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Old 03-26-2009, 11:26 AM
 
343 posts, read 942,455 times
Reputation: 167

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This coming summer I will be getting married. For the past few months I have debated on wether we should buy/rent or stay with my parents. We through staying with my parents idea out the door since thats where I live at right now(dont make fun of me). With the low house prices and the 8000 tax credit it finally convinced me. We decided on a community called Stonehedge Three Fountains by Legacy homes. It is just north of the beltway. I am pretty nervous and excited at the same time. Sorry for the little rant but for potential homebuyers there are some deals out there for you.
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Old 03-26-2009, 12:25 PM
 
381 posts, read 1,234,114 times
Reputation: 165
Congrats! It IS and excitting time for you!! I hope you guys are happy!
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Old 03-26-2009, 01:06 PM
 
343 posts, read 942,455 times
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Quote:
Originally Posted by brownybaby View Post
Congrats! It IS and excitting time for you!! I hope you guys are happy!
Thanks brownybaby.
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Old 03-26-2009, 01:16 PM
 
Location: Clear Lake Area
2,075 posts, read 4,446,256 times
Reputation: 1974
Just want to make sure that you understand the first time home buyers tax credit is essentially a 0% interest loan. It's still a great deal... but it does have to be paid back to uncle sam.

Oh, and congrats!
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Old 03-26-2009, 01:27 PM
 
Location: Charleston Sc and Western NC
9,273 posts, read 26,493,997 times
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It would be nice if the homeowners, who keep paying the mortgage and never skipping a beat, got a nice little tax credit as a thank you for living within their means. Just seems to me this first time buyer thing is just opening the door for the same old mess to repeat. (Not focused at the OP, just ranting away here)

I mean if they are just handing out crap willy nilly, we should all stand in line before it all runs out.
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Old 03-26-2009, 01:40 PM
 
343 posts, read 942,455 times
Reputation: 167
Quote:
Originally Posted by LostInHouston View Post
Just want to make sure that you understand the first time home buyers tax credit is essentially a 0% interest loan. It's still a great deal... but it does have to be paid back to uncle sam.

Oh, and congrats!

Really? I thought if you lived within the home for at least 3 years you do not pay it back.
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Old 03-26-2009, 01:52 PM
 
Location: Fulshear
1,326 posts, read 3,451,425 times
Reputation: 1184
Quote:
Originally Posted by LostInHouston View Post
Just want to make sure that you understand the first time home buyers tax credit is essentially a 0% interest loan. It's still a great deal... but it does have to be paid back to uncle sam.

Oh, and congrats!
I don't believe it has to be paid back.
You're thinking of the old tax credit of $7500 under GWB that had to be paid back within 15 years.
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Old 03-26-2009, 01:53 PM
 
1,045 posts, read 2,154,124 times
Reputation: 909
Quote:
Originally Posted by EasilyAmused View Post
It would be nice if the homeowners, who keep paying the mortgage and never skipping a beat, got a nice little tax credit as a thank you for living within their means. Just seems to me this first time buyer thing is just opening the door for the same old mess to repeat. (Not focused at the OP, just ranting away here)

I mean if they are just handing out crap willy nilly, we should all stand in line before it all runs out.
Well, they are more strict on whom they give loans out to now.

An no, it doesn't have to be paid back if you own the house for 3 years.
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Old 03-26-2009, 01:54 PM
 
Location: Houston, Texas
106 posts, read 376,190 times
Reputation: 31
The $8,000 tax credit doesn't have to be repaid if you own the house 3 years.
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Old 03-26-2009, 02:00 PM
 
Location: Houston, Texas
106 posts, read 376,190 times
Reputation: 31
Quote:
Originally Posted by EasilyAmused View Post
It would be nice if the homeowners, who keep paying the mortgage and never skipping a beat, got a nice little tax credit as a thank you for living within their means. Just seems to me this first time buyer thing is just opening the door for the same old mess to repeat. (Not focused at the OP, just ranting away here)

I mean if they are just handing out crap willy nilly, we should all stand in line before it all runs out.


Who says that first time homebuyers won't live within their means? It isn't opening the door to the same old mess. It's trying to give people an incentive to get off the fence and purchase their first home. And, this won't be the same old mess because these people have to have the worthy credit to get a loan.
Just another way to get people to purchase and get the housing market going again.
Rant away if you must, but consider more thoroughly what you're saying.
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