Columbia SC Real Estate and Homes for Sale

There may be some help on the horizon for First Time Home buyers in the Columbia SC Real Estate market.  President Bush signed the new Housing and Economic Recovery Act of 2008 back in August, but it takes affect October 1st. The good news is that the new law provides a Tax Credit for qualified First Time Home buyers purchasing a Columbia SC Real Estate Home. 

First off, What is a first time home buyer as this law states?  A first time home buyer is a buyer who has not purchased a home in the past 3 years.

The first time home buyer tax credit is available to Columbia SC Real Estate purchasers who purchase their house between April 09, 2008 and July 01, 2009.  The allowable credit amount is 10% of the purchase price up to a maximum $7,500. People who file singly  with modified adjusted gross incomes up to $75,000 are eligible for the tax credit. Married couples with adjusted gross incomes up to $150,000 are eligible.  Therefore, if you make under $75,000 a year and file alone, or you and your spouse make under $150,000 a year, and you file jointly, you are considered eligible. Therefore, if you purchase a Quail Valley Columbia, SC home for $150,000, you will only get the $7,500.

Please note this, this is a temporary tax credit.  This tax credit will be recaptured (you will have to repay it) up to the next 15 years while you own the house, or when the home is sold. 

This credit provides incentives to purchasers who are first time home buyers to purchase a home.  It recognises that there is a problem with the market, and it is an attempt to help bring back the market, as well as provide home ownership to first time home buyers. 

Another provision of this bill is FHA Modernization.  Yes, its a big word.  More or less, the FHA is increasing the insured loan amounts up to 115% of the average of areas, up to $625,000.  This alone will allow the FHA to guarantee $300 Billion of loans made to the Columbia SC Real Estate market, as well as the rest of the United States as well.

As well, through the FHA Modernization, the FHA has increased its down payment from 3% to 3.5%, as well as gotten rid of the majority of down payment assistance programs such as Nehemiah .

All in all, this bill was made to be a temporary stimulus providing incentive to buyers looking to purchase a home to go ahead and do it.  What more do you need? 

Hunter Jackson, your Exit Realty Specialist for the Columbia SC Real Estate market is ready to assist you for all of your Real Estate needs in the Greater Columbia Area.

Hunter, an Irmo native, graduated from Irmo High School then went on to attend The University of South Carolina majoring in Political Science. Throughout high school and college, Hunter worked in various sales fields in companies he created on his own. Whether he was brokering diamonds and high end watches or selling Reptiles (yes, Reptiles), he always made sure his customers were happy and counted on repeat business. Though completely different industries, Hunter has taken these thoughts into his Real Estate Career and has a lot to show for it!

Hunter firmly believes that great Real Estate Agents are not born, they are trained. Hunter is an expert in Columbia SC Real Estate. To further his training, Hunter has graduated from the Starmakers program, owned and operated by the famous Floyd Wickman, graduating and being inducted to the Core Values Club. Also, Hunter won the Rookie of the Year award for Exit Sandlapper Realty in 2007 and was runner-up for the same award for Exit of the Carolinas. Also, Hunter just had an article written about him in Broker Agent Magazine in the Spotlight of Excellence column. Within his office, Hunter has received the Top Lister and Top Producer awards several times in his first year of Columbia SC Real Estate.

Leading with a team approach, Hunter encompasses all parts of the purchasing and selling process. With mortgage brokers, inspectors, lawyers, and bankers within his reach, Hunter can always find you the perfect Columbia SC Real Estate house and get you to closing.

Besides writing on this blog, Hunter is also a contributing author on two leading real estate industry blogs.  is an internet radio show and blog that speaks on different ideas affecting the Real Estate Industry.  In addition to this, it also covers real estate technology, trends, and marketing information.  Real Estate Radio USABloodhound Blog is another leading Industry blog covering Marketing, Technology, Customer Service, and everything that has to do with Web 2.0.

Currently residing in the Lexington SC Real Estate area, Hunter enjoys spending his off time with his fiancée Carolynne, as well as their 2 dogs, 5 cats, and numerous tortoises and lizards. Hunter works hard to rehabilitate exotic animals when they come to him from less than desirable living conditions.