Mount Washington Ky Real Estate

REALTORÂ® Magazine-Daily News-HUD: Tax Credit Can Be Used on Closing Costs

david.century21@gmail.com (David) — Mon, 01 Jun 2009 20:35:00 +0000

REALTORÂ® Magazine-Daily News-HUD: Tax Credit Can Be Used on Closing Costs

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5650 Hardyville Rd, Hardyville, KY | Powered by Postlets

david.century21@gmail.com (David) — Mon, 01 Jun 2009 17:14:00 +0000

5650 Hardyville Rd, Hardyville, KY | Powered by Postlets

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More information about the $8,000.00 Tax Credit

david.century21@gmail.com (David) — Tue, 26 May 2009 20:32:00 +0000

The IRS website has some really great information about the First Time Homebuyer Tax Credit.

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

You can also see scenarios that might apply to you at
http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Obama's Making Home Affordable Program

david.century21@gmail.com (David) — Tue, 26 May 2009 20:24:00 +0000

This is a great website that outlines the Making Home Affordable Program which is designed to help folks that are in financial crisis and unable to make mortgage payments. Homeowners can find information on the foreclosure process, utility assistance and home repair assistance to make smart choices and avoid losing their homes. Please pass this on to anyone you know of that may be in trouble.

http://www.kyhousing.org/protect/referral.asp

More good news about the $8,000.00 tax credit

david.century21@gmail.com (David) — Wed, 13 May 2009 18:34:00 +0000

Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.

The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.

Donovan’s announcement came at a National Association of Realtors legislative summit this morning, although HUD’s details on the initiative aren’t scheduled for official release until next week. The initiative will allow FHA-approved lenders to monetize the tax credit through short-term bridge loans, letting borrowers access the funds at the closing table.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said, according to NAR.

The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000 — or $4,000 for married individuals filing separately — on either their 2008 or 2009 tax returns. Unlike the previous law — which required recipients of the tax credit to repay the funds over a number of years without interest — the new home buyer credit effective with the passage of the act does not have to be repaid.

Homes on the market in Mt. Washington

david.century21@gmail.com (David) — Tue, 12 May 2009 15:02:00 +0000

As of today, there are 210 homes listed for sale in Mt. Washington. Ranging in prices of anywhere between $79,950.00 and $1,100,000.00. At this time last year 84 homes had sold compared to 72 being sold this year to date.
In Bullitt County as a whole there are currently 580 homes on the market ranging anywhere from $44,900.00 to $1,250,000.00. This time last year 262 homes had sold in Bullitt County compared to this years 207. Wow.. not really a huge decrease.

Here are the GLARMLS Monthly Statistical Reports for the entire Louisville Area.

Sales on the Rise
http://www.louisvillerealtors.com/statistics/sotr.pdf

Month at a Glance
http://www.louisvillerealtors.com/statistics/mag.pdf

Year to Date at a Glance
http://www.louisvillerealtors.com/statistics/ydg.pdf

Year to Date at a Glance – Price Ranges
http://www.louisvillerealtors.com/statistics/ydgpr.pdf

New Jobs for Bullitt County....

david.century21@gmail.com (David) — Sun, 10 May 2009 01:38:00 +0000

Sabert Corp., based out of New Jersey, has opened a central hub in Kentucky.
Sabert will manufacture plastic food containers at a 250,000 sq. ft. facility in Shepherdsville and employ about 70 people. Read more here.... http://www.wave3.com/Global/story.asp?S=10324841

Update from Kentucky Housing Corp.

david.century21@gmail.com (David) — Wed, 06 May 2009 00:45:00 +0000

First Home Advantage Program Changes

Effective immediately, the $350 KHC second mortgage application fee is being reduced to $50. This will be paid to KHC and will be withheld at time of funding. The pre-payment incentive of $300 principal reduction has been eliminated. Interest will not begin until July 1, 2010.

New From Ky Housing Corporation...

david.century21@gmail.com (David) — Mon, 27 Apr 2009 15:12:00 +0000

A Qualified Buyer can borrow up to $4,500 as a second mortgage with no payment until July 2010, allowing them time to file their tax return to get the $8,000 from the Federal Government. As an early payoff incentive, KHC will reduce the principal balance by $300 when paid off early. Of course, nothing is that easy, KHC will charge a $350 fee to do these in addition to the usual DAP fees. But it is a great way for someone that cannot get a gift from family to get into a home now and repay next year!

Say Yes...and be an Organ Donor!

david.century21@gmail.com (David) — Sun, 05 Apr 2009 18:30:00 +0000

You don't have to wait till you renew your license...you can do it online.
http://www.donatelifeky.org/

Learn where the $3 Billion Stimulus funding for Ky is going....

david.century21@gmail.com (David) — Sun, 05 Apr 2009 18:17:00 +0000

View the following website to keep an eye on tax dollars being spent.
http://kentuckyatwork.ky.gov/

First Time Homebuyer Tax Credit

david.century21@gmail.com (David) — Sun, 05 Apr 2009 06:31:00 +0000

Tax Credit for Homebuyers
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.

Tax Credit Versus Tax Deduction
It’s important to remember that the $8,000 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 homebuyer were to owe $8,000 in income taxes and would qualify for the $8,000 tax credit, they 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 homebuyer is liable for $4,000 in income tax, he can offset that $4,000 with half of the tax credit… and still receive a check for the remaining $4,000!

Phaseout Examples
According to the plan, the tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.
To break down what this phaseout means to homebuyers who are over those amounts, the National Association of Homebuilders (NAHB) offers the following examples:
Example 1: Assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time homebuyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.
Example 2: Assume that an individual homebuyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

For those tracking the math in the examples above, you may be wondering where the “$20,000” came from—that is, why you divide “$10,000 by $20,000” in the first example and “$13,000 by $20,000” in the second example. Here’s where the $20,000 comes into play:

The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

In other words:
• $170,000 – $150,000 = the $20,000 in the first example
• $95,000 – $75,000 = the $20,000 in the second example

Remember, these are general examples. You should always consult your tax advisor for information relating to your specific circumstances.

Homes that Qualify
The tax credit is applicable to any home that will be used as a principal residence. Based on that guideline, qualifying homes include single-family detached homes, as well as attached homes such as townhouses and condominiums. In addition, manufactured or homes and houseboats used for principal residence also qualify.

Higher Loan Amounts
More good news – there is an extension on the additional tier of conforming loan amounts which had been first established in 2008. This tier of home loans are those greater than $417,000, and with a maximum that depends on the area, but is not greater than $729,750. These loans will again be eligible for rates that are slightly higher than conforming loan rates, but less expensive than the standard “jumbo” loan rates.
FHFA News Release - http://www.mortgagemarketguide.com/download/022309_final.pdf

Additional Housing-Related Provisions
Tax Incentives to Spur Energy Savings and Green Jobs — This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
Landmark Energy Savings — This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.
Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing—This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs.Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.
Expanding Housing Assistance—This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.
More Help for Homeowners in the Future
Another thing to keep an eye on in the coming weeks is President Obama’s plan to help struggling borrowers before they are faced with a default on their mortgage. According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster. While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That’s because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.
I received this information from Brady Webb with American Mortgage Solutions

The Obama Mortgage Calculator

david.century21@gmail.com (David) — Mon, 30 Mar 2009 14:06:00 +0000

The Obama Mortgage Calculator was designed for people having trouble paying their mortgages. You can log on and find out if you qualify for Obama’s Mortgage Rescue plan. If you do qualify, it has a guide to getting your mortgage modification rolling, along with a online resource to see if your loan servicer is participating in the Making Home Affordable Program.
I found this at Mainstreet.com by Jim Cramer

CENTURY 21 Advantage Plus in Mt Washington....

david.century21@gmail.com (David) — Fri, 06 Mar 2009 17:53:00 +0000

The CENTURY 21 Advantage Plus office that has been located at 10731 Highway 44 East has moved to 10367 Highway 44 East across from Wilchar Estates subdivision. Owner and Broker of CENTURY 21 Advantage Plus, Lou Ann Moore, purchased the home on Highway 44 in December of 2008 and renovated it into office space. The new office has about 1500 sq ft and has plenty of parking space. Every agent in the Mt Washington office is looking forward to continuing to serve the needs of Bullitt County residence.

My Real Estate Website

david.century21@gmail.com (David) — Mon, 19 Jan 2009 21:18:00 +0000

I have been updating my website and while doing so I've been searching for links of area attractions so that visitors can kind of get a feel for what Bullitt County and some of the surrounding areas have to offer. It is truly amazing what's right under our noses and us not even realize it. After I was done adding everything I found, I went back and was clicking through some of the links...I was like a kid in a candy store. I've been learning things I had no idea about and I've lived here all of my life. Anyway, if you would like to checkout some of the things i'm talking about just go to my website http://www.davidacunningham.com and click on Area Attractions.

Post Your Real Estate Questions Here!

david.century21@gmail.com (David) — Tue, 13 May 2008 00:47:00 +0000

Hi All! If you have questions pertaining to real estate, feel free to post them here and i'll answer them a.s.a.p.

Some History of Bullitt County

david.century21@gmail.com (David) — Thu, 01 May 2008 18:13:00 +0000

Bullitt County is located just south of Kentucky's largest city, Louisville. Bullitt County was created on December 13, 1796 from two counties, Jefferson and Nelson and was named for Kentucky's first Lieutnant Governor, Alexander Scott Bullitt. Settlers had already come to this area years earlier, due to the natural roads created by herds of buffalo, deer, and elk that migrated to this area for the salt found in the salt licks throughout the area. One of the largest salt making operations was started at Bullitt's Lick, which was found by and named after Captain Thomas Bullitt, who found it on a surveying expedition in 1773. Famous frontiersmen Daniel and his brother Squire Boone were among many who followed buffalo and deer herds to the salt licks. Salt was very critical to the survival of settlers, Native Americans, and animals, and often sites of battles between settlers and Native Americans. Bullitt's Lick was the site of the first commercial industry in Kentucky-Salt Production. Serving Kentucky, Illinois, and tennessee territories, salt was shipped in barrels down the Salt, Ohio, and Mississippi rivers on to New Orleans. Shepherdsville then developed near the licks and became the county seat. The Wilderness Trail made a turn here in Bullitt County to the Salt Licks, becoming the first inland distribution system for commerce in the western frontier. If you travel on I-65, Ky. Hwy 44, and or Ky. Hwy 61 while visiting Bullitt County, you'll be tracing parts of that historic trail that led from the Cumberland Gap, in the east, to Bullitt's Lick and on the Falls of the Ohio in Louisville. Salt, taken for granted today, was a precious commodity to pioneers. Fires kept row after row of huge black kettles boiling to yield a few bushels of salt each day, which was shipped by flatboats on the Ohio River and was sent from Pittsburgh and new Orleans.
Iron production was another pioneer industry in Bullitt County. Thirty-foot tall stone furnaces heated by huge quantities of wood and charcoal smelted iron out of the native rock ore twenty-four hours a day during the first half of the nineteenth century. Significant remains of the Belmont Iron Furnace still exists in the county. A massive "Iron Works" powered by a water wheel on the Salt River in Shepherdsville, made everything from nails to iron stoves used at Shaker Village at Harrodsburg, Kentucky and, it is said, the first railroad rails west of the Alleghenies, were made here.
Bullitt's natural resources, especially timber, suffered greatly at the hands of this early industry. The huge quantities of timber it took to fire the kettles used to boil salt water into salt, and for the furnaces used to melt ore into iron, created a demand for wood that virtually stripped the land of trees. After a century of this industrial development both the salt and iron industries faded. In 1929 a successful business man and visionary formed The Bernheim Foundation and purchased over 14,000 acres of land to allow it, lovingly guided along the way, to return to natural forest. Today Bernheim Arboretum and Research Forest is internationally recognized for its work with native-habitat rehabilitation and its unmatched collections of native species plants and trees. You can see native flora and fauna and learn about the evolution of this area since its earliest history.
About the end of the 18th century there was another industry emerging and it wasn't long until another Kentucky product was being shipped through the same routes in Bullitt County. The Beam Family discovered the smoothness of the limestone water in the Clermont area and began making Jim Beam Bourbon. Today, after more than 200 years of continous operations, the Jim Beam Distillery at the American Outpost produces among the finest and most popular bourbons in the world.
From 1826 to 1870 Paroquet Springs, near Shepherdsville, was one of the most noted health and pleasure resorts in the South. People came from far distances to partake of its rich mineral waters that were thought to be very healthy, and to luxuriate in the superior accommodations of the day. The modern day Paroquet Springs has been reborn as a fresh and attractive new conference center.
Today, rolling knobs, lakes, rivers, and forests in the area offer plenty of opportunity to get back to nature...all within close range of I-65. There is fishing, horseback riding, bird-watching, camping, and hiking. Rapid residential and clean industrial growth tempered with a growing reawakening to the history and ecology of the area. This fascinating area of Kentucky still has the same historic roads that led the westward movement and dispersed our resources and products.. Today those same roads lead to many regional attractions Louisville, Bardstown, Elizabethtown, and Radcliff/Fort Knox, and disperse commerce throughout the nation. Travel at a modern pace, or take scenic back roads following the Wilderness Trail, Country Music Trails, Bourbon Trail, and Civil War Trails. You can find trail maps at Paroquet Springs Conference Centre.

Take This House, Please!

david.century21@gmail.com (David) — Sat, 04 Nov 2006 14:06:00 +0000

Everyone who has a home on the market right now, all seem to be saying the same thing. It has turned in to such a great buyers market that anyone including mortgage lenders, home builders, and even enterprising individual sellers are racking their brains to come up with incentives to get potential buyers to the closing table. Did you know that 55% of Builders are offering more amenities, 42% of builders are paying closing cost, and 26% of builders are absorbing points on the mortgage?
Be careful when you see things like 1000.00 shopping sprees at the pottery barn. While shopping sprees sound great to all of us, you can probably do a lot better.
In August (when the last data was taken) there were 4 million homes on the market in the U.S., a million more than in 2005 at the same point.
Consult with your local REALTOR about incentives to offer. Lots of sellers are now offering both incentives and lowering prices. If you are a buyer you definitely want to seek a REALTOR to help you negotiate the best deal possible, after all it is a free service. Shop for mortgages, but steer clear of some of the trendy mortgages. There is a great deal waiting for you. And despite all the negative publicity about Real Estate, the market is not that bad at all. So get out there and Take This House.

Do You Know What A Tweener Is?

david.century21@gmail.com (David) — Sat, 04 Nov 2006 04:25:00 +0000

Is Your Property Appreciating?

david.century21@gmail.com (David) — Sat, 04 Nov 2006 04:23:00 +0000

Does anyone know what the appreciation rate is for the Louisville area?

Property Taxes

david.century21@gmail.com (David) — Sat, 04 Nov 2006 04:19:00 +0000

How much do we know about property taxes? Do we even know how much we're paying? Or do we just write a check and forget about it?

david.century21@gmail.com (David) — Mon, 02 Oct 2006 14:35:00 +0000

Property Showing
Wow!!! I've been out most of last week in the evenings showing property and I've got to tell ya... It's a smorgasbord of houses out there. We saw some beautiful homes in the Wildwoods, approximately 1880 sq ft, Ranch with 3 bedrooms, 2 baths, 2 car garage, and unfinished basement for around $249,000.
Then we went on to Fernwood, some exceptionaly nice homes here, but there was one in particular that really stood out. It was a approx 1700 sq ft Ranch with 2 car garage and unfinished basement, 3 bedrooms, 2 baths, beautiful hardwood floors in the kitchen, a covered back deck, treyed ceiling in the master bedroom with rope lighting, a huge 6 ft whirpool tub in the master bath with his and her closets. In the livingroom a unique treyed ceiling that i hadn't seen anywhere before. It is like 4 small treys with the light fixture in the middle. They even had a place over the fireplace for a flat screen tv with all the cables already there. Anyway this one is a must see for anyone looking in the $229,000 range.

david.century21@gmail.com (David) — Mon, 25 Sep 2006 02:00:00 +0000

Elk Creek Ridge

1 acre lots with homes starting at $230,000.

david.century21@gmail.com (David) — Wed, 13 Sep 2006 19:18:00 +0000

Elk Chase at Plum Ridge - Pre-selling lots now.

david.century21@gmail.com (David) — Wed, 13 Sep 2006 19:07:00 +0000

Fox Lair

Consist of 74 home sites, each lot averaging about an acre.

Square footage requirements:
One story - minimum of 1700 total sq ft exclusive of any garage, carport, breezeway, or porches.
One and one-half story - minimum of 1400 sq ft on ground floor with 1800 sq ft overall exclusive of any garage, carport, breezeway, or porches.
Two Story - minimum of 2400 sq ft overall exclusive of any garage, carport, breezeway, or porches.
Brick, stone, stucco, or Hardie Board construction.... NO VINYL SIDING IS PERMITTED.

Home prices from the $270's
Lot prices from $40,000