Financial Info

First Time Homebuyer Credit Form 5405

We’re starting to be able to put tangible proof of the Stimulus Package in our hands. As part of the Tax Provisions in the American Recovery and Reinvestment Act of 2009, the First Time Homebuyer Credit has been extended until December 1, 2009, and unlike the credit for a purchase in 2008, the credit for a qualified purchase in 2009 does not have to be paid back, and is a ‘true’ credit. Here is the IRS website with detailed info on the credit, and the actual form 5405. My disclaimer: As always, please contact your Tax Advisor for specific answers to any questions you may have regarding the Credit Form and its use.

See if that Condo is Approved for FHA

Interested in purchasing a condo, but not sure if it is FHA approved? Here is the official HUD website, where you can look it up https://entp.hud.gov/idapp/html/condlook.cfm . Keep in mind, some projects are getting spot approvals, so if the condo you’re interested in is not on the list, you should still check with your lender.