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You may soon be able to use $8,000 tax credit for home down pymt

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LORETTA JAMES, "The James Gang3"

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I can't believe that more home buyers are not taking advantage of the $8000 tax credit.  If the buyer has not owned a home in the past (3) years and they buy a home before December 1, 2009, they can file an amended return and get $8,000.  This does not have to be repaid.
Better yet. the government is about to pass the law that the home buyer will be able to use  the $8,000 for a down payment.
Looking to pass that soon.

Talking about kicking a gift horse!
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May 14 - Houston
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Roberto Ribas, "azrob"

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I can't believe you didn't read the other 10 thread started on here with the same premise...
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May 14
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SoCal BubbleBrain

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I can't believe you did not get the memo!!!
HUD officials withdrew the 8k credit for a DP.
WA WA WAA WAAAAAAAAAA  :--(
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May 14
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Michael Emery, "MikeEmery"

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The HUD giveth and the HUD taketh away.

Link from Boston Globe article.

Boston.com
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May 14
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NTETS, "Caveat Emptor"

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thank god. look the person who is in charge of maintaining the house, paying the mortgage every month and who is generally considered responsible for the home, should have a little vested interest in not losing the home. this was a stupid idea.
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3 Yes

May 15
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Linda Strasberg, "L Strasberg"

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Is there any reason to continue to rent when it is less expensive to own in our market?
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May 15
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BMFPitt

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Is there any reason to continue to rent when it is less expensive to own in our market?

1. Because it'll be even cheaper in a year.
2. Because you might not want to deal with the hassles/expenses involved.
3. Because it's way easier to get out of a lease if you have to move than an underwater mortgage.
4. Because you may be better off with a large cash stockpile than a little equity.
5. Because it'll be even cheaper than that in 2 years.
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1 Yes

May 15
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Roberto Ribas, "azrob"

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bmfpitts, you are wasting energy. Linda apparently either can't read, can't respond, or something...
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May 15
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BMFPitt

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It's not for her, it's for anyone who might be fooled by her.

Also today she seems to be posting some attempt by Nevada to bail out the ocean in response to everything.  I can just imagine her getting pulled over for speeding and her trying to hand the cop a print-out.  "It's all OK now!"
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2 Yes

May 15
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SoCal BubbleBrain

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[content removed by moderator for being a personal insult]
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May 15
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Samantha Mitchell, "SamanthaRealty28"

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With or without a tax credit, there are many advantages to purchasing a home.
1. Property builds equity for future wealth.
2. Tax credits for mortgage interest and property taxes.
3. Stability for you and your family.
4. Freedom to make changes.

When you rent, you are throwing away money.  However, there are reasons to rent and for many there are times in life that you have to rent. 

If you are thinking about buying a home, this is a GREAT TIME! Interest rates are still relatively low and Houston affordability for housing ranks high in Texas.

Call or visit one of my websites to start a search for homes!
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June 08
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sunnyview

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"When you rent, you are throwing away money." This is not true when the market is falling and rents are cheaper than mortgages. In that case, even the tax benefits of ownership do not compensate for the other costs involved. You are right when you say that Houston has been a fairly affordable market, but the numbers I am seeing there make me a little nervous.
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June 08
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SoCal BubbleBrain

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So Sam the used  house lady wrote: 
'1. Property builds equity for future wealth.'


I am sure all those families you sold homes to in the last 5-7 years are all choc full of equity and growing every year. The next Trumps of the world! 


'3. Stability for you and your family.'


Yeah research has shown any family that rents results in kids running away to Compton to sell crack or getting impregnated at age 12 resulting in life time Jerry Springer appearances.


Nice comments EINSTEIN!!!


   

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June 08
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Kathy Hessberger, "KHessberger"

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WHOA....the $8,000 willonly be used in addition to the buyers minimum down paymen required. As in 3.5% for an FHA down payment. It may also be a help in closing cost.We dont want to give a loan to someone that is using their tax credit for their down payment and getting the seller to pay the closing cost. From a professional loan officer
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June 08
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Linda Strasberg, "L Strasberg"

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1st time buyers are able to use their $8K tax credit for deposit per HUD
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June 13
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Linda Strasberg, "L Strasberg"

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1st time home buyers can now talk about another great reason to buy now...attend classes and get help with down payment assistance program.
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June 13
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NTETS, "Caveat Emptor"

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yay? like i said, there is not one good reason you or anyone else can cite that explains a fully grown person's inability to save 10% down payment over five years or so. if you cant come up with 3.5% down ( 10% of one year's income) then you and your priorities should be re-evaluated BEFORE you purchase a home.
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June 13
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Randy_H

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Pathetic.  This is a gimmick.  And like all gimmicks, it's effect will appear positive for a while, until it quits working at which point it will make things even worse.
As said over and over:  the down payment is one of the primary mechanisms that screens the buyer for affordability.  It wasn't even 15 years ago and the standards were such that not only did you have to save your 20% down in cash, but you had to *prove* that money didn't come from anywhere other than your own income.  Not mommy&daddy.  Not the guberment.  Not some prize winning.  You had to demonstrate your ability to (deep breath) _earn_ the money.
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June 13
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sunnyview

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"Earn the money?" You mean in the olden days (1990) people actually had to save for a down down payment!!?? Scandalous! I don't believe a word of it.
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June 13
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mysql

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Everyone who used the $8000 program will regret it if/when the $15,000 program gets passed. I'm surprised at the number of people who aren't aware of it - including brokers and realtors. They tried to get it to pass in Feb, and now it's back in action. No limit on who can use it, you just have to use it for a primary residence. No income cap either.

http://www.zillow.com/blog/mortgage/2009/02/06/1500-tax-credit-on-everyones-minds/
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June 13
 

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