Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.
Not retroactive.
I understand that the benefits of this stimulas plan are still up in the air, but I am asking this question anyways. Our family signed a purchase agreement on January 27, 2009 with a quick close on Feb. 27. 2009. The home is vacant and believe extending the close to late March would not be a problem. I have my rate locked on Feb, 3 at 30 day lock. Would it be in my best interest to delay closing to end of rate lock to see if congress can get their act together and pass the stimulas plan (Obama signs on as well) to see if 15k tax credit is granted to me? We do not quallify for the 7.5k tax credit.
Thanks
As of now, there is a lot of interest and pent-up demand, with most buyers waiting for the magic potion before acting to buy, which is sensible under the circumstances. If the President and Congress would just think a minute, they would issue a resolution that any incentives passed would be retroactive to January 1, 2009. By doing so, they would encourage people to move forward and do what they are going to do rather than wait. The wait-and-see attitude is costing more jobs every day.
I also believe that we should have both tax credit provisions and let homebuyers choose which is best for their situation. Make the refundable 7500 for all buyers and not-repayable and allow it to be monetzied for closing or choose a 15000 actual tax credit over 2 years.
This would encourage first time buyers, which would also create move-up buyers. The cycle starts when somebody buys something - those someodys needs to start now and Congress is delaying their purchase!
Lender rating
Since January 2009
I think I found the answer to the "sunset" question, I went to Isakson's website and got the PDF of the ammendment, it states under SUNSET OF CURRENT FIRST-TIME HOMEBUYER CREDIT: "subsection (h) of section 36 is amended by striking "July 1, 2009" and inserting "the date of the enactment of the American Recovery and Reinvestment Tax Act of 2009." So the old law will now say that home buyers are eligible for the $7,500 "credit" if they bought a home between April 9, 2008 and the date of the enactment of the American Recovery and Reinvestment Tax Act of 2009, which I think means we will still at least get that no matter when we file our taxes. Someone please verify or correct this if you can.
Okay, the more I think about this the more pissed off I get, I feel like I am being punished for buying a house in 2008. It's simply not fair to make those of us who bought after May 2008 pay back this "credit" when everyone else now gets up to $15,000 free and clear. If anything this makes me want to do nothing but sit back and wait next time knowing that something better will come along. Many of us bought a house in part because of the $7,500 "credit" and now it seems like congress is laughing at us. I am emailing my house congressional rep. and telling him that I want this new credit stricken down unless it is made retro to the date of the old one, and I suggest that all of you who bought a house after May of 2008 do the same. It still has to be approved by the house in order to pass.
Lender rating
Since January 2009
This is not meant to be condensending in any way. But given that this bill is not even formally passed, does anyone posting on this thread have the letters CPA or tax consultant next to there name. If not, I would suggest that we limit any speculation about what may or may not be inlcuded with this bill.
advertisement
Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
... and, it's free and anonymous
Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy
What happens to people who bought a house in May of 08. Is the new tax credit for 15000 retroactive
KimG108
Contributions: 3
View full profile
If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.