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Financial Conversations with Fitz #49 - Housing Tax Credits for 2010 - 01/19/2010

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Well, we are sitting in the fog this morning.   School is late.   This does mean the weather is changing……I will let Allan cover the weather.  Second half of the basketball and wrestling season starts this week.   Lots of meetings coming up in the next month.   I know you will get tired of me mentioning this, but CHECK YOUR GRAIN….Did you see what happened to pile of corn south of us at an elevator.   Made National news.    Looks like pile of coal that is steaming.   Look at your corn weekly.    If you can get to your bin.   They are icy and piles of snow around them.   It is tough to see 3.80 corn turn into a pile of black manure.   Have an interesting meeting coming up on climate and all the economy points of discussion on Feb 1st.   Will talk about that next week.
 
Want to do remind any potential home buyers of the extension of the Home Buyer Tax Credits program EXTENDED until April 30, 2010.   Not sure they will extend this again.   They even added a program for those of you that own a home. With a 10% limit of $8,000 on first time and $6,500 on step up.   We have visited about this last year, but will point out some key aspects.   Limit of income of 125k and $250 for married.  There is a three year period of home ownership.   For the step up amount of $6,500 they must have owned a home for five of the last eight years.   Don’t have to repay the credit if you own the home for at least three years.   The deadline needs some checking into.   If you complete the transaction before April 30 2010.  If you are in the offer phrase by April30, 2010, you need to close by June 30, 2010.   There are several key little points to check into.    Check with your tax preparer, loan officer or your realtor.   There is a web site www.federalhousingtaxcredit.com with the complete list of figures.   I know last year it took about six to eight weeks to get the refund.   It certainly helps with some new things you need to do to every home or put some furniture into your new house.    If you are thinking of doing something about a new home, it is a great opportunity.   I wouldn’t go buy a home just to use it though.   Every lender treats it differently when doing the loan.   Be sure to check with your lender to see how they handle it.

If you have some general questions on how your transaction is handled with us, ask one of our people at TSB in any of our offices. 
Call or stop in to see us if you have any questions in any of our three offices.

Remember that you should deal with people in community banks and organizations.  When you work with them, you know that you will also see them sitting with them at ball games, church or community events.