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Lovely Abington

by Diane Cardano-Casacio & Her Team

Happy Friday everyone! Abington is such a great place to live- as you all know, I was born and raised here.

Here's the township website where you'll find a link to a video tour of Abington. Check it out!

http://www.abington.org/

CNN's Best Places To Live

by Diane Cardano-Casacio & Her Team

It's that time of year again and CNN has released their list of the best places to live.

If you remember, Abington has made the cut for several years because of the excellent school system, great parks, shopping and culture and other great aspects of the small town.

Check out the picks this year at: http://money.cnn.com/magazines/moneymag/bplive/2009/index.html

First Time Home Buyer FREE Workshop

by Diane Cardano-Casacio & Her Team

Did you know that the up to $8000 Tax Credit for First-Time Buyers Has Been Extended & Expanded To Include up to a $6500 Tax Credit For Existing Homeowners?

Learn How To Take Advantage Of The Tax Credit, Low Interest Rates & Low House Prices! 

We'd like to invite you to the FREE Savvy Home Buyer Workshop on Tuesday, January 12th from 6:30-8pm at the Fort Washington Hilton.

Whether you're thinking about buying a home right away or 6 months from now, you must attend this class!

This is a great opportunity to speak with a loan officer one-on-one, if you choose, and have your questions about qualifying for a home, getting a mortgage and all other questions about financing answered. Tax credits, grants and foreclosures will be discussed in addition to the *restrictions and details on the federal tax credit.

You will also learn what to do first and the step-by-step process of buying a home from the area's #1 Real Estate Team.

This no-pressure workshop is open to the public, and nothing will be sold at this event- the information is free! Registration is requested.

REGISTER ONLINE AT: www.SavvyHomeBuyerWorkshop.com! Directions will be sent upon registration.

Must You Sell Your Home First To Get the $6500 Tax Credit?

by Diane Cardano-Casacio & Her Team

Here's an answer to a great question about he $6500 tax credit...taken from http://www.inman.com/buyers-sellers/columnists/bennykass/6500-tax-credit-concerns

Question: My wife and I are considering a move to Arizona. As we have lived in our current townhome for six years, I am sure we would be eligible for the homebuyer credit of $6,500. What I cannot find is any reference about if and when we must sell our current home. Can we buy a replacement home by the cutoff date of April 30, 2010, then sell our current residence later in the year? Or if we make the new house our principal residence, are we required to sell our current residence at all? --John

DEAR JOHN: According to the Internal Revenue Service, you do not have to sell your current house -- which must have been owned and used as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence -- in order to take advantage of the new $6,500 tax credit for repeat homebuyers so long as the new house becomes your primary house.

There are, however, some additional limitations. While you do not have to purchase a home that is more expensive than your current home to qualify for the credit, if your new home costs more than $800,000, you are not eligible for that credit.

There are also income limitations. For single taxpayers, you cannot make more than $125,000 annually; for married folks, you cannot earn more than $225,000 if you file a joint tax return. There is a phase-out until your income reaches $145,000 for a single taxpayer or $245,000 for joint tax filers. This means that the credit is reduced proportionately until you reach the ceiling cap.

You cannot purchase the new home from family members, which includes parents, grandparents or children.

And finally, the purchase must take place by April 30, 2010. However, if you have entered into a binding contract before that date, you must settle (go to escrow) by June 30, 2010, or you will lose this credit.

This is my opinion; I suggest you consult your own tax advisors for specific advice.

Displaying blog entries 1-4 of 4

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Diane Cardano & Associates
CARDANO Realtors
1021 Old York Road, Suite 401
Abington PA 19001
Office: 215-576-8666
Fax: 215-576-8677