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anyone know how this would work? I had owned my home for 8 years, just sold it in October 09 and bought a new home out of state. Provided we are within the income limits, would this apply to us, even though it happened before the credit was announced, or is it for 2010 purchases?
PS sorry I meant to say "existing" in the title...
Nothing has been passed into Law yet, so no one knows the exact way it's going to work, if it works. More than likely, it'll be move-up buyers after the Nov 30, original deadline date. You'll just have to keep watching the news, as there might be a vote on Friday, but that doesn't mean there won't be any changes made before actually put into law.
This law has just passed the house and the President will sign Friday. As for the OPs question, as I read it I dont think you qualify. The idea is to stimulate NEW purchases that wouldnt have otherwise occurred (no Im NOT trying to start the arguments as to the merit of this theory please!), as such, homes already closed will not qualify.
NOW, what another thread poster just asked is a very good question - what about those in escrow NOW but scheduled to close BEFORE Nov 1st? If they delay will they now qualify? Dont know....
Of course by delaying closing there could be other costs associated that may not make it worth waiting (loan lock extensions etc...)
I have owned my current home for 30 months, and immediately preceding purchasing this home, owned my previous home for 55 months. So, in total, I have owned A primary residence for more than 60 months. I am selling my current property to my ex-husband and will be removed from the deed/mortgage on or about 1/1/10. Would I qualify for this credit if I purchase a new home and close on it by the April 2010 deadline? Is there a rule that the home that you have owned for 5 years must be ONE SINGLE home? Will I lose out because I previously stimulated the economy (LOL)? I calculated the number of months I owned each home to ensure that it is more than 60 months. Another question - when is the 5 year period running from? What if, as in my case, I sell the current home as of 1/1/10 and dont close on the new home until 4/1/10 - does the 5 years run BACKWARDS from the closing date on the new house? Or is it like, 5 years ownership since 2001 or something (i.e. what if you sold a year ago and have been renting or something?)
It has to be the same primary residence for 5 consecutive years out of the last 8 years from closing on the new home. The law says: "Exception for long-time residents of same principal residence".
Once again I get left out. Thanks guys. Next time I won't buy unless I get a hand out from the government.
Bought first home in 2005 = got nothing
Sold house in March 2009 and bought new home April 2009 = got nothing again
Sure would be nice to get a bone every once in awhile.
Same here...drives me up the wall. I never seem to qualify at the time I need to qualify for anything.
Let me go put my umbrella up because my personal raincloud is back.
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