A message from our neighbor, Elan McMillin, Wells Fargo Home Mortgage:

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When President Obama signed the Economic Recovery Act this week, he put into law a provision for first-time home buyers. If they buy a home in 2009, they get a tax credit of $8000. That’s not a tax deduction, whereby their amount of taxable income is reduced, it is a tax credit. So if they were expecting to get a refund this year of $500, if they buy a house in 2009, that refund would increase to $8500, if they were supposed to owe $1000, they’d now get back $7000, etc.

Why is this significant to DWNA members? We have a ton of vacant or For Sale homes in DWNA. Most are listed at $100,000 or so. The typical payment on a house of that size is just a little over $800 per month. So a First Time Home Buyer who buys a house in 2009, can get 10 monts of free mortgage payments from the Government!!! Then next year, they’ll be able to deduct the interest that they paid from their taxes. Even though they used the Government’s money to pay it. How amazing is that?

ELAN MCMILLIN
Home Mortgage Consultant
Wells Fargo Home Mortgage
(618) 622-2886 Tel
(888) 989-7770 x 1038 Toll-free
elan.e.mcmillin@wellsfargo.com
www.ElanMcMillin.com