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They now want a waiver for military folks (probably related to the 5 year residency requirement).
When I saw the credit figure of $7,290, I thought that was kinda 'odd' (why not just round up to $7,300 - it's pixie dust anyways) - evidently it's tied to the FHA mortgage limit of $729,750 for a single family residence in high cost areas.
I got a feeling the execution details will continue to morph....
Here is the latest. They're trying to tack the home buyer credit extension onto a bill to extend unemployment benefits. That way the credit has more of a chance of passing. Still some fighting back and forth.
The credit as most recently reported, has morphed. IF it passes, here's where it's headed for now:
1. Income eligibility for first-time home buyers stays at $75,000 for individuals, and $150,000 for couples.
2. For move-up buyers, income eligibility is $125,000 for individuals and $250,000 for couples.
3. There is a minimum 5 year residency requirement - in their current home - for move-up home buyers.
4. The tax credit is the lesser of $7,290 or 10% of the purchase price.
5. The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow)
So they removed the 1st time buyer (in 3 years) clause? According to the latest attempt?
Looks like a $15,000.oo credit to all high income buyers to take effect in December.
It's about time we got a cookie for support the irresponsible people in this country, and the timing couldn't be better as the "2nd housing-crash" is commencing nationwide.
Once again, the little guy will have to bear the brunt of Obamas' marxist idealism and their grand children will never be free of debt as a result.
'Hillbilly Homsteads' will be the new face of Amercan neighborhoods in every city as property and debt are passed on and extended families adapt to cohabitation as the new American way of life.
BTW; govt. reports the new middle class income is anything up to $200,000 a year....
yeah right, most people I know don't come close to clearing even $60k a year.
Even fraud stimulates the economy.
I figured the perps in charge have proved that over the years.
The guy selling a new deck doesn't know if the recipients played by all the rules. He just knows he can make his truck payment and buy the kids new shoes this month.
The lumberyard doesn't know if they are dropping the deck kit at the home of a crook. They just know they racked up another $2,000 sale, and the guy who wrote it up can tell his wife he picked up a $100 spiff for hitting sales targets this month. And he and wifey will blow it on dinner, and a movie and popcorn.
The nosepicker who scoops the popcorn will spend his minimum wage delightedly downloading that screaming crap that kids call music. (In my day we had GOOD music, not that screaming crap. )
And some webhost will bill another 3 cents for bandwidth. And pump the bottom line.
Stimulated! Via your tax dollars.
So you are saying that it's o.k. to rack up debt on my Kid's back so long as the Realtor down to the nosepicker has a "taste" (pun intended)?? How about we print money and drop it from an airplane. Your story would be identical. What's wrong with that approach?
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Quote:
Originally Posted by MN-Born-n-Raised
So you are saying that it's o.k. to rack up debt on my Kid's back so long as the Realtor down to the nosepicker has a "taste" (pun intended)?? How about we print money and drop it from an airplane. Your story would be identical. What's wrong with that approach?
Stimulated! Via your tax dollars.
I said a lot of things.
I read, edited, reread, and edited and reread my post before I posted.
I would say, categorically, and without fear of cogent contradiction, that NOWHERE did I actually say that anything is "OK."
Last edited by MikeJaquish; 10-28-2009 at 05:55 PM..
Reason: took out some syllables, kindler, gentler, manners, etc... :D
WASHINGTON -Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.
The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.
Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.
The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.
I guess we'll get the full story sometime tomorrow...
The price point in my local market is not conducive to first time home buyers so there is no personal gain on my part.
I can argue both sides of this which probably puts me in the Wishy-Washy camp.
This is not the first time there has been a federal tax credit for first time home buyers.
At the end of the day, I am hard-pressed to distingusih one U.S. government assist from another. The ability to deduct points, interest and property taxes as well as excluding most capital gains from taxation is likely the single greatest tax shelter.
That, and it's hard to get upset about a $20 billion or whatever program when the feds spent $1.5 trillion in the last 6 months to drive mortgage rates down. The latter problem is a much higher priority to fix than one that costs a "mere" few tens of billions...
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