First Rate Financial LLC and Windermere Team Up to Help Raise $1 Million for Area Residents!

 

EVENT DATE: September 9^th, 2009 at 6pm

LOCATION: 1200 112^th Ave NE, STE B100, Bellevue, WA 98004

RSVP: 1-800-970-1976 or email at info@gofirstrate.com

 

In an effort to help the community and area renters, Michael Colagrossi and First Rate Financial LLC have partnered with Tony Ferrelli and Windermere Real Estate to help put $1 million back into the local economy and new homebuyers’ pockets.

 

This goal will be accomplished by providing education and assistance concerning the purchase of a home to at least 125 first-time homebuyers by November 30 of this year. For information on specific dates and times for these seminars, people should contact Michael Colagrossi at 800-970-1976.

 

In February, President Obama signed into law the American Recovery and Reinvestment Act of 2009. One provision of this legislation is the Homebuyer Tax Credit, a reimbursement of up to $8,000 available to first-time homebuyers. While this credit has been embraced by many Americans since its passage, a major stumbling block to its full utilization persists.

 

Lack of Homebuyer Awareness

 

According to a survey released by the National Association of Realtors, nearly 50 percent of all homebuyers were unaware that a tax credit of up to $8,000 currently exists for qualifying parties. Of those Americans actively shopping for a home, fewer than one in five knew about the credit and planned to use it when buying a home. 

 

Another area of misunderstanding concerning this source of financial assistance is that the credit can be applied to homebuyers’ 2008 federal income taxes. This puts the credit back into their hands this year’ assisting people today, which could prompt many to buy while the credit is available. The tax credit is also refundable, meaning that buyers with little or no federal income tax to offset are eligible to receive a check for the difference between their tax offset and the credit amount calculated for their new property.

 

 

Tax Credit Calculation and Deadline

 

The tax credit for a given property is based on 10 percent of the property’s sale price, with a maximum credit of $8,000. For example, a buyer who purchases a home for $100,000 is eligible for a tax credit of $8,000. A home purchased for $60,000 qualifies for a tax credit of $6,000. The final day to take advantage of the credit is November 30, 2009; all qualifying transactions must close on or before that date.

 

 

Qualifying Criteria for Tax Credit

 

Individuals who have never owned a home as well as those who haven’t owned one during the past three years are eligible for this year’s Homebuyer Tax Credit. The modified adjusted gross income for a member of either of these groups is limited to $75,000 for single taxpayers and $150,000 per married couple. Individuals whose earnings exceed these amounts may be eligible for a partial credit and should contact their accountants for additional information. Program enhancements continue to be released; interested parties should contact Michael Colagrossi for information.

 

First Rate Financial LLC’s CEO Michael Colagrossi and area real estate professionals are working diligently to raise $1 million to sponsor free homebuyer-education seminars for area residents.  These educational forums, to be held at multiple locations and times, are intended to assist individuals and families in the home-buying process as well as improve the area’s housing market.

 

This event will be held at Windermere Bellevue Commons in downtown Bellevue on September 9^th, 2009 at 6pm

 

What You Will Learn by Attending:

 

·         Why Buying Today Will Put $8,000 in Your Pocket

·         Why There Has Never Been a Better Time to Buy  a Home

·         How Renting Kills Your Net Worth

·         How Buying a Home Will Increase Your Net Worth

·         How to Be Credit Ready Today to Buy Tomorrow

 

REGISTER NOW SPACE IS LIMITED!

RSVP: 1-800-970-1976! or email us at info@gofirstrate.com!

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