$8,000 1st Time Tax Credit Question...

[LongIslandCitizen]

Homes are going to keep plummeting. The bublle doesn't burst, it is more like a baloon and is slowly deflating. If you don't have to buy I would advise waiting for another year or two.

[Elke Mariotti]

Originally Posted by thebobs

Thanks Elke.


That bridge loan bothers me. Its another lean (lien??) on the property which I do not want at all. But definitely something to keep in mind when I check with whatever bank I go with and also check with the tax guy that I use.

Actually why bother with the red tape at all. I think I'll just go to Gilligan's Island and relax.

I hear Gilligan's Island only has homes over 1 million

Seriously though, it's not lien on the house... the bridge loan is between the lender and the government and as far as the homebuyer is concerned, it merely takes the place of the tax credit. If you sell within 36 months you still have to repay of course.

[LongIslandCitizen]

Originally Posted by Elke Mariotti

I hear Gilligan's Island only has homes over 1 million

Seriously though, it's not lien on the house... the bridge loan is between the lender and the government and as far as the homebuyer is concerned, it merely takes the place of the tax credit. If you sell within 36 months you still have to repay of course.

I read that the bridge loan was back off of the table.