns for 2008, you can go back and amend your taxes and still receive your tax credit, as opposed to having to wait until next years taxes!

Be sure to contact me for any questions you have, and to ensure you plan your first home purchase as carefully as you do your wedding day!