Bank NewsFirst-Time Home Buyer CreditNew legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:
Extends deadlines for purchasing and closing on a home.
Authorizes the credit for long-time homeowners buying a replacement principal residence.
Raises the income limitations for homeowners claiming the credit.
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.
If you are purchasing, Farmers State Bank may have several great financing options available for you. Please contact a loan officer today for more information.
Farmers State Bank Receives 5 Star Safety Rating
Bauer Financial, an independent company that rates the safety of financial institutions, has given the 5 star rating, the highest rating available, to Farmers State Bank. We are proud of this rating, and it confirms the safety of your money when you bank with us.
Ratings for all U.S.
financial institutions can be found free of charge at www.bauerfinancial.com
FDIC Coverage Increased to $250,000 Per DepositorFDIC insurance coverage on your accounts has been temporarily increased from $100,000 to $250,000 per depositor. This is only a temporary increase, authorized by the FDIC and the US Federal Government under the Emergency Economic Stabilization Act of 2008. The increased coverage expires December 31, 2013. What this means for you is that your money is safe and sound when you deposit your money in an FDIC insured community Bank. If you have questions about your FDIC coverage, please call or stop in to talk to one of our employees.
Click this link to use the FDIC's Insurance calculator to see if all of your funds are insured.
MasterCard SecureCodeNo matter what you're looking for online, Farmers State Bank of Darwin is looking out for you!
Whether you're shopping for an exciting vacation or a vacuum cleaner, now you can enjoy added security with MasterCard SecureCode, a service to enhance your existing Farmers State Bank Shazam MasterCard account.
With your own private code, you'll be protected against unauthorized use of your card at participating merchants. While shopping at a participating online merchant, you'll be asked to choose your own private SecureCode before completing your transactions. Or, to create your own SecureCode now*, follow the simple steps at https://secure.shazam.net/securecode. Once you have created your own SecureCode, you can then use it for future purchases at participating online merchants.
* Feature is only available for customers that have been issued a Farmers State Bank of Darwin Shazam Debit Card. For information regarding the issuance of a debit card, please contact the bank for an applicaion.
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