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Old 02-05-2009, 10:41 AM
 
11 posts, read 34,823 times
Reputation: 13

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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?!
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Old 02-05-2009, 10:41 AM
 
Location: West, Southwest, East & Northeast
3,463 posts, read 7,289,784 times
Reputation: 871
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
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Old 02-05-2009, 10:44 AM
 
Location: West, Southwest, East & Northeast
3,463 posts, read 7,289,784 times
Reputation: 871
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.
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Old 02-05-2009, 10:46 AM
 
Location: West, Southwest, East & Northeast
3,463 posts, read 7,289,784 times
Reputation: 871
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.
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Old 02-05-2009, 10:47 AM
 
Location: SE Michigan
1,212 posts, read 4,901,438 times
Reputation: 684
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?
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Old 02-05-2009, 10:51 AM
 
18,053 posts, read 25,128,712 times
Reputation: 16760
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
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Old 02-05-2009, 10:52 AM
 
Location: Kansas
3,855 posts, read 13,238,159 times
Reputation: 1734
Bought new house Sept 5th! OH MAN THIS COULD BE GOOD!
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Old 02-05-2009, 10:52 AM
 
1,340 posts, read 3,690,581 times
Reputation: 451
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.
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Old 02-05-2009, 10:53 AM
 
1,340 posts, read 3,690,581 times
Reputation: 451
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.
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Old 02-05-2009, 10:54 AM
bcm
 
5 posts, read 22,081 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.
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