Idaho Living

A statewide magazine of the highest quality, Explore Idaho encompasses everything exceptional about the state of Idaho: history and legend, hardworking people, dramatic vistas, recreational opportunities and enduring values.

The magazine is designed to appeal to a broad audience of outdoor, recreation and lifestyle enthusiasts. It speaks to everyone – from those who reside and work here to those who simply come for a visit.

Explore Idaho is more than just a list of outdoor activities, it’s about the people themselves who live here, many being descendents of those who settled here over the years in search of a better life – and found it.

The magazine reflects all the values that have long put the Gem State on a path of enduring grace and beauty. The pages personify an ever-growing number of people who regard Idaho as not merely a geographic locale, but also a state of mind and a way of life.

Explore Idaho is a hike in the Sawtooths, a wine tasting in Sunnyslope, a skiing or snowmobiling excursion to resort areas such as Sun Valley, Bogus or Brundage Mountain, or a rafting trip down the breathtaking Payette or Snake rivers.

Along the way, you’ll find out where to dine and where to stay, discover the state’s diverse arts, dining and culture scenes, and – most importantly – meet the people who shape Idaho’s identity.

source:IBR — Explore Idaho

Home Buyer Tax Credit

1. In some cases, you can use it as a down payment or for closing costs. For the most part, home buyers can’t use the tax credit as an automatic down payment, although “tax credit funds can be used for the basic down-payment requirement (3.5 percent) on an FHA-insured loan only when it’s handled through a state housing finance agency (HFA),” says Lemar Wooley, a spokesman for the U.S. Department of Housing and Urban Development.

If the home loan is handled through an FHA lender (and not an HFA), the tax credit can be “used to add to the down payment above the 3.5 percent required amount. It can also be used for closing costs,” says Wooley.

Many state HFAs are running or sponsoring programs that will use a tax credit for a down payment. These programs often place a second lien on the home as collateral to secure the eventual repayment of the tax credit funds. Some HFAs lend directly to home buyers while others work through networks of state-approved lenders. For a list of what state HFAs are doing, go to www.ncsha.org.

2. You don’t get a check at closing. Many homebuyers assume that the $8,000 is given to them at closing. Not true, says Winter Park, Fla.-based accountant David Keeler.

“Taxpayers need to wait until they’ve actually filed their income tax return to receive the tax credit,” says Keeler. “The homebuyer credit reduces one’s tax liability on a dollar-for-dollar basis, and if the credit is more than the tax you owe, the difference is paid to you as a tax refund.”

The IRS says first-time home buyers who purchased a home in 2009 can claim the tax credit on either a 2008 return, due April 15, 2009, or a 2009 return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting a filing extension or by filing an amended return.

3. You don’t always get the full credit. “This is one of the biggest misconceptions out there,” says Maynor Perez, a real estate sales associate with Positive Realty in Doral, Fla. “If you pay $50,000 for a home, you will not get the full $8,000 tax credit.”
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In fact, the top credit for homes bought in 2009 is $8,000 ($4,000 for a married individual filing separately) or 10 percent of the residence’s purchase price — whichever is less. So, for a $50,000 home, the home buyer would receive a $5,000 tax credit. And, if you buy a house for $800,000 or more, you’re not eligible for the tax credit.

The Home Tax Credit

Time is growing short for buyers hoping to land a great deal before some key changes occure.

Later this spring, the federal home buyer tax credit — up to $8,000 for first-time buyers and up to $6500 for move-up buyers — is scheduled to expire.  Buyers must have their new home under contract by April 30th to receive these funds.

Mortgage rates may also bigin to climb soon.  In late 2008, the federal government began a $1.25 trillion campaign to purchase mortgage backed securities, driving borrowing costs lower.  The fed confirmed yesterday this program will expire in March.  Consequently, mortgage rates will rise anywhere from half a point to a full point.

We’ve had these low rates for a year and people think they are where they should be, but they are not.  Rates are artificially low right now due to the fed’s purchasing program.

When rates do move higher when the program expires, shoppers waiting for the absolute bottom of the housing market may regret their procrastination.  A slight increase in interest rates can erode any savings achieved through a low interest rate.

Also, FHA loans will become more expensive this spring.  Currently FHA loans account for more than 40% of all new mortgages being originates.  This spring the up front mortgage insurance premium on FHA loans will go from 1.75% to 2.25% this spring.

Take advantage of these tax credits and make 2010 the year you find your perfect home!

Call Dale Curtis at WaterStone Mortgage 208-484-8993 and tell him Josh Groesbeck of Trust Realty (208-353-7131) sent you-

Idaho Home Sellers and Home Buyers