U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-05-2009, 10:41 AM
 
11 posts, read 32,144 times
Reputation: 13

Advertisements

It is TRUE!!!

I just received word from my mortgage broker that the credit has been increased to $15,000. Obama will sign soon.

It will include anyone who buys a home, not just first-time homeowners.

Unless they change it--I hope not--this is an interest free LOAN from the government that must be repaid yearly.

Instead of giving an additional $7500 to buyers, why doesn't the government provide such a loan for people to refinance at these crazy low interest rates so that they don't foreclose?!
Reply With Quote Quick reply to this message

 
Old 02-05-2009, 10:41 AM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,575,803 times
Reputation: 867
This law replaces the old First Time Home buyer tax credit for $7500.00. The new law is an extension in a sense that it will increase the amount to $15,000.00 and is not a loan. It's a pure credit. This one doesn't change the period of the home purchase. Any one who bought a home between April 08, 2008 to July 1st 2009, will receive 10% of home purchase value or $15,000.00, which ever is less. This law might be extended until the end of 2009.

$15,000 Homebuyer Tax Credit - Senator Isakson: $7,500 or $15,000 Tax Break - Buying a Home, 2009 Economic Stimulus
Reply With Quote Quick reply to this message
 
Old 02-05-2009, 10:44 AM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,575,803 times
Reputation: 867
Quote:
Originally Posted by NatasNJ View Post
Retrodating it defeats the purpose of the bill. It is to encourage new people to buy. You already bought.
Not necessarily. Allowing the $15k [pure] credit to apply to taxpayers buying homes on and after April 8, 2008 would pump money into the economy.
Reply With Quote Quick reply to this message
 
Old 02-05-2009, 10:46 AM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,575,803 times
Reputation: 867
Quote:
Originally Posted by eco-modpod View Post
It is TRUE!!!

I just received word from my mortgage broker that the credit has been increased to $15,000. Obama will sign soon.

It will include anyone who buys a home, not just first-time homeowners.

Unless they change it--I hope not--this is an interest free LOAN from the government that must be repaid yearly.

Instead of giving an additional $7500 to buyers, why doesn't the government provide such a loan for people to refinance at these crazy low interest rates so that they don't foreclose?!
The tax credit would NOT have to be paid back...like the $7,500 credit that is currently in effect.
Reply With Quote Quick reply to this message
 
Old 02-05-2009, 10:47 AM
 
Location: SE Michigan
1,214 posts, read 4,361,587 times
Reputation: 681
So is this a tax credit that you don't have to pay taxes on?

so the amount you actually get will not be "$15,000" but savings that you would have to pay on $15,000.

Is this correct?
Reply With Quote Quick reply to this message
 
Old 02-05-2009, 10:51 AM
 
15,062 posts, read 19,621,616 times
Reputation: 12219
Quote:
Originally Posted by Kootr View Post
Not necessarily. Allowing the $15k [pure] credit to apply to taxpayers buying homes on and after April 8, 2008 would pump money into the economy.
Sounds to me like a tax give away .... but we'll leave that conversation for some other day since I should be getting $14,000
Reply With Quote Quick reply to this message
 
Old 02-05-2009, 10:52 AM
 
Location: Kansas
3,855 posts, read 11,743,203 times
Reputation: 1714
Bought new house Sept 5th! OH MAN THIS COULD BE GOOD!
Reply With Quote Quick reply to this message
 
Old 02-05-2009, 10:52 AM
 
1,340 posts, read 3,309,334 times
Reputation: 449
Quote:
Originally Posted by Kootr View Post
Not necessarily. Allowing the $15k [pure] credit to apply to taxpayers buying homes on and after April 8, 2008 would pump money into the economy.
Big assumption there. My guess most of those people get the check and throw it right into savings or something. Stimulating NOTHING!
Which is what most Americans are doing right now.
Reply With Quote Quick reply to this message
 
Old 02-05-2009, 10:53 AM
 
1,340 posts, read 3,309,334 times
Reputation: 449
Quote:
Originally Posted by drjones96 View Post
Bought new house Sept 5th! OH MAN THIS COULD BE GOOD!
Details seem to suggest it would be from 1/1/2009 - Sept09 or Dec09.
Reply With Quote Quick reply to this message
 
Old 02-05-2009, 10:54 AM
bcm
 
5 posts, read 20,587 times
Reputation: 11
I looked at the form that they presently have up...how do you actually get the money?

Isn't it that somehow I'll have a ~$15000 check for the day of my closing? I don't get what they mean by credit.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 05:09 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top