Tax Credit – First Time Buyers

Are you a first time buyer?  … OR… in the eyes of the lending institutions, you could be considered a first time buyer if you have not owned real estate within the past 3 years! 

If you have been considering purchasing a home, AND you are financially capable, then this year would be the time to do it!  Home prices are LOW, interest rates are LOW… and now you could qualify for an $8000 tax credit on top of that. 

With the passing of  Obama’s latest stimulus package for housing, to qualify, you must purchase a home from January 1, 2009 to December 1, 2009. 

At least the $8,000 is a TRUE CREDIT!  If you don’t plan on moving within three years, a tax credit is much more valuable than a deduction. A credit reduces dollar for dollar the amount of tax you owe.  A deduction on the other hand, only reduces the amount of your income that is taxable.

If you are still unclear of how this credit can help you, visit the IRS web site or contact them by phone for more information.

Fair Housing: What it Means for Gays/Lesbians

Fair housing laws exist to protect the rights of individuals and provide them with equal opportunity when it pertains to the sale, purchase, lease, rental, advertising, insurance and financing of real estate. 

The US Civil Rights Act of 1968 declared that a national policy of fair housing be put in place throughout the United States.  As a result, Title VIII of that federal law states that a person seeking housing cannot be discriminated against based upon race, color, religion, sex, national origin, handicap or familial status.

Within the US Civil Rights Act, Sexual Orientation is not considered a protected class.  However, certain states have adopted laws to include this class, specifically, Illinois.  Illinois’s Human Rights Act is equivalent to federal law with the addition of sexual orientation, marital status, military status, age and ancestry.

You have the right to live where you want to live.  If you believe that you may have been discriminated against based upon one of the protected classes, please consult a reputable lawyer in your area that is familiar with Real Estate Law and Fair Housing issues.

Where do I begin?…

Welcome to GayRealEstateIllinois.wordpress.com!  Being my first post here on my new blog, please bear with any initial rusty writing skills. 

As a Real Estate Agent located in the West Suburbs of Chicago, I have found it difficult not only to find other GLB&T’s to hang out socially with, but even more difficult to find others in the business world.

For this reason, I decided to create this site and reach out to the gay/lesbian community in the Chicago West Suburbs.  If it is difficult for me to find other Gay/Lesbian/Gay Friendly colleagues, I assumed it would be the same for the general population as well.

As for my first posting, I went with the theme of “Where do I begin?…”  Where to I begin to start this site (for one), and where do YOU begin to find the Real Estate Professional that you are most comfortable with?

In addition to myself, there are several GLB&T agents that can be found on the top 3 websites for gay real estate:

1.  www.gayrealestate.com
2.  www.gayrealtynet.com and
3.  www.naglrep.com

Through the magic of google, you will find a vast aray of other sites as well.  At least these sites will get you started on your way.  Myself or any of the agents listed on these sites and located in your specific area will be happy to answer any questions you may have.

Best of luck with your search