Thanksgiving is only a couple of days away

Thanksgiving is only days away and the holiday season is quickly approaching, meaning, your dining room is about to take center stage. You can count on several big, family dinners and plenty of entertaining (whether you’re the host or the guest). We love a dining room that has a personality – it simply enhances the experience – and oftentimes, the more unusual or unexpected the space is, the better! Some dining rooms to inspire:

13 Things a Burglar won't tell you

With summer approaching, many of our clients may be considering family vacations. You know who else is looking forward to their summer vacation? Neighborhood thieves!

AT Urban Realty, we want to keep in touch and help you protect your home by passing along a couple of useful articles on how burglars determine if a home is a good topic. From Reader's Digest, these two articles are great conversation starters:

13 Things a Burglar Won't Tell You
http://www.rd.com/your-america-inspiring-people-and-stories/13-things-a-burglar-wont-tell-you/article156709.html

8 More Things a Burglar Won't Tell You
http://www.rd.com/living-healthy/article-8-more-things-a-burglar-wont-tell-you/article156681.html

Also, you may be interested to discover this ingenious little device which simulates the look of someone watching television at night. The "FakeTV" creates the exact same sort of random illumination that a 27-inch television does, at a fraction of the electricity usage:

http://www.faketv.com/

For $29.95, its a great way to deter a casual thief! (Editor's note: We were not paid or compensated in any way to mention the FakeTV device; we simply thought it might be interesting to our community members.)

Memorial Day: Time to Buy a Home!

Memorial Day marks the traditional beginning of summer and the start of the most popular season in real estate. If you’re in the market for a new home, get a jump start by getting pre–approved for a loan by a trusted mortgage broker.

Buying a home can be an overwhelming process. A pre-approved loan agreement outlines what you can afford to buy, so when the time comes to start shopping you and your real estate agents have a set price range to follow in finding your perfect home.

There are also other reasons to get pre–approved for a loan. When you find that house of your dreams, a seller will likely feel more comfortable taking the home off the market if you are pre–approved because he or she knows that the financing has already been taken care of. Working out a mortgage agreement before shopping also takes the pressure off trying to find a loan quickly once you do find that dream home and don’t want another buyer to snatch it up.

I’d be happy to discuss mortgage options with you and help you officially commence the beginning of your home buying process!

Bruce Moyer, Ed.S. 704-488-7914

Home Star Energy Retrofit Act of 2010 Passes in House

By a vote of 246 to 161 the House of Representatives today voted to approve the Home Star Energy Retrofit Act of 2010 (H.R. 5019), which authorizes creation of a national energy retrofit program for American homeowners. The vote marks a significant milestone in the progress of the bipartisan HOME STAR legislation, although it's important to note that the authorization bill passed today must be matched by the Senate, and followed up with an appropriation bill to allocate funds for the $6 billion program.
"We applaud the U.S. House on the [bipartisan] passage of the HOME STAR legislation," Efficiency First chairman Mike Rogers said following the vote. "HOME STAR will create good American jobs in construction, manufacturing and related industries. It will help American homeowners improve the efficiency of their homes and save money. And it will provide a solid foundation for our country's energy policy and energy security. We encourage the Senate to act quickly to get the HOME STAR bill to the President's desk and get our workers back on the job."
Efficiency First policy chair Matt Golden added that "Today's bipartisan passage of the HOME STAR bill in the U.S. House of Representatives shows how when industry, labor, business and environmental groups cooperate, we can find solution for America. HOME STAR will create hundreds of thousands of good quality jobs, while saving families money on energy bills. Efficiency First, representing companies in all 50 states employing over 150,000 American works, applauds Congress's leadership and vision on this important issue."

New Rule!

New Lead-Paint Renovation and Repair Rule Effective April 22, 2010


A new rule will go into effect this month requiring renovation and repair contractors to be EPA-certified to work with lead paint hazards if they will work on a residential property built before 1978 in which lead-based paint may be disturbed. HUD estimates that this could be as many as 35 million properties. The rule also applies to places where children under 6 spend large amounts of time, such as child care centers and schools. The certified contractor must provide the occupants (owner or tenant) with a new information booklet and must follow lead safe work practices.

There are several important exemptions to this rule:
1. Homeowner occupants or tenant occupants may do the work themselves without certification.
*Due to the potential hazards, EcoBrokers would recommend that these individuals be provided with the booklet mentioned below to avoid exposing the occupant families to lead hazard.
2. A residence where there are no children under 6 and no pregnant women as regular residents is a possible exemption.
3. If the area disturbed is less than 6 square feet indoors or 20 square feet outdoors, the project is exempt. Because lead paint was so prevalent on window frames in pre-1978 houses, window replacement on these homes is never exempt.
4. If a qualified lead test specialist certifies that no lead paint will be disturbed, the project is exempt.
5. There are a few additional less likely exemptions.

The required disclosure booklet is to be provided by the contractor, but you may wish to have it for your reference as well. You can get it at
http://www.epa.gov/opptintr/lead/pubs/renovaterightbrochure.pdf
(English) or http://www.epa.gov/opptintr/lead/pubs/renovaterightbrochuresp.pdf (Spanish). The EPA has also prepared a 17 minute film of information for Realtors - they appear to believe that all real estate brokerage professionals are members of the National Association of REALTORS®. That film is available to everyone at http://link.brightcove.com/services/player/bcpid25955667001?bctid=29590050001

Buying a Foreclosed Home?

You may qualify for $14,900 in downpayment assistance

If you are a first-time home buyer buying a foreclosed
property, you may qualify for a five-year, deferred
loan up to $14,900 at zero interest.
This second mortgage may be forgiven at 20% per year for each
full year you own and live in the home, as long as you remain
current on your mortgage.
These loans are provided under the federal Neighborhood
Stabilization Program (NSP), authorized in the Housing and
Economic Recovery Act of 2008. Loans are offered by the N.C.
Housing Finance Agency and used with the Agency’s 30-year,
fixed-rate FirstHome Mortgage.
Am I eligible?
To qualify, you must
• be a first-time home buyer (or not have
owned a home in the past three years).
• meet certain income limits.
(See chart, back page.)
• obtain eight hours of HUD-approved home
buyer counseling. (Contact your lender or the Agency for help.)
• contribute $1,000 from your own funds.
What properties are eligible?
Sales prices cannot exceed $210,000. The homes must be
foreclosed properties, built after 1978, and purchased at a
1% discount to the current appraised value. Only single-family
homes, condominiums, and townhomes qualify. Manufactured
homes are not eligible.
Your home must be in one of the 23 counties served by the
NSP: Alamance, Brunswick, Buncombe, Cabarrus, Catawba,
Cumberland, Dare, Davidson, Durham, Edgecombe, Forsyth,
Gaston, Guilford, Iredell, Johnston, Mecklenburg, New Hanover,
Pitt, Randolph, Rowan, Union, Vance, and Wake.
How do I begin?
Since the NSP loan must be used with the Agency’s FirstHome
Mortgage, you should first determine if you qualify for the
mortgage. First, check your income against the chart on the
back to see if you are eligible. Then, go to the home buyer
section at www.nchfa.com to find a list of participating
lenders or call 1-800-393-0988
and ask to speak to an underwriter.
Downpayment Assistance
Under the Neighborhood Stabilization Program
Counties 1 person 2 persons 3 persons 4 persons
Alamance $47,100 $53,850 $60,600 $64,000
Brunswick $48,400 $55,300 $62,200 $65,000
Buncombe $46,800 $53,450 $60,150 $64,000
Cabarrus $55,850 $63,850 $71,800 $75,000
Catawba $44,100 $50,400 $56,700 $63,000
Cumberland $43,350 $49,550 $55,750 $61,900
Dare $50,900 $58,200 $65,450 $68,000
Davidson $47,100 $53,850 $60,600 $64,000
Durham $59,900 $64,000 $73,000 $73,000
Edgecombe $41,900 $47,900 $53,900 $59,900
Forsyth $50,150 $57,300 $64,500 $67,000
Gaston $55,850 $63,850 $71,800 $75,000
Guilford $49,150 $56,150 $63,200 $65,000
Iredell $50,300 $57,500 $64,700 $68,000
Johnston $64,600 $73,800 $83,050 $86,000
Mecklenburg $55,850 $63,850 $71,800 $75,000
New Hanover $48,400 $55,300 $62,200 $65,000
Pitt $44,950 $51,350 $57,800 $64,000
Randolph $49,150 $56,150 $63,200 $65,000
Rowan $53,850 $56,000 $64,000 $64,000
Union $55,850 $63,850 $71,800 $75,000
Vance $41,900 $47,900 $53,900 $59,900
Wake $64,600 $73,800 $83,050 $86,000
Income Limits by County and Household Size*
* For a family of 5 persons or more, contact the N.C. Housing Finance Agency
at 1-800-393-0988 for income limits.

Tax news to use!!!

From our good friends and business colleagues at Leverage Lending, we would like to let you know of some very important tax information you can use! Thanks to Leverage Lending!
Angelo Datseris
President
Leverage Lending Group LLC
Phone: 704-631-9276
Fax: 704-353-7003
angelo@lendwithleverage.com
www.lendwithleverage.com

$8,000 Tax Credit Extended and Expanded

With tax season approaching, we decided to focus this edition of our quarterly newsletter on a few tax incentives we think you'll definitely want to discuss with your tax professional. Feel free to share this newsletter with your friends and loved ones as they prepare their 2009 returns.

Up first is the popular $8,000 tax credit for first-time home buyers. Originally scheduled to expire on November 30th, 2009, this valuable tax credit of up to 10% of the purchase price or up to $8,000 was extended into 2010 (purchase agreements must be signed by April 30, 2010, and closings must be final by June 30, 2010). The new program was also expanded to include a tax credit of up to $6,500 (or up to 10% of the purchase price) for qualified buyers of a second or "replacement" home under the same deadlines. To qualify, home purchasers must have owned and occupied a primary residence for five consecutive years during the last eight years. Most importantly, the new program significantly increases previous income requirements.

There are other important guidelines to meet in order to qualify, so be sure to discuss your situation with a tax professional. And don't forget, you can still buy a home before April 30th and qualify – even you've already filed your 2009 taxes – so don't hesitate to give us a call.

Property-Tax Deduction for Non-itemizers

You don't have to be a new homeowner in 2009 to deduct qualifying property taxes, but prior to 2008, you did have to itemize your taxes in order to receive the benefit – not anymore. Under the new rule, homeowners who don't itemize can boost their standard-deduction amount by up to $500 if they're single and up to $1,000 if they're married and file a joint return to account for property taxes paid during 2009. You'll need to include a Schedule L with your 2009 tax return, but it's definitely worth it if you qualify. Talk to your tax preparer and don't be one of the millions of taxpayers who will claim the standard deduction and miss out on the savings.

Refinancing Points – When you buy a house, you get to deduct (all at once) the points paid to get your mortgage. When you refinance a mortgage, though, you have to deduct the points over the life of the loan. That means you can deduct 1/30th of the points per year if it's a 30-year mortgage. It's not a lot of savings, but everything helps when you're legally trying to lower your tax bill.

Energy and Home Improvements Credits

Homeowners can make energy-conscious purchases that will provide tax benefits when filling out their tax returns for 2009. The new law provides tax credits for making your principal residence more energy efficient and for buying certain energy efficient items.

Residential Energy Property Credit – The new law increases the energy tax credit to 30% of the cost of all qualifying energy-efficient improvements to existing homes. It also raises the maximum credit limit to $1,500 for improvements placed in service in 2009 and 2010. Qualified improvements include adding insulation, energy efficient exterior windows, energy-efficient heating, air conditioning systems, and more. A similar credit was available for 2007, but was not available in 2008. Ask your tax professional about the IRS' issued guidance, deadlines, and other important qualifying factors for this and the following tax credit.

Nonbusiness Energy Property Credit – You can receive a tax credit of 10% of the purchase price of qualified energy-efficient products installed in the taxpayer's main home in the United States. The tax credit for home improvement purchases is limited to $500 and applies to the total credit you can claim for all years combined.

Other 2009 Tax Breaks

New Car Purchases – If you bought a qualifying new car or truck ($49,500 or less) between February 16 and December 31st, you may be able to deduct the sales or excise tax. Your income must be less than $125,000 for a single taxpayer or $250,000 for a couple to get the full deduction. The benefit applies to more than one vehicle, as long as all of them qualify and delivery was taken by Dec. 31.

Unemployment Benefits – Unemployment benefits are usually fully taxable. If you received any unemployment benefits at any time during 2009, however, you are eligible to exclude the first $2,400 of these benefits when you file your tax return. For a married couple, the exclusion applies to each spouse separately.

Moving expenses – If you were unemployed in 2009 but you got a new job, moving expenses may be deductible, if you moved more than 50 miles away – and you don't have to itemize to get it. For 2009, you can deduct the cost of getting yourself and your household goods to that new area 50+ miles away, this includes 24 cents per mile for driving your own vehicle, plus parking fees and tolls.