Virginia Beach Real Estate

The centerpiece of Congress' recent $170 billion economic stimulus plan is tax rebates, but few Virginia Beach & Hampton Roads real estate owners and taxpayers actually understand what the rebates mean or how they'll benefit.

The details of the plan are still being worked out, but below are some of the facts:

• To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000.  These filers will get rebates up to $600.
• Joint filers must have Adjusted Gross Income below $150,000 and are eligible to receive rebates of up to $1,200.
• Parents will receive $300 rebates per dependent child and there is no cap on the maximum number of children eligible.
• Filers who do not owe income taxes because of various credits and deductions but who do have at least $3,000 in income (can include Social Security or disability payments) will get $300 rebates per person or $600 per couple.
• The rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.

If you make the IRS deadline and file your taxes by April 15, you can expect to receive a check sometime between May and July.

Why not put your 2007 tax rebate toward the purchase of Virginia Beach or Hampton Raods real estate?  To learn more about Hampton roads real estate, please visit ButlerTeamHomes.com or begin searching for Hampton Roads real estate.  For more personalized service, please call me at 866-222-0158 #550.

Schools are important when buying Virginia Beach real estate - even if you don't have kids!

Most families with children are concerned about schools, whether public or private, making the school district a Virginia Beach home is in one of their top priorities. But even families without children need to be concerned with the area schools. Virginia Beachproperty values are influenced be the school system that services your neighborhood.

You can take the same house and put it in two different locations with two different schools and the house feeding into the better school system will appreciate faster. The resale value of your home will definitely be influenced by the schools in the area.

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Virginia Beach & Hampton Roads mortgage insurance requirements will tighten March 3. MGIC Investment Corp, the nation's leading mortgage insurance provider, plans to limit its exposure in a number of the weaker housing markets around the country by requiring higher credit scores and larger down payments. Virginia Beach and Hampton Roads are among the areas affected by the tighter standards. Starting March 3, MGIC will require at least 5 percent down on homes and a 10 percent down payment on condos. 

Mortgage insurance is required by lenders when buyers put less than 20% down on a home. If the borrower misses mortgage payemnts, the mortgage insurance company pays the lender. If homes end up in foreclosure, both lenders and insurers lose money. Read the full story.

Wondering how this tightening of lending requirements will affect your ability to buy a home? Give us a call to discuss your situation, 866-222-0158 #550, or visit our website, ButlerTeamHomes.com.