A True Field of Dreams - House of the Month

Visual Learner? View the Full Story Starting at 4:21 in the Video Below...

A few months ago, Don & Becky Lansing signed a contract to sell their family farm located in Dyersville, Iowa, which had been in their family since 1906. The farm includes a 2 bedroom house, 6 additional buildings, one hundred and ninety three acres…and a baseball field. But no, this wasn’t just any field, THIS was a “Field of Dreams”.

That’s right, the sprawling eastern Iowa cornfield made famous by the movie starring Kevin Costner has been sold to Mike and Denise Stillman and their company, Go the Distance Baseball LLC, which will develop the site near Dyersville as a baseball and softball complex, including multiple playing fields and an indoor training facility. The purchase price has yet to be made public, but the property was listed for a cool 5.4 million.

The Lansings said earlier this year that they had gotten several inquiries about the site but were committed to finding a buyer that would preserve its legacy. Becky Lansing said in a statement "We worked hard to maintain its wholesome allure, and our success says a lot about our nation's love affair with its national pastime. It truly is a special place."

And the former owners won’t be going far, as they will be living just a few miles away. Don Lansing says he and his wife plan on making regular visits to the site that’s been so special to them all these years, especially in summer when the corn is high. As Don says, “That's when the field is most magical.”

Energy Efficiency Tax Credits for Your Home

Whether it’s buying a new hybrid car or switching out your old light bulbs with the new curly Q ones, there has been a lot of emphasis recently on “going green”. However, a new government initiative may have just upped the ante a bit. If you make energy saving changes to your primary residence, you’re no longer just “going green” but you also could be adding a little “green” to your wallet as well! As a part of the American Recovery and Reinvestment Act signed into law by President Obama in 2009, there are currently some tax credits that property owners can take advantage of by making their homes more energy efficient. These credits could potentially means thousands of dollars back in your pocket, not to mention the lower energy bills.

There are three different tax credits available to current homeowners. The first tax credit applies to purchases of Biomass Stoves, Heating, Ventilating, Air Conditioning (HVAC), Insulation, Roofs (Metal & Asphalt), Water Heaters (non-solar), Windows, and Doors. These upgrades must be made to an existing principal residence (i.e. landlords cannot get tax credits for rental properties they make more energy efficient.) The amount of the credit is 30% of the upgrade cost up to a maximum of $1,500 and it expires on December 31, 2010.

The second tax credit, which expires at the end of 2016, applies to purchases of geothermal heat pumps, small wind turbines (residential) and solar energy systems. Both existing principal residences and second homes qualify for this credit, as well as new construction (rental properties do not qualify). This credit is also 30% of the product cost, however there is NO upper limit like the previous credit.

The third and final tax credit applies to purchases of fuel cells (residential fuel cell and micro-turbine systems) and is once again 30% of the cost, up to $500 per .5 kW of power capacity. Existing homes & new construction qualify; however, they MUST be your principal residence. Rentals and second homes do not apply. This credit also expires on December 31, 2016.

To apply for the tax credit, you will need to file the appropriate form when you complete your tax returns. For products “placed in service” in 2009, you need to file the 2009 IRS Form 5695 and submit it with your 2009 taxes (by April 15, 2010). The residential energy tax credit is claimed on line 52 of the 1040 form. For all products “placed in service” in 2010, you will file the tax credit on your 2010 income taxes. Make sure you save all your receipts and the Manufacturer’s Certification Statement for your records & submit form 5695 along with your taxes. As always, make sure you consult your accountant ahead of time regarding any income tax related matters.

This is just a brief overview of the tax credits available. Each and every tax credit has its own specific set of rules and guidelines, and it’s highly recommended that you do your own research before making any permanent changes to your home. For the full list of products, and more tax credit information, please visit the government website @: http://www.energystar.gov

Big, Big News for 1st Time Homebuyers

HUD recently announced that they would allow 1st time home buyers to use the new $8,000 tax credit as their down payment on FHA mortgages, making the dream of homeownership a reality for many across the United States. Below is an update from a recent news release provided by HUD.

"A U.S. Department of Housing and Urban Development official said Tuesday that HUD would move forward with a plan to let first-time homebuyers use the currently available tax credit of up to $8,000 as collateral for "bridge loans" to cover the down payment on Federal Housing Administration-insured mortgages.

HUD spokesman Brian Sullivan said Phoenix-area lenders misinterpreted the department's withdrawal of an official communication, known as a "Mortgagee Letter," announcing the program last week.

"There was a premature posting of a Mortgagee Letter," Sullivan said to explain the withdrawal, adding that the program's details had not been finalized.

Sullivan would not say when the bridge-loan program would be initiated, or whether it would be substantially different from what originally was announced.

A week earlier, real-estate agents and home builders had issued statements supporting a HUD proposal to let banks, non-profit organizations and local governments offer short-term bridge loans to cover the down payment for first-time buyers eligible for the tax credit.

Jill Hoogendyk, president of HomePoint Mortgage Co.in Phoenix, said Mortgagee Letters are the primary means of communication between HUD and mortgage lenders.

"We get told over and over that nothing is official or should be counted on until we are given a Mortgagee Letter - no matter how much we've heard that HUD is going to do something," Hoogendyk said."