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I actually think this is pretty good, I don't know how many people are going to bait for 7.5K considering prices are falling, but this at least gives you some cushion.
Listen, it's $7500 and you have to pay $500 back every year for 15 years. But its interest free. Who wouldn't take it? Even if you don't need it you can put it towards the principle of your mortgage and save yourself a TON of interest.
So don't worry about paying it back. It's only $500 a year. No big deal. We bought in November so we are going to take it. I don't need the money but I'm going to hold onto it for a little while with the way this economy is going. Once things pick up I will apply it towards the principle on my mortgage.
But how do you literally GET the money? Also, how soon do you have to apply for it before you can get the money and use it as a down payment? I don't mean to be rude and I know that sounds stupid. But it's a real question.
For instance, let's say my wife and I buy a house this August. It would be our first time. Let's say I want to use the 7k tax credit as a 10% down payment on a 70k home so I can keep the money we have saved up in a CD.
At that point, what actually happens? The actual step by step process if possible ... ... from the point we decide we want to go that route to the point where the money literally reaches our hands to use.
At that point, what actually happens? The actual step by step process if possible ... ... from the point we decide we want to go that route to the point where the money literally reaches our hands to use.
Google is your friend.
I Googled "15,000 first time home buyer tax credit" and found this on the first page:
Quote:
Additionally, it states that the economic stimulus tax credit would go into effect as a credit on the following year's tax return. That means that for someone buying a house in 2009, they would receive the credit on their 2010 tax returns.
Now google "15,000 tax credit," and you will get different information, saying that the proposal is for all buyers (not just FTHB). I don't know who Associated Content is, but they look like a blog network.
If you read the Senator Isakson from Georgia's proposal, it says it is for all buyers. Either way it isn't a law yet.
Either way the method of getting the $$ remains the same, which was the question.
How do you figure?
One method you must be a first time buyer. The other method you must be a buyer.
One method is an interest free loan, the other method is a tax credit.
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... from the point we decide we want to go that route to the point where the money literally reaches our hands to use.
