Since time is running out to take advantage of the first time home buyer tax credit, we thought we would tell you a little about the credit and the unique opportunity that Missouri is providing to assist with down payment and closing costs.  Even if you already own your home, your family and friends may be eligible for the credit so feel free to pass this information along. 

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The Housing and Economic Recovery Act of 2008 established this credit for first time home buyers.  Originally, the credit was only up to $7,500 and was similar to a no-interest loan in the fact that it had to be repaid over a 15 year period.  The American Recovery and Reinvestment Act of 2009 expanded this credit to $8000 and eliminated the repayment clause as long as the purchaser owns the home as the primary residence for at least three years after the purchase.

Here are some of the requirements in order to claim this credit on your 2009 tax return:

• Applies to purchases that close before December 1^st, 2009.
• The home must be the taxpayer’s principal residence.
• Taxpayers may claim 10% of the purchase price up to $8,000 for married couples filing jointly and $4,000 for married individuals filing separately.
• A taxpayer is considered a first-time homebuyer if you (or your spouse if you are married) did not own any other main home during the three year period prior to the date of purchase.
• The credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000 or $150,000 for married couples filing jointly.

Recently, Missouri was the first state to launch a Tax Credit Advance Loan program allowing buyers to use the credit toward their down payment and/or closing costs.  Rolled out on January 14^th by the Missouri Housing Development Commission, this program makes a second mortgage to the home buyer at closing worth up to 6% of the purchase price up to $6,750 to assist with the down payment and closing costs.  The home buyer files for the federal tax credit on their 2009 tax return and uses the credit refund to pay back the advance.  As long as the buyer pays back the advance no later than the deadline of June, 2010, there is no interest due.  In order to take advantage of this assistance, homebuyers must qualify for their home mortgage loan through a MHDC certified lender for an FHA, VA or USDA Rural Development loan. 

For more information on the tax credit or for a list of MHDC certified lenders, please contact us at www.SunsetSalesTeam.com.

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We look forward to continue to work with you on your real estate needs. Call us toll free at 1-866-804-8361 and don’t forget our websites at www.SunsetRealtyServices.com and www.SunsetNightlyRentals.com. You can also text or call me at 417-699-1070.

Dustin Hall

Broker/Owner

Dustin@SunsetRealtyServices.com 

SUNSET SCOOP

Hi again. It’s time for another…SUNSET SCOOP. This SUNSET SCOOP contains information about major construction underway in the Branson area. Be sure and let me know if you would like additional information on these developments or any other subjects. From time to time I’ll continue to send you more data about Branson.

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What are some of the new, major constructions currently happening in the Branson area?

The Wilderness in the Ozarks in Hollister. It is a 120 acre, $250 million condominium resort that will also include an outdoor and indoor water park, “The District”, which will include a 7,500 seat multi-use center, restaurants, multi-plex cinema and bowling entertainment center. It is set to open Christmas, 2009. It is located on the southeast corner of the new Hollister Hwy 65 Interchange.   

Branson Hills

Branson Hills is located in the northern part of Branson, off Hwy 65 Bee Creek exit. It includes both residential and commercial properties. There is the new $12 million, 42 acre Branson RecPlex that includes a 7,500 sq. ft. fitness center, 12,000 sq. ft. outdoor pool with mega slides, 2 basketball courts, running track, 2,000 sq. ft. community room and several soccer and baseball fields. Branson Hills also has shops and dining including Target, TJ Max, Books A Million, Home Depot, Walmart Supercenter, Kohl’s, Petco, Wendy’s and Chili’s to name a few. Currently under construction includes Best Buy, Bed Bath & Beyond, M C Sports, Michael’s, among others. Phases two and three will include the development of more shops and restaurants over the next four years. In addition to commercial growth, the Branson Hills Development Company is also working to bring hundreds more homes to the area. The $300 million, 1,200-acre development will include 800 homes and a Payne Stewart 18 hole championship golf course and club house that opened September 1, 2008.  

Branson Creek Community

Located south of downtown Branson off Hwy 65, Branson Creek is the areas largest residential development spanning 7,500 acres of the Ozarks. In the early 1990’s, Branson Development, LLC, purchased the land that now forms the Branson Creek community. Community includes individual homes, villas, condos and 2 new championship golf courses, John Daly’s Murder Rock and Branson Creek Golf Course. Branson Creek Community is also where the new Branson Regional Airport is located.    

Indian Ridge Resort Community in Branson West. The $1.6 billion development takes up about 1,000 acres. It is located next door to Silver Dollar City off State Highway 76. The Resort will include an indoor water park, 18 hole championship golf course, conference center, eight-story resort hotel, single family homes, condos and townhouses. Residential areas are currently under construction.

Branson Regional Airport. Privately funded, $155 million, 58,000 square feet airport is scheduled for completion May 2009. It is located in south of downtown Branson at Branson Creek, off Highway 65. The airport will be able to initially accommodate 700,000 customers annually. It is the first privately financed commercial airport in the United States. There are plans in the works for an air show for the grand opening and annually thereafter. It will be one of the top 10 air shows in the nation!

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We look forward to continue to work with you on your real estate needs. Call us toll free at 1-866-804-8361 and don’t forget our websites at www.SunsetRealtyServices.com and www.SunsetNightlyRentals.com. You can also text or call me, Dustin Hall, at 417-699-1070. If sending a text, you can either text from your phone or send from the attached Alltel link. http://www.alltel.com/wps/portal/AlltelPublic/SendATextMessage

Dustin Hall

Broker/Owner

Dustin@SunsetRealtyServices.com