HouseLogic - a new consumer website covering all aspects of home ownership!

For our physician clients, there has never been a better time to buy a home! With the first-time homebuyer tax credit extension and 100% Doctor Loan programs available for qualified applicants, it is now more possible than ever to get the most bang for your buck and make a wise investment decision that will ultimately pay-off now and in the long run. Unsure about owning a home? The NAR has now provided yet another resource to make it that much easier.

The National Association of Realtors® (NAR) launched HouseLogic, a new consumer website that covers all aspects of homeownership. According to NAR, HouseLogic was created to help homeowners make smart decisions and take responsible actions to maintain, protect and increase the value of their homes.

“HouseLogic will engage and involve consumers throughout the lifecycle of homeownership,” says NAR President Vicki Cox Golder. “It makes sense that, as the first, best source for real estate information, NAR should collaborate with today’s consumers to help them make the most out of owning a home. HouseLogic will help us do that.”

The free website helps homeowners plan and organize their home projects and provides timely articles and news; home improvement advice and how-to’s; and information about taxes, home finances and insurance.

“Unlike other homeownership websites, HouseLogic helps consumers view their home through a financial lens and make smart, informed home improvement investment decisions,” says Golder. “Families can set goals for saving money on their home or increasing its value, and easily track the progress they are making on those goals."

Users who choose to register can save information, create to-do lists and set project reminders. The website can also be customized for individual homeowners depending on how handy or ambitious they are regarding home projects; how much money they want to spend or save; where they live; and their priorities, such as increasing the value of their home or improving their neighborhood.

HouseLogic also helps homeowners who want to get actively engaged in neighborhood and homeownership issues. The site provides users with the tools and know-how to affect change, like establishing a neighborhood watch program, building a community playground, or participating in city or county planning efforts.

“For more than 100 years, Realtors have been bringing America home,” says Golder. “HouseLogic takes owning a home to the next level.” Visit HouseLogic at www.houselogic.com.

Still unsure, visit www.physicianonthemove.com and register to receive additional information on becoming a homeowner.

Home-Buyer Tax Credit Extension and Expansion, 2010

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that now:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

The following is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers like yourself. If you have specific questions or would like additional information regarding the extended tax credit, call Physicians Relocation Services today at 1-877-296-3844. You can also contact a tax professional or the Internal Revenue Service at 800-829-1040 for more information.

Who Qualifies For The Extended Credit?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight years.
• To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

• The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

• The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable tax credit for current homeowners is $6,500.

How Is A Buyer's Credit Amount Determined?

• Each home buyer's tax credit is determined by two additional factors: 1) the price of the home, and 2) the buyer's income.
• Price: Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
• Buyer Income: Under the Extended Home Buyer Tax Credit, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit. These limits have changed from the 2009 First-Time Home Buyer Tax Credit limits.

If the Buyer's Income Exceeds These Limits, Can He/She Still Get A Credit?

• Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decrease as his/her income approaches the maximum limit.
• Home buyers earning more than the maximum qualifying income, over $145,000 for singles and over $245,000 for couples, are not eligible for the credit.

Can A Buyer Still Qualify If He/She Closes After April 30, 2010?

• Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

• No. The buyer does not need to repay the tax credit if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.