Otte-Coleman - City Magazine

$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