Buying a home in FTL with the $8K stimulus credit (Fort Lauderdale: low income, rent)

[tricon7]

In case I do get the job in Fort Lauderdale, my wife and I were thinking of getting a home sometime this year and taking advantage of the $8000 stimulus credit available for first-time home buyers. It would take a long time for us to scrape together that much money for a down payment, and we've read it's only good for this year. We're looking at the Weston area, with a commute to work to downtown FTL. Anyone have any input on this?

[Momma_bear]

How much money do you want to spend. I live in Weston and my family really loves it here but it is fairly expensive.

[Nolefan34]

You might wanna look in a less expensive area. Maybe Hollywood or Deerfield Beach. Those are relatively safe areas. Weston is very prissy.

Also, can someone tell me more about the $8000 credit? Is it a TAX credit? Or do you receive it directly towards your down payment? Can somebody tell me how it works?

[rkumar3]

$8000 stimulus money is a tax credit so you will get it in 2009 when you file your taxes. To be eligible you have be a first time home buyer (which mean you haven't had a home in last 3 years... so it is not literally first time home buyer)... here is site which explains the program a little more in detail:

Federal Housing Tax Credit for First-Time Home Buyers: Home (http://www.federalhousingtaxcredit.com/2009/index.html - broken link)

[Nolefan34]

OK by by a tax credit, do you mean you actually get $8000 in your pocket, or is it a deduction. Like to do you get the entire $8000? Or does it just reduce your taxable income by $8000?

[Momma_bear]

The credit is for people who have not owned a principal resdence for the past 3 years.



The tax credit is a reduction of your taxes. It is equal to 10% of the price of the home with a maximum of $8K.


The tax credit is for homes purchased in 2009.


It phases out at $75K/$150K (single/married) of income.

[tricon7]

Originally Posted by Nolefan34

You might wanna look in a less expensive area. Maybe Hollywood or Deerfield Beach. Those are relatively safe areas. Weston is very prissy.

Also, can someone tell me more about the $8000 credit? Is it a TAX credit? Or do you receive it directly towards your down payment? Can somebody tell me how it works?

What do you know about Deerfield Beach? It's less expensive than Weston? What about crime and traffic?

[SierraDog]

Weston is the most expensive choice. There are other 'burbs with good schools (i.e. Cooper City, western Davie, Coral Springs) which are more reasonably priced. Schools are not very good in Deerfield. It is overall a fairly low income/retirement area.

Even with the tax credit, prices are expected to keep falling for a year or so, in South Florida another 30 percent drop is predicted . I would rent and get a better idea of where you want to live, then decide.

[rkumar3]

I would agree with earlier post.. Deerfiled wouldn't me my first choice. Depending on where you commute to work, I would suggest Miramar, Pines, Coral Springs, Coconut Creek and/or Margate. I personally live in Davie since it is much more central.

[vvolin]

Not all Weston is pricey, just as not all Hollywood is cheaper than Weston. If that is the place you would like to live in, go for it. You can find more than a few properties priced within a relatively modest budget.