Metro Detroit Professionals Team Up to Help Put $1 Million Back Into Michigan Economy

    ANN ARBOR, MI, August 05, 2009 /24-7PressRelease/ -- In an effort to help the community and area renters, Sean Cragg and Gold Star Mortgage Financial Group have partnered with area real estate professionals to help put $1 million back into the local economy and new homebuyers' pockets.

This goal will be accomplished by providing education and assistance concerning the purchase of a home to at least 125 first-time homebuyers by November 30 of this year.

Two events will be held in August; August 19 at Washtenaw Community College in Ann Arbor and August 20 at The Summit On The Park in Canton. Attendees will have a chance to win an Apple itouch. The seminars are free and open to the public. Advanced registration is required and a free credit report and credit analysis will be provided for registered attendees. Call 866-249-2145 to register.

In February, President Obama signed into law the American Recovery and Reinvestment Act of 2009. One provision of this legislation is the Homebuyer Tax Credit, a reimbursement of up to $8,000 available to first-time homebuyers. While this credit has been embraced by many Americans since its passage, a major stumbling block to its full utilization persists.

Lack of Homebuyer Awareness

According to a survey released by the National Association of Realtors, nearly 50 percent of all homebuyers were unaware that a tax credit of up to $8,000 currently exists for qualifying parties. Of those Americans actively shopping for a home, fewer than one in five knew about the credit and planned to use it when buying a home.

Tax Credit Calculation and Deadline

The tax credit for a given property is based on 10 percent of the property's sale price, with a maximum credit of $8,000. For example, a buyer who purchases a home for $100,000 is eligible for a tax credit of $8,000. A home purchased for $60,000 qualifies for a tax credit of $6,000. The final day to take advantage of the credit is November 30, 2009; all qualifying transactions must close on or before that date.

Qualifying Criteria for Tax Credit

Individuals who have never owned a home as well as those who haven't owned one during the past three years are eligible for this year's Homebuyer Tax Credit. The modified adjusted gross income for a member of either of these groups is limited to $75,000 for single taxpayers and $150,000 per married couple. Individuals whose earnings exceed these amounts may be eligible for a partial credit and should contact their accountants for additional information.

"Michigan consumers have a unique opportunity to help themselves and the local economy by simply taking advantage of what the Federal Government is offering," said Sean Cragg.

For information about these seminars, or the tax credit, contact Sean Cragg at 734-585-7040.

About Gold Star Mortgage Financial

Gold Star Financial is a licensed mortgage brokerage firm licensed in 18 states with their corporate headquarters located in Ann Arbor, MI. Gold Star has satellite offices in Livonia, Utica, Allen Park, Southfield, Iron Mountain, Grand Rapids, Clarkston and a second office in Ann Arbor. Gold Star also has offices in Denver Co., South Lake TX., and Clearwater FL. Sean Cragg is both a mortgage broker and trainer that is recognized locally and nationally as an expert in mortgages and real estate, having been quoted and sourced for stories in aol.com, bankrate.com, abc15.com, Frontdoor.com, remotemg.com, creditscoreshop.com, jigsaw.com, Hometownlife.com "Canton Observer".

Source: Gold Star Mortgage Financial
Website: http://www.goldstarfinancial.com

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