wisconsin community bank: Do they qualify for the Tax Credit? - 01/21/10 03:53 AM

had this unique scenario so I thought I would pass this on:
Does a married couple qualify for any home buyer tax credit in the following situation? Spouse A has lived in and owned the same principal residence for at least five years. Spouse B has lived in and owned the same principal residence for less than five years.In this situation, the couple does not qualify for any home buyer tax credit. Because the couple is married, the law tests the ownership history of both spouses. Spouse A clearly does not qualify for the $8,000 first-time home buyer tax … (2 comments)

wisconsin community bank: WCB Steve Bechtolt Questions and answers on the Home Buyers tax credit - 06/02/09 10:23 AM
I asked  Steve Bechtolt of WCB some Questions that he answered on the Home Buyers tax credit
I have been asked many good questions by Individuals as well as Realtors to help clarify the up too $8,000 First Time Home Buyers Tax Credit. Here is some good information from the IRS Web site.
One main note that I have been asked often:
Purchasing a home from a direct relative does NOT qualify for the tax credit. Relative being defined as
         spouse, parent, grandparent, child or grandchild.  (Step relatives are not considered relatives for this application)
Thank … (0 comments)

wisconsin community bank: Has lending come to a hault? I asked the Bank - 05/06/09 08:30 AM

This is Steve Bechtolt of Wisconsin Community Bank in Monroe, WI. I asked him this question.
Has Mortgage lending really come to a halt? There are many myth’s related to the mortgage industry that have been circulating for the past several months. Some of them are accurate while others seem to come from the best fiction writers known to mankind. The number one thing people need to remember is that they live in the Midwest/Wisconsin. Most news releases refer to the real estate market as “rapidly declining home values”, “record foreclosure rates”, “Bad exotic mortgages” .  Don’t get me wrong, Wisconsin … (1 comments)

wisconsin community bank: This may help Buyers get back out Looking - 02/06/09 04:25 AM
Here is a repost that was sent to me from one of my local bankers. Take a look
This could help get the buyers back out looking and buying.
Last night, the Senate added a significant homebuyer tax credit to the housing stimulus plan.  Here are the key elements of the credit:
 *  The tax credit is for the amount of $15,000 or 10% of the purchase price (whichever is less), with the option to utilize all in one year or spread out over two years.  The credit does not have to be paid back.
 *  The tax credit … (1 comments)

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Scott Larson


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