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Old 06-06-2009, 07:15 PM
 
449 posts, read 1,552,108 times
Reputation: 198

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I know I have. I'd like to have more time to come up with more money for a down payment but am also thinking this is an opportunity that won't be around much longer. It would be a help to get our family into a home though we might have to relocate to find a modest home in our budget. Fortunately I could get a job transfer so no worries about employment considerations.

Downsides?
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Old 06-07-2009, 07:37 AM
 
Location: Elkhart, IN
311 posts, read 853,986 times
Reputation: 268
Quote:
Originally Posted by midwestmom View Post
I know I have. I'd like to have more time to come up with more money for a down payment but am also thinking this is an opportunity that won't be around much longer. It would be a help to get our family into a home though we might have to relocate to find a modest home in our budget. Fortunately I could get a job transfer so no worries about employment considerations.

Downsides?
No downside...how can a FREE $8,000 (up to) be bad??? Yes, I have sold many homes this year so far to first time buyers. I sure wish I had had a program like this when I bought my first home on an FHA loan at 7.25% interest over 30 yrs ago! You have the best of times for a first time buyer...low interest rates (they wont be around forever either), much lower house prices, lots of desperate sellers, it doesnt get much better than that! Find a good agent to work with and get a home bought and closed BEFORE 11/30/09. The program expires 12/1/09. Good luck!
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Old 06-07-2009, 10:52 AM
 
105 posts, read 273,535 times
Reputation: 83
We didn't decide to buy solely because of the tax credit no--we wouldn't take on a debt of hundreds of thousands of dollars because we would get a whopping 8k up front.

But, it just seemed like everything aligned for us at this particular time, and it felt right to buy. Lower housing prices, the opportunity to buy a starter home that we would never have been able to afford at any other time, stable employment, rising cost of rents, some money saved, tax credits, etc., all contributed to us feeling comfortable in purchasing right now.

Good luck to you.
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Old 06-07-2009, 11:18 AM
 
Location: Maine!
470 posts, read 1,720,526 times
Reputation: 320
Quote:
Originally Posted by CocoaGoddess View Post
We didn't decide to buy solely because of the tax credit no--we wouldn't take on a debt of hundreds of thousands of dollars because we would get a whopping 8k up front.

But, it just seemed like everything aligned for us at this particular time, and it felt right to buy. Lower housing prices, the opportunity to buy a starter home that we would never have been able to afford at any other time, stable employment, rising cost of rents, some money saved, tax credits, etc., all contributed to us feeling comfortable in purchasing right now.

Good luck to you.
the same goes in our case.
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Old 06-12-2009, 12:38 PM
 
114 posts, read 786,167 times
Reputation: 67
Definitely made me buy. I purchased in the state of Missouri which is the only state that will loan the money up front. I paid a bit more in interest (6.25%) but I thought it was worth it. Aside from the earnest money, inspection, and appraisal, I put in no money. I just need to repay the down with the tax credit before June 2010 and I can amend this year's taxes and get the whole thing in about 6 weeks. Granted, it was a 2 month process and they asked for EVERYTHING about me back to 2006, it was totally worth it. I closed yesterday
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Old 06-12-2009, 01:02 PM
 
199 posts, read 496,028 times
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No especially with the talk of 15,000 tax credit passing through.
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Old 06-12-2009, 04:49 PM
 
190 posts, read 376,545 times
Reputation: 167
I'm waiting till the credit expires and prices come down again but then I'm not in a hurry to buy.

I think the $8k credit is just making people raise their asking price by the same amount (or not lowering their house to fair market price). The $8,000 is effectively a gift going to the sellers, not the buyers - you won't get that money back when you sell. I'm concerned that the housing market will seize up again next year after the low rates and government credits go away and that will make it hard to sell if you need to move.

Could be wrong, though.
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Old 06-12-2009, 10:55 PM
 
Location: Long Island
9,444 posts, read 20,258,807 times
Reputation: 5159
Quote:
Originally Posted by bissit View Post
Definitely made me buy. I purchased in the state of Missouri which is the only state that will loan the money up front. I paid a bit more in interest (6.25%) but I thought it was worth it. Aside from the earnest money, inspection, and appraisal, I put in no money. I just need to repay the down with the tax credit before June 2010 and I can amend this year's taxes and get the whole thing in about 6 weeks. Granted, it was a 2 month process and they asked for EVERYTHING about me back to 2006, it was totally worth it. I closed yesterday

Congratulations, bissit!
Much happiness in your new home
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Old 06-12-2009, 10:56 PM
 
Location: Long Island
9,444 posts, read 20,258,807 times
Reputation: 5159
Quote:
Originally Posted by lukeb321 View Post
No especially with the talk of 15,000 tax credit passing through.
IMHO this is not happening
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Old 06-12-2009, 11:01 PM
 
Location: Long Island
9,444 posts, read 20,258,807 times
Reputation: 5159
Quote:
Originally Posted by DanInHSV View Post
I'm waiting till the credit expires and prices come down again but then I'm not in a hurry to buy.

I think the $8k credit is just making people raise their asking price by the same amount (or not lowering their house to fair market price). The $8,000 is effectively a gift going to the sellers, not the buyers - you won't get that money back when you sell. I'm concerned that the housing market will seize up again next year after the low rates and government credits go away and that will make it hard to sell if you need to move.

Could be wrong, though.
How is it a gift to the Seller? This is for first time home buyers only; if the buyer doesn't qualify, there is no tax credit.
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