About to pull the trigger on a new home..im nervous and excited (Baytown: inspector, to live) - Houston - Texas (TX) - Page 2 - City-Data Forum

LostInHouston · 03-26-2009, 03:06 PM

What the F!?! You mean I have to repay my $7500 tax credit I get for buying a house last summer, but anyone who buys now gets $500 more and doesn't have to pay it back?!? Son-of-a

RVD26 · 03-26-2009, 03:24 PM

Quote:

Originally Posted by LostInHouston

What the F!?! You mean I have to repay my $7500 tax credit I get for buying a house last summer, but anyone who buys now gets $500 more and doesn't have to pay it back?!? Son-of-a

Yep, that was the plan under GWB.
At least you get 15 years to pay it back interest free.

LostInHouston · 03-26-2009, 03:41 PM

Quote:

Originally Posted by RVD26

Yep, that was the plan under GWB.
At least you get 15 years to pay it back interest free.

I know, I'm half joking. I'm plenty happy with the $7500 interest free loan. With the banks crashing, had I waited until this year, I may not have qualified for a loan... you never know.

DotLib · 03-26-2009, 08:51 PM

my son is buying a home this year too so that he will get the tax credit...heres a couple of Q and A's about the credit...

Q: Who can claim the credit?

A: In general, the IRS says you may be eligible if you bought your main home, located in the U.S., after April 8, 2008, and before Dec. 1, 2009, and if you (and your spouse, if you're married) haven't owned any other main home during the three-year period ending on the date of purchase. That means you might be eligible even if you owned a home for many years before that period.
However, there are numerous other qualifications.

Q: How much is the credit?

A: That depends on when you bought the home and other factors, such as your income and the home's price.
If you bought during the 2008 period and qualify for the credit, the maximum credit is generally $7,500. But it's only half that amount if you're married and filing separately from your spouse. And even though it's called a credit, it's really an interest-free loan. You generally have to repay it over 15 years, without interest, in 15 equal installments, the IRS says. (There are several exceptions to this repayment rule. We warned you this was tricky.)
The rules are more generous if you buy a home during the 2009 period and meet all the qualifications. In that case, the maximum amount generally is $8,000, or half that amount if you're married filing separately. More important, you don't have to repay the credit at all unless that home "ceases to be your main home within the 36-month period beginning on the purchase date," the IRS says.

HookTheBrotherUp · 03-27-2009, 08:40 AM

That 8K "tax credit" comes out of my pocket. Another morph of wealth distribution. Like EasilyAmused said, all of us who've been paying our bills for years get nothing, yet this "credit" that new buyers are getting are actually a break on taxes by the Federal Government. Meanwhile, in order to make sure the government does not loose money, the rest of us have to pay for it in higher taxes. Nothing is free.

ssgmun5000 · 03-27-2009, 01:44 PM

OK maybe I am not about to pull the trigger on this. After doing further research the area is zoned to Aldine which seems to be going downhill pretty fast or if not already there. I need my house to appreciate some since it will be a starter home and plan to stay there anywhere from 4-6 years. Oh well seems like my search will start again.

RVD26 · 03-27-2009, 03:17 PM

Quote:

Originally Posted by ssgmun5000

OK maybe I am not about to pull the trigger on this. After doing further research the area is zoned to Aldine which seems to be going downhill pretty fast or if not already there. I need my house to appreciate some since it will be a starter home and plan to stay there anywhere from 4-6 years. Oh well seems like my search will start again.

Aldine...ewww....yeah I would definitely NOT pull the trigger then.

LostInHouston · 03-27-2009, 04:00 PM

Quote:

Originally Posted by ssgmun5000

OK maybe I am not about to pull the trigger on this. After doing further research the area is zoned to Aldine which seems to be going downhill pretty fast or if not already there. I need my house to appreciate some since it will be a starter home and plan to stay there anywhere from 4-6 years. Oh well seems like my search will start again.

At this point, I wouldn't expect an appreciation on any house in 4-6 years. Even in a decent housing market (when you factor in closing costs, Realtor fees) you usually don't break even on a house in such a short period.

ssgmun5000 · 04-23-2009, 12:31 PM

Ok its time for an update. After several months of research and several failed attempts at getting a home we have finally decided. We and the wife to be decided to build a highland home in Fall Creek. The community really appealed to us and the location is awesome. The builder has been great to work with also. I would defintely recommend this community it to anyone looking for a home.

Txgal33 · 04-23-2009, 03:34 PM

Quote:

Originally Posted by ssgmun5000

Ok its time for an update. After several months of research and several failed attempts at getting a home we have finally decided. We and the wife to be decided to build a highland home in Fall Creek. The community really appealed to us and the location is awesome. The builder has been great to work with also. I would defintely recommend this community it to anyone looking for a home.

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Just FYI, shady areas ALL around Fall Creek. Dump just down Wilson Road with room for expansion as well as a prison somewhere. Don't quote me on it but I read that somewhere in the postings.
Highland is a great builder though so you will at least be happy with that choice and you have golf! Great location if you work downtown.