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Financial Conversations with Fitz #14 - New Home Credits for 2009 - 4/14/2009

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It was a good Easter Weekend!!!!  Weather a little cool, but very nice out.  Did a little yard work and was able to walk outside again.   Saw a few producers working up some sandy soils in the area.   The black soils are cold and wet.  Kanawha estimates about 44 degrees….After the Easter weekend I will begin my comments with a little scripture……We hopefully rendered to God what was his this weekend, now we will render to Ceaser what is his on Wednesday….or Uncle Sam in our case.  We are going to visit about sharing some of this money with ‘Ceaser’.

Today we are going to visit briefly about how “First Time Home Buyers’ can get an additional REFUND of $8,000 or 10% of the purchase price of a home purchased in 2009.  Information on the refund can be found at the IRS website.  This website describes the new First-Time Homebuyer Credit,  eligibility, and how to apply for the credit.

To claim the credit, just take actual possession 2009 and fill out IRS form 5405.  I see Craig Johnson was filling out the form last week with a young couple.  It has to be your home.   The most important thing is to get in to see our loan officers to see if you qualify from a credit and income standpoint.  It is still important that we use due diligence in helping people purchase a home.  

What about the ‘refund’???   This is the neatest part…..It is actually a refund.  If your tax return says you should get back $1,000 from your income withholding….This $8,000 could be added to that refund.  I can’t believe the code allows this.  The purpose of the ARRA was to get some of our 4.5 million surplus houses on inventory moving.  The national figures say that houses are down over 20%.  This figure is high for north Iowa.  Houses in our area are selling for less than they did a year ago.  Check with  your local  realtor to compare prices.  This refund along with some other down payment will qualify you for several programs we have available.  You still need the team of a good realtor, attorney, home inspector and of course a trusted loan officer to lead you thru the process.   Call any of our loan officers in one of our three offices.

Remember that you should deal with people in community banks and organizations. That when they put something together for you that they will  be sitting with them at ball games, church or community events.  So, if in doubt give us a call.