Tax Credit Seminar Tonight

This is just a reminder that this evening from 6 PM to 7 PM Team Lorenz and Wells Fargo will be putting on a seminar regarding the federal tax credits for first time when buyers or repeat homebuyers. The seminar will be held at the Durango Public Library in Program Room 2. This is an especially timely seminar because the eligibility for these credits expires April 30 of this year. I have heard of no conversation in Washington about these credits being extended like they were last November. This appears to be the last opportunity for someone to get back $8000 if you're a first-time home buyer or $6500 if you are a repeat homebuyer. There are numerous rules and guidelines that have to be followed and that is part of what we will be covering this evening. To buyer agents will be present to discuss available properties in David Fountain from Wells Fargo will be there to explain financing and other loan related issues. There is no charge for this seminar. Hand outs will be available discussing the various guidelines.

More First Time Home Buyer Credits

By now, everyone has heard about the $8000 tax credit for first-time homebuyers. However, there is an additional first time home buyer incentive available. Sponsored by the Colorado Housing Finance Authority, a first-time home buyer may be eligible to take a tax credit of 20% of each year's mortgage interest paid against their federal income tax liability. Let's say, for purposes of illustration, that a homeowner paid $12,000 in interest on their home mortgage the first year. 20% of that number ($2400) would be deductible from the taxpayer's federal income tax liability. The remaining 80% of the mortgage interest paid ($9,600) can still be used as an itemized deduction on their federal income tax return. This program is supposed to last the life of the loan.

In order to qualify for this program, you must obtain a CHFA Statewide Mortgage Credit Certificate through an approved lender. In order to qualify purchase price of the home cannot be more than $354,900 anyone a two-person family cannot make over $71,000 annual household income or $81,600 annual household income for homes with three or more persons.

Only a select number of lenders have signed on to this program so please give me a call and I would be happy to help you connect to the appropriate party. Buying real estate in Durango is very rewarding but it certainly can be a daunting task for many a first-time home buyer. Team Lorenz is certainly here to help you locate great properties and get you connected with the appropriate lenders.

How to Be a Landlord Class Coming up

Are you one of those people that has been interested in the possibility of buying a home to use as a rental property? Real estate is the single greatest wealth producer in the country, so it would certainly be something that I would encourage you to do. Many times people don't know the ins and outs of being a landlord and owning a rental home. If you would like to learn about becoming a landlord, I will be teaching a class in conjunction with the Wells Fargo Real Estate Exposition to be held on Saturday, July 18 th. This will be at the La Plata County Fairgrounds and I will be teaching the class from 1 PM till 2 PM. The title of the class is: “So you want to be a landlord? Investing in single family homes." There will be a 20 page handout that you will find very helpful. This will cover everything from the right kind of properties to buy, special clauses you want to make sure you have in your lease to when you want leases to expire and so much more. For everyone attending the class, I will give away a free autographed copy of my book “How to make your Realtor get you the best deal…Durango Colorado edition”.

The purpose of the Wells Fargo Real Estate Expo is to get homebuyers, or potential home buyers, into the marketplace. There will be a number of Realtors exhibiting and some properties will be held “open-house” for the day so that a buyer can come in and look online at the property in the Fairgrounds, and then go right out to the house and take a look in person. In my 33 years of doing real estate I've never seen an Expo quite like this and I think that buyers will find this very helpful. In addition to the class that I will be teaching at one o'clock, there will be a first time homebuyers class taught at noon.

Searching for Durango CO homes for sale can be a daunting task because you really need to know the areas and subdivisions, the schools, and what the mineral situation might be for a particular property and so many more items of concern. Our Team has two full-time dedicated buyer agents who do nothing but work with buyers and probably preview a hundred properties per month. Knowing the inventory is certainly an important function for a good real estate broker. For the last 2 1/2 years, my two buyer agents have successfully closed with more buyers than any other broker or team in La Plata County. Whether you're a first-time home buyer or an investor buying your 10th property, we would love the opportunity to help you in that venture. To go directly to Durango homes for sale, click this link: Durango CO real estate and it will take you to my listings section of my BuyDurango.com website.