DOLLAR-WISE DIVAS: UNCLE SAM WANTS TO GIVE YOU MONEY TO BUY A HOME

“Kiss Your Landlord Goodbye” – free seminars Feb. 27 in La Mesa, March 1 in El Cajon

Share creative ideas to assist people of all ages with tips to save money and improve their lifestyle!

By Nancy and Dawn Clement

February 10, 2010 (San Diego’s East County) -- Uncle Sam wants to give you money to a buy a house, but you must hurry because there is a deadline; you must be in escrow by April 30 and must close escrow by July 1, 2010.

This program is the Homebuyer Tax Credit, and in November of 2009 was revised to include both first-time buyers and buyers who already own a home.

A tax credit is a dollar-for-dollar reduction in the amount a taxpayer owes, and it can be converted in to money by filing IRS Form 5405. Make sure to consult with your tax advisor so you understand how this tax credit will affect you personally.

The guidelines for this program are: An $8,000 tax credit is given for a first-time buyer and any person who has not been on title to a home for three years is considered a first time buyer. There is a $6,500 tax credit for anyone who is currently on title to a home, and has lived in the home for five of the last eight years.

Other financial guidelines for this program are: The Income cannot exceed $125,000 for a single person and $225,000 for a married couple. The price of the home must be under $800,000 to qualify for this program.

How would you use an extra $8,000 or $6,500 windfall? Would you take a memorable vacation? Would you replenish your savings? Would you restock your 401k? Would you buy a new car? Would you pay for college tuition? Think about how you would spend the money…but, don’t wait too long. The deadline is fast approaching.

Dollar-Wi$e Divas created a FREE Home buyer seminar entitled, “Kiss Your Landlord Goodbye” and several have been scheduled in East County to share Home Buying Strategies for Today’s Market and the Homebuyer Tax Credit.

The first seminar will be in La Mesa on Saturday, February 27 from 10 – 12 AM and in El Cajon on Monday, March 1 from 5:30 to 7:00 PM. Space is very limited so please call 619-563-4184 to RSVP, there will be snacks and raffle prizes and lots of useful information for you.

Nancy Clement is an east county Realtor®, mortgage broker and freelance writer and can be reached at 619-563-4184 or Dollar-wiseDivas@cox.net. Dawn Clement is a stay-at-home mother of three, a freelance writer, and creative shopper.