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I understand if you take a loss the repayment stops. So, if you take a loss when you sell does that also mean you don't have to pay it back? I would assume this is not "free" money.
My point is, we don't need to be handing out $5 BILLION dollars to people so they can as nkosiek said eloquently above, "use some of the money towards making some changes in the house". If you ask 99% of the people who are not first time home buyers, this is bad fiscal policy to give you this money so you can make cosmetic changes AND make money on interest. Point is, w/the amount of oversupply out there, and how we need to get back to loan fundamentals, this is not needed.
A freaking joke.
So hold your nose, hope no one really makes a stink about it, and take the $7500 and run.
In the meantime, during the 15 years from now, there is ALL sorts of scenerios that this can be abused and NOT paid back (contrary to what Wankel says above). If you want me to post the laundry list, I can.
And to all above, you'd be an idiot if you weren't for this. Free money w/interest.
Bad policy for America though.....just another example of a bailout, except for a different segment. Enjoy!
My point is, we don't need to be handing out $5 BILLION dollars to people so they can as nkosiek said eloquently above, "use some of the money towards making some changes in the house". If you ask 99% of the people who are not first time home buyers, this is bad fiscal policy to give you this money so you can make cosmetic changes AND make money on interest. Point is, w/the amount of oversupply out there, and how we need to get back to loan fundamentals, this is not needed.
A freaking joke.
So hold your nose, hope no one really makes a stink about it, and take the $7500 and run.
The mortgage interest deduction costs taxpayers $76 billion, and is one of the most regressive tax policies I can think of.
Why not redirect some of your outrage towards that policy?
The mortgage interest deduction costs taxpayers $76 billion, and is one of the most regressive tax policies I can think of.
Why not redirect some of your outrage towards that policy?
Sure, I agree that the whole deduction should be cut out. It actually doesn't affect as many people as one would think, and it doesn't increase home ownership.
We can debate that, but for now I was just replying to the OP regarding more pork.
I understand if you take a loss the repayment stops. So, if you take a loss when you sell does that also mean you don't have to pay it back? I would assume this is not "free" money.
You do not have to pay it back if there is insufficient profit to cover the $7500. The max it is paid back at is $500 per year. The repayment does not start until 2 years after the credit is claimed. If you are smart with this money, it could be a very nice 0% interest gift. I wish I was a first time homebuyer. There are tons of incentives out there. Good prices, good rates, tax credits.....
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