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As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

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 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer’s income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

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 $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

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 the three-year period, the credit will be recouped on the sale.

In-Depth: 2009 First-Time Home Buyer Tax Credit

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KoKo Head Terrace Homes

2 years ago

by Frank in hawaii kai, Hawaii-Kai-Homes, home search, homes for sale

Koko Head Terrace – Hawaii Kai Homes

Just behind Hahaione Valley and to the east of it is Kamehame Ridge. It travels high behind Hawaii Kai, Koko Crater then drops quickly into Kalama Valley. Kamilo Nui and Kamilo Iki are the areas adjacent to Hawaii Kai Drive, as you travel up Lunalilo Home Road, near the skate park. On the water’s edge at the end of Lunalilo Home Road is Portlock. The schools of the Kaiser school complex include Hahaione Elementary School, Kamiloiki Elementary School, Koko Head Elementary School, Niu Valley Middle School, and Kaiser High School.

Koko Head Terrace as you can guess is on the slope of Koko Crater on the back side of it, toward the Hawaii Kai Golf Course, you will find the Koko Head Botanical Garden. A two-mile loop trail leads visitors through a variety of dryland plant collections from Hawaii and around the world. Koko Crater is a large crater that is a strenuous 2-hour hike. The Queen’s Gate gated community is across the street from the garden. Koko Head Crater overlooks Makapu’u, Diamond Head, The Marina, Sandy Beach, and Hanauma Bay. Koko Head is the elevated, longer, flatter piece of land that extends into Maunalua Bay.

As you can see, Hawaii Kai has a lot to offer. Shopping at Koko Marina, Hawaii Kai Towne Center, Costco, Safeway, Longs, Ross and more. Great restaurants such as Harbor Village, Blue Water Grill, The Shack, and my favorite, Kona Brewing. If you are looking for a Hawaii home, give me a call.

Koko Crater View toward Diamond Head Honolulu

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Obama’s-Hawaii

3 years ago

by Frank in Hawaii, home search

Obama’s Hawaii

Did you get to listen to or watch the pre-inauguration festivities today? Barack Obama said he was bringing change to Hawaii. What a change.

Whether you are being relocated to Oahu or are seeking a tropical escape away from your hectic day-to-day activities, Honolulu has some beautiful real estate for sale. Regardless of your budget or your lifestyle, you’ll find the perfect neighborhood in this laid-back city. To see all that Honolulu has to offer, contact a trusted real estate professional who is experienced in this competitive market.

Hawaii’s housing market is in limited supply, as everyone knows. In fact, because housing here is in such high demand, the prices are expected to continuously rise over the long run. Now is the time to purchase your Honolulu dream home. Not only will you be able to afford more house for your money, but you will receive a good return on your investment.

Don’t leave such a big decision to any REALTOR. You will want to talk to a few agents then work with someone you can trust. Then, you can go view some of the best properties in Honolulu as they hit the market. You want to keep track of your favorites and try to see the most desirable real estate first. An agent shouldn’t charge you for their services if you are buying. Your real estate search should be is free — no matter how long it takes you to find your Honolulu dream home.

ALOHA: THE SPIRIT OF OBAMA

As Obama’s wife, Michelle, has said, “You can’t really understand Barack until you understand Hawaii.” (Source: Washington Post)

Whether you are looking for a plate lunch, shave ice, or relaxation, visit Barack Obama’s Hawaii. Talk to an experienced REALTOR on Oahu. Start receiving updated market information and sales statistics.

aloha barack Hawaii obama real estate real estate for sale

Hawaii Foreclosure and Short Sales
Hawaii Homes and Real Estate
- is there a date that we can see the house and when is it open?
  Answer by Frank Diaz, MBA, RA: Aloha Denise, This is most likely a scam. See: http://www.trulia.com/voices/Property_QandA/is_this_price_for_the_whole_bths_unit_or_for_sh-350726 Frank Diaz (RA) MBA, e-PRO, REALTOR® East Oahu Realty 808.791.2277 direct http://hawaiihome.biz/ […]
- intersted in renting your place 3 bedroom moving in march end of march and also was wondering how much is your 2 bedroom
  Answer by Frank Diaz, MBA, RA: Hi Alger, I would be very cautious when trying to rent a place on the Internet. Do NOT send any money until someone you know has seen the place personally. This particular place lists an 866 number, instead of 808, not a good sign. If you want to call this complex directly, try http://www.apartmenthomeliving.com/apartment-finde […]
- was wondering if you still have a two bedroom aprtment avaliable at the end of march i am coming from deploying from afgan
  Answer by Frank Diaz, MBA, RA: Hi Alger, Please specify Area (e.g. neat Schofield, Pearl Harbor, etc.). The place you listed is just a mile or two from Schofield. # of bedrooms Any pets? # of parking needed Have you considered buying a place? http://www.hawaiihome.biz/2011/11/06/2012-military-housing-allowance-bah-rates-for-hawaii/ Frank Diaz (RA) MBA, e-PRO […]
- is this price for the whole 3/2bths unit or $700 for share a bdrm. with other people, Thanks
  Answer by Frank Diaz, MBA, RA: Aloha Frank and Jessie, There are several things wrong here. #1 No Unit # #2 The chances of getting a SF home in Kapolei for less than $1000 are zero #3 The agent has no phone # #4 The "agent" has no contact info I would click on the link at the bottom and flag the listing at PostLets.com http://www.postlets.com/rtpb/ […]
- hello i'm french and i would like to invest in an appartment in honolulu, but i don't know the law about foreign investors. do you have any?
  Answer by Frank Diaz, MBA, RA: Aloha Franck, Here is an article I wrote recently. It will answer some of your questions: http://www.hawaiihome.biz/2012/01/02/international-real-estate-investment-poised-to-double/ Call or email and I can give you more information. Frank Diaz (RA) MBA, e-PRO, REALTOR® East Oahu Realty 808.791.2277 direct […]
- How many days do you have to respond to the bank's counter offer on a short sale in the state of Nevada?
  Answer by Frank Diaz, MBA, RA: Hi Am, Try posting this in Las Vegas, Tucson or Phoenix. […]
- Looking for a reputable residential property manager in the Honolulu area. Any suggestions much appreciated!?
  Answer by Frank Diaz, MBA, RA: Carl Frazier at Cornerstone Bill Ramsey Warren Dote - The Property Managers, Ltd., […]
- What are the legal limits for initial EMD in the State of Hawaii? (min % and max% of purchase price) or are there customary amounts?
  Answer by Frank Diaz, MBA, RA: By EMD do you mean Earnest Money Deposit? […]
- lookng for a 3 bedroom 2 bathroom in hnl, kailua, kaneohe, waialae, waimanalo area. plz help! thank you
  Answer by Frank Diaz, MBA, RA: Aloha, For sale or for rent? Need to know: Single family home, townhome or condo # of parking Price range Do you prefer an older larger home, or newer smaller home Do you prefer a larger lot with a smaller home, or smaller lot? Feel free to call me. Frank Diaz (RA) MBA, e-PRO, REALTOR® East Oahu Realty 808.723.0900 cell 808.791 […]
- What information is contained in a home appraisal report?
  Answer by Frank Diaz, MBA, RA: Ask the appraiser. They will review it with you, since they were paid to do it. […]
- Is it legal for a seller to accept cash and subtract the amount from reported house price?
  Answer by Frank Diaz, MBA, RA: Nico, That's why everything should go through escrow. There are possibly things going on behind the scenes that you don't know about. What if they seller leaves and moves to Mexico or The Bahamas with your money. NOT a good idea. If I did this, I would be fired and possible lose my real estate license. Frank Diaz (RA) […]
- I never had credit and I got no credit history. I won a law suit and want to by a house. I have good income but just got a credit card i pay 1400 rent
  Answer by Frank Diaz, MBA, RA: Aloha Catina, I would talk to your bank and/or credit union and a mortgage lender or broker (I can recommend a few if you like). It's a good idea to talk to 2 or 3 different people to get an opinion on your situation and possible loan terms. It can vary according to state, type of property and even by complex or neighborho […]
- How does "fractional ownership" work? Is it merely sharing a property? Whose name is on the title? Do you actually own part or all?
  Answer by Frank Diaz, MBA, RA: A few references for you: http://www.trulia.com/voices/Home_Buying/What_is_the_pros_and_cons_of_fractional_ownership_-264429 http://www.trulia.com/voices/Property_QandA/whats_this_day_fractional_ownership_do_we_own_the-85571 […]
- How does "fractional ownership" work? Is it merely sharing a property? Whose name is on the title? Do you actually own part or all?
  Answer by Frank Diaz, MBA, RA: Hi Dede, The reason all sites don't have the same info, is because of the fields that can pick up from the original listing and display. Either part of the land is available for use, or all of the land is available for use some of the time. It is shown as fractional on Realtor.com http://www.realtor.com/realestateandhomes- […]
- Will any agent or broker list my property for a 6% commission and split it with other brokers 1% and 5% and keep 1% for themselves?
  Answer by Frank Diaz, MBA, RA: Possible, yes? Likely, no? The amount of work involved with finding a seller, researching the correct price, agreeing on a price, and listing a home is only part of it. Working with agents, buyers, reviewing offers, following up with the agents, escrow companies, etc. is a lot of work. In some cases, if you are buying a home af […]
- I lived in Fern Acres for 10 years and am very familiar with the area. Is this the beginning of anthrium? How many cross streets are we talking?
  Answer by Frank Diaz, MBA, RA: Hi Liz, Here's a link to Kurtistown: http://www.hawaiihome.biz/idx/mls-1110343-16_1593_pulelehua_rd_kurtistown_hi_96760 Scroll down and you can zoom in and out on the map. […]
- How hard is it to purchase a second home (coop or condo) if I plan on renting the first home to a family member?
  Answer by Frank Diaz, MBA, RA: Melou, It sounds like you want to rent out the entire residence to a third party. The third party (family member) is paying most of the mortgage. I don't know if they are on the loan or not. Again, you have to show that the income is documented and talk to a lender. Your bank loan officer or credit union loan officer shoul […]
- How hard is it to purchase a second home (coop or condo) if I plan on renting the first home to a family member?
  Answer by Frank Diaz, MBA, RA: Yes, you can. Check with your lender or mortgage broker on how to document the income, including deposits and the lease itself. Good luck on the new purchase! Frank Diaz (RA) MBA, e-PRO, REALTOR® East Oahu Realty 808.723.0900 cell […]
- We have a property that is supposed to be active - it has not been sold and should not be expired, however, it is showing as such. Please advise.
  Answer by Frank Diaz, MBA, RA: Hi Josh, Send the link and Trulia customer service may be able to assist you. How long has it been listed? Frank […]
- How would I find out which realtor has the most sales and quickest closings in the past 6 months in the Steele Creek Area?
  Answer by Frank Diaz, MBA, RA: I agree with Ron and Dave. Faster and more is not better. Some companies have several people in a team, that crank out a dozen sales a month. It does not necessarily mean better service. Sometimes owners want to try a slightly higher price (against an agent's advice) and the listing takes longer to sell. Or, they just don […]