Re: $15k tax credit for homebuyers

this is for any home buyer (for primary residence)?

(crossing my fingers that my house sells, so I can buy in 2009)

edited for stupidity...see below

Message edited 2/5/2009 10:40:44 PM.

Re: $15k tax credit for homebuyers

Re: $15k tax credit for homebuyers

hehe - you had to quote me!...I guess a run really does clear your head...I went out for one and all of a sudden I said - boy am I stupid!! and cringed...

I'll blame the DH and kids for distracting me while I was trying to read

Re: $15k tax credit for homebuyers

We still have to wait for this whole Stimulus package to pass through the House of Reps. It still could change like it has been over the last couple of weeks.

I just hope it passes, $15k would be really nice, maybe some renovations for the house we buy.

I do feel bad for people who will just miss out on this offer, but unfortunately they need to set limits to this and some people are gonna miss out. Hopefully it will be good for all the 2009 homebuyers as well as the overall economy.

Re: $15k tax credit for homebuyers

Re: $15k tax credit for homebuyers

Re: $15k tax credit for homebuyers

Re: $15k tax credit for homebuyers

Re: $15k tax credit for homebuyers

Re: $15k tax credit for homebuyers

Re: $15k tax credit for homebuyers

I think that this part of the stimulus passed a voice vote last night but like a PP said, it still has to pass as an entire package.

Does anyone know if the new 15k credit still has the same income limits that the 7500 credit had? I think it was around 150k for a married couple to get the full credit and phased out entirely if you made 170k.

I looked online but could not find anything but a comment from a poster on another blog. They seemed to indicate that there are no longer any income restrictions,but they did not post a source.

I am wondering if it's true....

Message edited 2/5/2009 8:27:20 PM.

Re: $15k tax credit for homebuyers

Posted by Sassyz75

Posted by sometimesmommy

Posted by Sassyz75

Posted by neener1211

Posted by Sassyz75

you need to look at it this way- if you incentivize people to purchase homes- it will start making home prices go up again.. it will once again increase demand- so overall equity for EVERYONE will increase- that is why they are doing it- not to "punish" anyone who bought in 07 or 08- but to get back the VALUE of homes that were purchased in 07 and 08 put have recently fallen.

very true, but doesn't mean that I still wouldn't like to the be the one getting 15k in my pocket with no strings attached. ahhhh, if I had only closed 39 days later.

if people don't start buying soon- you're going to be a lot more upset than missing out on 15k!!!!

Even if people buy its not a guarantee that they will spend the 15k--most people are talking about CDs or other investments, saving etc due to economic fears so I have a feeling there is more tears yet to come even with this "band-aid" fix.

It has nothing to do with people pumping the 15K into the economy- i think it has to do with spurring the demand to get people to buy houses...
the softer the demand for housing, the faster houses prices fall, the faster equity in people who currently own homes fall.

while those that want to stay in their house 30+ years might be insulated from this situation- it is still better for EVERYONE's property values if demand goes up and we stop all the foreclosures/walking away...

In order to get this economy going we need to get people out there buying- and if they are buying homes- then maybe they'll buy other things too- I wouldn't be suprised if people are going to get a 15k break they *might* put it into their house (if not all, then some).

And again- not only will increased demand help everyone's housing value- it will also get people in the depressed industries affected by real estate earning again... home builders, handy mans, home depot, etc.

Also, when equity goes up- people will be able to tap into those HELOCs for life emergencies- which they don't have right now due to falling home values.

Re: $15k tax credit for homebuyers

Lost is this the same as the $7500 one? Have they increased the amount?

Re: $15k tax credit for homebuyers

While I am generally in favor of this idea, I do think (as I said before) that it is short-sighted. It seems that many of these ideas are being flung out, I want to see a real plan that is then moved forward.

I think it's a great idea and yes will help people move towards buying a home and get houses off the market. BUT... there is more that can be done for the people who took on a mortgage in the face of the credit crisis. I was directly impacted by what happened last Fall and it has affected what I am able to do financially now.

So, kudos... but now I want more.

Re: $15k tax credit for homebuyers

Honestly, one of the only reasons that DH and I are buying is because of this tax credit. We were going to wait another year, but it's almost a sin to not buy in this market.

We're going to use the money to pay off credit cards and make a few repairs on the townhome if we get it.

So, see? It's working

Re: $15k tax credit for homebuyers

Posted by VirginiaDeb

Honestly, one of the only reasons that DH and I are buying is because of this tax credit. We were going to wait another year, but it's almost a sin to not buy in this market.

We're going to use the money to pay off credit cards and make a few repairs on the townhome if we get it.

So, see? It's working

Re: $15k tax credit for homebuyers

Posted by ave1024

Posted by VirginiaDeb

Honestly, one of the only reasons that DH and I are buying is because of this tax credit. We were going to wait another year, but it's almost a sin to not buy in this market.

We're going to use the money to pay off credit cards and make a few repairs on the townhome if we get it.

So, see? It's working

Just keep in mind that you are going to need a 15k tax liability from your adjusted gross income in order to get the full 15k credit. When you buy a house you usually end up deducting a bunch of items from closing costs so this brings your tax liability down.

It's not like they are handing you a check for 15k in the mail.

Re: $15k tax credit for homebuyers

Posted by VirginiaDeb

Posted by ave1024

Posted by VirginiaDeb

Honestly, one of the only reasons that DH and I are buying is because of this tax credit. We were going to wait another year, but it's almost a sin to not buy in this market.

We're going to use the money to pay off credit cards and make a few repairs on the townhome if we get it.

So, see? It's working

Just keep in mind that you are going to need a 15k tax liability from your adjusted gross income in order to get the full 15k credit. When you buy a house you usually end up deducting a bunch of items from closing costs so this brings your tax liability down.

It's not like they are handing you a check for 15k in the mail.

Oh, I know, but I know we'll get the credit - we meet the income qualifications, we're first time homebuyers, etc.

We know we'll get something back, and we're going to use it to pay off some credit cards and do a few repairs, as we said. Without that tax credit, we simply wouldn't be buying.

Re: $15k tax credit for homebuyers

Posted by sometimesmommy

Posted by VirginiaDeb

Posted by ave1024

Posted by VirginiaDeb

Honestly, one of the only reasons that DH and I are buying is because of this tax credit. We were going to wait another year, but it's almost a sin to not buy in this market.

We're going to use the money to pay off credit cards and make a few repairs on the townhome if we get it.

So, see? It's working

Just keep in mind that you are going to need a 15k tax liability from your adjusted gross income in order to get the full 15k credit. When you buy a house you usually end up deducting a bunch of items from closing costs so this brings your tax liability down.

It's not like they are handing you a check for 15k in the mail.

Oh, I know, but I know we'll get the credit - we meet the income qualifications, we're first time homebuyers, etc.

We know we'll get something back, and we're going to use it to pay off some credit cards and do a few repairs, as we said. Without that tax credit, we simply wouldn't be buying.

Anyone who has the 5% requirement to put down or more should buy in this market that has a "stable" job, savings, all the good ingredients should jump all over this. Even if it doesnt work long term its a good deal for first timers.

Re: $15k tax credit for homebuyers

i have 2 stupid questions.....

do you qualify if you bought a co-op?

do you qualify if you payed for you co-op in full with no mortgage?

Re: $15k tax credit for homebuyers