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"FIRST-TIME HOME BUYER CREDIT First-time home buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their home, up to $8,000, if they made the purchase after Jan. 1, 2009, but before Dec. 1, 2009.
Unlike a similar credit that Congress provided last year, you don’t have to pay this one back over 15 years. The new credit, however, does phase out for individuals with incomes over $75,000 or married couples with incomes over $150,000 who file their taxes jointly. Also, you forfeit the credit if you sell the house within three years."
So, if you don't make too much money and buy a house this year, you get an $8,000 tax credit and don't have to pay it back ever, unless you sell within the first three years. Nice House warming gift
Last edited by Keeper; 04-22-2009 at 02:02 PM..
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More BS, over 75K and they do nothing foy you?
Makes as much sense as the 25 mill ear marked for "science" I read alot of the bill over the weekend, the light you see at the end of the tunnel IS A TRAIN.
"FIRST-TIME HOME BUYER CREDIT First-time home buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their home, up to $8,000, if they made the purchase after Jan. 1, 2009, but before Dec. 1, 2009.
Unlike a similar credit that Congress provided last year, you don’t have to pay this one back over 15 years. The new credit, however, does phase out for individuals with incomes over $75,000 or married couples with incomes over $150,000 who file their taxes jointly. Also, you forfeit the credit if you sell the house within three years."
So, if you don't make too much money and buy a house this year, you get an $8,000 tax credit and don't have to pay it back ever, unless you sell within the first three years. Nice House warming gift
BUYERS WIN!
Basically a complete waste of time to stimulate local housing prices....it hasnt worked at $7,500 (payable back over 10 years)...and it wont work at $8k with strings attached.
This will not move anybody off of the fence. Even the NAR isnt commenting as they know it will do absolutely nothing to solve their sales/pricing plunge........
Buyers Win because this will do little-to- nothing to keep local housing prices from plummeting, AND if you have to buy you get the $8k refundable........
"FIRST-TIME HOME BUYER CREDIT First-time home buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their home, up to $8,000, if they made the purchase after Jan. 1, 2009, but before Dec. 1, 2009.
Unlike a similar credit that Congress provided last year, you don’t have to pay this one back over 15 years. The new credit, however, does phase out for individuals with incomes over $75,000 or married couples with incomes over $150,000 who file their taxes jointly. Also, you forfeit the credit if you sell the house within three years."
So, if you don't make too much money and buy a house this year, you get an $8,000 tax credit and don't have to pay it back ever, unless you sell within the first three years. Nice House warming gift
The income limits are very low for anyone buying a home on Long Island as a first-time buyer with no previous home to sell and use for part of the downpayment. What can you afford if you are single and make under $75K? A studio apartment? What can you afford if you are married and make under $150K? Not much around here. Most LI'ers buying their first home will be shut out of this tax credit anyway.
The income limits are very low for anyone buying a home on Long Island as a first-time buyer with no previous home to sell and use for part of the downpayment. What can you afford if you are single and make under $75K? A studio apartment? What can you afford if you are married and make under $150K? Not much around here. Most LI'ers buying their first home will be shut out of this tax credit anyway.
Precisely why the LI/NYC markets are going to be plummeting rather fast - - faster than anyone can imagine..... Overpriced homes coupled with lack of first-time buyers and unemployment = another season of disaster for LI home sellers and REA's.
we are within those income windows, and plan on (trying) to buy this year. We actually put offers on a couple of houses, but those didn't work out.
I figure by spring the pickings, and hopefully the prices, should be even better.
The problem is that many people who are within the income limits will not qualify for a mortgage. This is one of the problems with Long Island real estate. In other parts of the country where housing prices are much lower you can qualify with a 75,000 income.
we are within those income windows, and plan on (trying) to buy this year. We actually put offers on a couple of houses, but those didn't work out.
I figure by spring the pickings, and hopefully the prices, should be even better.
every little bit helps, that's for sure.
Luke:
Stop! Do you research first! LOL....what on earth makes you think "Prices will be Lower" in the Spring selling season?
Be Careful.......Be very Careful!
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It might mean something in Podunk, Middle America
