Archive for March, 2009

Mar 05 2009

The American Recovery and Reinvestment Act

Published by under General

I just received a handy little article from Steve Friedman, one of the mortgage brokers I’ve used. Here’s some info I thought my fellow San Francisco Bay Area Real Estate Rehab and Investors may appreciate.

On February 17, President Barack Obama signed into law a $787 billion economic stimulus plan. That package includes many provisions that may directly benefit you:

New Housing. First-time homebuyers are eligible for an $8,000 tax credit, which does not have to be repaid unless you sell your home within three years. The credit is available for purchases between January 1, 2009, and before December 1, 2009. The credit phases out for individuals with AGI of $75,000 to $95,000 and married couples with AGI of $150,000 to $170,000.

Green Homes. New tax credits are now available for green home improvements on a principal residence starting January 1, 2009, through December 31, 2010. The credit covers 30% of qualifying upgrade costs, or a maximum amount of $1,500. Qualifying modifications must meet a certain efficiency level to be eligible for the credit. For record keeping, experts advise that you retain all receipts.

Steve’s always sending me timely info, saving me from information overload. Visit his site or contact him at:

Mortgage Planner
Prospect Mortgage Company
5825 Glenridge Dr.,Bld. 4,Suite 106
Atlanta, GA 30328
Office: (678) 244-5416
Cell: (404) 803-1300

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