Otte-Coleman - City Magazine

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| HOME SWEET HOME A Great Reason to Buy By Wes Engbrecht There are a lot of reasons to buy your first home. Most of those reasons are very personal to your financial situation. This year, the federal government added 8,000 good reasons to buy that first home–and people took advantage of it. The First-Time Home Buyer Tax Credit is a credit equal to 10 percent of the purchase price of your home, not to exceed $8,000. If you haven’t owned a home in the previous three years, you would qualify as a first-time home buyer for purposes of the credit. Your income must be below 30 thecitymag.com
$150,000 for married couples, and $75,000 for a single taxpayer, in order to take full benefit of the credit. The tax credit is only available until Dec. 1, 2009 unless the government decides to extend the program. According to David Weikum, of eLendingNow, Bismarck, local home buyers have been taking advantage of this new program. “A lot of buyers are mentioning that they are aware of the tax credit, and some have definitely purchased their home this year just because of the $8,000 bump they will get at tax time,” Weikum says. According to Weikum, they have originated about 75 more first-time home buyer mortgages this year than during the same time last year. He added, “With all of the first-time home buyer advantages, it’s possible to close on a home with only $500 to $1,000 in cash.” The result is, more starter homes are being purchased in the area, which keeps the overall housing market more stable. The North Dakota Housing Finance Agency (NDHFA) originates the first-time home buyer loans in the state. NDHFA had reservations for almost 1,100 loans between May and September of this year. This compares to around 750 to 850 loans during those same months in previous years. Homeownership Division Director, Dave Flohr, says, “In spite of the banking and credit crunch, we saw an increase in reservation for first-time home buyer loans. Most of this was attributable to the tax credit.” Note: Because of the time it takes to originate a loan, the current tax credit will most likely expire before any new loans can be completed. At this time, the government is considering a sixmonth extension of the program. To learn more about the benefits available to first time home buyers, and to see if you qualify for these benefits, visit the NDHFA’s website at www.ndhfa.org. To contact Dave Weikum at eLendingNow, visit their website www.elendingnow.com. November 2009 31
Page 1 and 2: NOVEMBER 2009 BISMARCK • MANDAN D
Page 3 and 4: Publisher’s Note Study and Work H
Page 5 and 6: GOOD READS | Still Alice A book rev
Page 7 and 8: “State tourism” CM: has had a l
Page 9 and 10: CM SMARTS | Beginning Conversation:
Page 11 and 12: “Most donors find the process pai
Page 13 and 14: Ingredients 2 pheasant breasts seas
Page 15 and 16: MANDAN ON THE Move | Mandan Offers
Page 17 and 18: homelessness in Bismarck-Mandan.”
Page 19 and 20: FEATURE Captain Freddy's is the new
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Page 33 and 34: B E R M C A S H S P A I D E A L O T
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Page 37 and 38: WEDDING GUIDE | November 2009 37
Page 39 and 40: printable coupons in one location.
Page 41 and 42: Tuesday, November 24: Girls High Sc
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Page 45 and 46: Unlocking Opportunities: This year,
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