The American Recovery and Reinvestment Act of 2009.....

How the homebuyer tax credit would work:

• Tax credit: Ten percent of the purchase price of a primary residence, up to $8,000 for home purchases 12/1/09 to 5/1/10 for first-time homebuyers - those who haven't owned a home in the previous 3 yrs

• Tax credit: Ten percent of purchase price of a primary residence, up to $6,500 for home purchases 12/1/09 to 5/1/10 for repeat buyers - those owning a principal residence which they occupied for 5 consecutive years out of the last 8 yrs

• Purchase price of home no more than $800,000

• Deadline for qualifying: Sales Contract ratified by 4/30/10 with settlement   by 6/30/10

• Military deadline: Members of the military who served outside the U.S. for at least 90 days 1/1/09 to 5/1/10

• Income limits: Individuals with annual income up to $125,000 or Joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 or Joint filers with incomes up to $245,000 qualify for reduced credits

• How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit. 

• Of course, you should get income tax advice from your accountant or tax advisor

New FHA policies announced 1/20/2010 - Increase in MIP, FICO score minimum, Downpayment requirements, Reduction of Seller concessions

Serving Northern Virginia counties of Prince William, Fairfax, Loudoun, Arlington, Alexandria City, Fauquier & Manassas City and surrounding areas

Amy Stanley featured in the Virginia Association of REALTORS® Commonwealth Magazine as one of Virginia's Leading REALTORS®, featured Interview on NBC 4 News Sept.2008!! View Profile by the Washington Times http://www.washingtontimes.com/news/2009/sep/25/realtor-profile-amy-stanley/

HOPE for Homeowners at HUD.gov 1-800-225-5342

New RESPA requirements are in place as of 1/1/2010, a new final rule “To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs.” The rule mandates use of a new Good Faith Estimate (GFE) and HUD-1

Relax, Your new Home will find you, Sign up free for automated daily email of homes for sale based on your specific criteria for your next home at http://www.homesdatabase.com/amystanley 

Bank Rate article 1/29/10, http://www.bankrate.com/finance/real-estate/first-look-gives-buyers-foreclosure-edge-1.aspx

Awarded Top 1% Nationally, Lifetime Member Top Producer