Zillow Advice: Rent vs. Buy - You may soon be able to use $8,000 tax credit for home down pymt

Everyone who used the $8000 ...

Sat, 13 Jun 2009 20:49:00 GMT

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/

"Earn the money?" You ...

Sat, 13 Jun 2009 16:42:00 GMT

"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.

Pathetic. This is a ...

Sat, 13 Jun 2009 16:16:00 GMT

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.

yay? like i said, there is ...

Sat, 13 Jun 2009 10:15:00 GMT

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.

1st time home buyers can ...

Sat, 13 Jun 2009 09:52:00 GMT

1st time home buyers can now talk about another great reason to buy now...attend classes and get help with down payment assistance program.

1st time buyers are able ...

Sat, 13 Jun 2009 09:50:00 GMT

1st time buyers are able to use their $8K tax credit for deposit per HUD

WHOA....the $8,000 willonly ...

Mon, 08 Jun 2009 23:29:00 GMT

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

So Sam the used house ...

Mon, 08 Jun 2009 23:13:00 GMT

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!!!

"When you rent, you are throwing ...

Mon, 08 Jun 2009 22:49:00 GMT

"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.

With or without a tax credit, ...

Mon, 08 Jun 2009 21:51:00 GMT

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!