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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?!
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.
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.
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.
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.
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