First Time Homebuyer Tax Credit doubles to 15K

[Freitag]

Apparently the Stimulus package has now grown to include a 15K tax credit (not a loan) for people who buy a new house.

Right now, I'm trying to find more information, but I'm livid because it looks like that even though I bought in October, I don't qualify for either the 15K OR the full-on tax credit.... I'm basically stuck with the 7500 tax "credit" that I have to pay back over 15 years.

Does anyone have more information on this?

[epo]

It pretty much sounds like they are just doubling the previous bill of $7500. Link here. (http://www.prlog.org/10177629-15000-home-buyer-tax-break-us-stimulus.html)

The new tax break would give home buyers a tax credit of 10 percent of the price of a primary residence purchased within a year, up to $15,000 to stabilize housing market and prevent foreclosures.

A first time home buyer is defined as any individual who had no ownership interest in a principal residence during the three years prior to the house purchase. Rental property, vacation home or undeveloped land does not qualify you from claiming this credit.

The credit must be repaid in installments over a 15 year period. Repayment would begin two years after the year in which the credit is claimed.

They haven't said yet if the bill will be retro-fit. I would guess not.

[bentcorner]

This is really stupid. Once again, the government is doing what it can to encourage people to purchase a home that have no business purchasing a home at a time when it's foolish to buy a home.

[~Katja~]

This is really stupid. Once again, the government is doing what it can to encourage people to purchase a home that have no business purchasing a home at a time when it's foolish to buy a home.

nobody buys a home just to get a tax credit and the way financial world is standing right now it is not as easy to get a mortgage in the first place.

[epo]

This is really stupid. Once again, the government is doing what it can to encourage people to purchase a home that have no business purchasing a home at a time when it's foolish to buy a home.

While I don't really care, we as a nation have made a value judgment that those who buy a house, get married and have kids get tax credits.

[Jujubees2]

This is really stupid. Once again, the government is doing what it can to encourage people to purchase a home that have no business purchasing a home at a time when it's foolish to buy a home.

I think the mortgage industry learned a very valuable lesson and it's much more difficult to get approved for a mortgage now. And why is it a bad time to buy a house? If you have a steady job and good credit, now's a great time to buy with low interest rates and a buyers market.

[EliSnow]

nobody buys a home just to get a tax credit and the way financial world is standing right now it is not as easy to get a mortgage in the first place.

Exactly.

BTW, I've started the refinancing of my home. It's going to go down to 4.8% interest from 6%. Closing costs are a little high, but it's well worth it.

[Jujubees2]

While I don't really care, we as a nation have made a value judgment that those who buy a house, get married and have kids get tax credits.

It's because those who get married, buy houses and have kids have a larger impact on the economy than a single person.

[bentcorner]

nobody buys a home just to get a tax credit and the way financial world is standing right now it is not as easy to get a mortgage in the first place.

I never said that anyone buys a home just to get a tax credit, but people buy homes they can't afford for lots and lots of other dumb reasons. Home prices now are still overly inflated.

[bentcorner]

And why is it a bad time to buy a house? If you have a steady job and good credit, now's a great time to buy with low interest rates and a buyers market.[/SIZE]

Because home prices are still overly inflated.

[EliSnow]

Home prices now are still overly inflated.

Where?

In my area, they're not. My house went down in value, 15% after I bought it, and it was a steal to begin with.

Of course, my taxes went up 30%.

[A.J.]

While I don't really care, we as a nation have made a value judgment that those who buy a house, get married and have kids get tax credits.

It's because those who get married, buy houses and have kids have a larger impact on the economy than a single person.

I'll smoke more to help the children.

[bentcorner]

It's because those who get married, buy houses and have kids have a larger impact on the economy than a single person.

If you mean by impact as in a drain than I agree with you.

[Misteriosa]

While I don't really care, we as a nation have made a value judgment that those who buy a house, get married and have kids get tax credits.

^this :down:

i get nothing cuz i do the right thing...

[A.J.]

Because home prices are still overly inflated.

Where?

In my area, they're not. Mine house went down in value, 15% after I bought it, and it was a steal to begin with.

Of course, my taxes went up 30%.

Arlington County in Virginia to be sure.

[bentcorner]

Where?

In my area, they're not. Mine house went down in value, 15% after I bought it, and it was a steal to begin with.

Of course, my taxes went up 30%.

Where? The United States of America.

http://efinancedirectory.com/articles/The_Dangerous_Disconnect_Between_Home_Prices_and_F undamentals.html

http://efinancedirectory.com/cimages/articles/median-income-priced-out.gif

[Aggie]

I guess this is good news for me as we're planning to buy before the end of the year. In Texas it's a great time to buy, I don't know about you east coast/Cali people though.

[A.J.]

In Texas it's a great time to buy

My buddy just bought a place in Allen, TX. The place would be considered a palace in Northern Virginia.

[~Katja~]

Exactly.

BTW, I've started the refinancing of my home. It's going to go down to 4.8% interest from 6%. Closing costs are a little high, but it's well worth it.

I would do the same, to get rid of my PMI and also to reduce my rate but my credit got screwed over the past 5 years so it won't be worth it.
My mortgage has never once been late though but it does not matter much.

[Aggie]

My buddy just bought a place in Allen, TX. The place would be considered a palace in Northern Virginia.

Yep, I can get a 4 or 5 bedroom over 3000 sf for under 300K. It's great! :thumbup:

[~Katja~]

Where? The United States of America.

http://efinancedirectory.com/articles/The_Dangerous_Disconnect_Between_Home_Prices_and_F undamentals.html

http://efinancedirectory.com/cimages/articles/median-income-priced-out.gif

you can see the home price curve stopping/ dropping in 2007. This is 2009. You will be amazed how much houses have gone down in value again and the housing market has stagnated.
People are not buying as much anymore after the first foreclosures hit them in 2007/2008 when they realized that they did not have a fixed rate at all.

[bentcorner]

you can see the home price curve stopping/ dropping in 2007. This is 2009. You will be amazed how much houses have gone down in value again and the housing market has stagnated.
People are not buying as much anymore after the first foreclosures hit them in 2007/2008 when they realized that they did not have a fixed rate at all.

You'll notice that historically, housing bumbles always take as long to go down as they took to go up. The real problem is that wages have remained stagnant, while home prices have skyrocketed. Until the price of a home gets back to having a proportional relationship to wages, home prices will remain inflated. It doesn't matter what gimmicks the mortgage industry or the government cooks up.

[~Katja~]

While I don't really care, we as a nation have made a value judgment that those who buy a house, get married and have kids get tax credits.

the tax credit does not much for someone actually raising children. America actually does very little for parents and children compared to other nations.

One example; Germany (of course) just ran into the issue of Intellectuals not reproducing because they could not afford the time off and reduced pay during that period, yet alone the stop on their career. It had become a phenomenon that mostly unemployed people receiving moneys from the state were reproducing to collect the money the state hands out per child as well as to qualify for the larger housing under new welfare laws. You receive 250 bucks until the kid is 26 (if still in school) and for the first 3 years you used to get up to 900 (DM) which was reduced if you send the child to daycare for a few hours while still being at home.
Daycare is supported by the government and what for most here is a weekly payment covers the whole month there.


If you are a working parent in the US you get pretty much nothing from the state.
A child credit, a earned income credit which most people don't qualify for anyway... it's nothing.

I would get more money from the state if I decided to fall into the welfare system, but I chose not to... I do the right thing because I am able to.

[Recyclerz]

Where? The United States of America.

http://efinancedirectory.com/articles/The_Dangerous_Disconnect_Between_Home_Prices_and_F undamentals.html

http://efinancedirectory.com/cimages/articles/median-income-priced-out.gif

If we took the laissez faire route and let real estate prices find their "natural" bottom we probably would be in the Great Depression II for a long time. The government has to stop (or slow) the slide of home values or the whole house of cards comes apart. That may be the "right" approach if you think "the Market uber alles" but it isn't something I want to live through. :flush:

[bentcorner]

If we took the laissez faire route and let real estate prices find their "natural" bottom we probably would be in the Great Depression II for a long time. The government has to stop (or slow) the slide of home values or the whole house of cards comes apart. That may be the "right" approach if you think "the Market uber alles" but it isn't something I want to live through. :flush:

A house of cards is just that: a house of cards. Nobody is served by keeping homes priced artificially high.

[Freitag]

It pretty much sounds like they are just doubling the previous bill of $7500. Link here. (http://www.prlog.org/10177629-15000-home-buyer-tax-break-us-stimulus.html)



They haven't said yet if the bill will be retro-fit. I would guess not.


That link is horribly written.


The way I read it, it was originally going to go from 7500 interest-free loan, and then 7500 "real" tax credit. Now it's suddenly 15K but you have to pay it back?

[Freitag]

Here it is:



SA 106. Mr. ISAKSON (for himself and Mr. LIEBERMAN) submitted an amendment intended to be proposed to amendment SA 98 proposed by Mr. INOUYE (for himself and Mr. BAUCUS) to the bill H.R. 1, making supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, and State and

[Page: S1442] GPO's PDFlocal fiscal stabilization, for fiscal year ending September 30, 2009, and for other purposes; which was ordered to lie on the table; as follows:

Strike section 1006 of title I of Division B and insert the following:

SEC. 1006. CREDIT FOR CERTAIN HOME PURCHASES.

(a) Allowance of Credit.--Subpart A of part IV of subchapter A of chapter 1 is amended by inserting after section 25D the following new section:

``SEC. 25E. CREDIT FOR CERTAIN HOME PURCHASES.

``(a) Allowance of Credit.--

``(1) IN GENERAL.--In the case of an individual who is a purchaser of a qualified principal residence during the taxable year, there shall be allowed as a credit against the tax imposed by this chapter an amount equal to 10 percent of the purchase price of the residence.

``(2) DOLLAR LIMITATION.--The amount of the credit allowed under paragraph (1) shall not exceed $15,000.

``(3) ALLOCATION OF CREDIT AMOUNT.--At the election of the taxpayer, the amount of the credit allowed under paragraph (1) (after application of paragraph (2)) may be equally divided among the 2 taxable years beginning with the taxable year in which the purchase of the qualified principal residence is made.

``(b) Limitations.--

``(1) DATE OF PURCHASE.--The credit allowed under subsection (a) shall be allowed only with respect to purchases made--

``(A) after December 31, 2008, and

``(B) before January 1, 2010.

``(2) LIMITATION BASED ON AMOUNT OF TAX.--In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for any taxable year shall not exceed the excess of--

``(A) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over

``(B) the sum of the credits allowable under this subpart (other than this section) for the taxable year.

``(3) ONE-TIME ONLY.--

``(A) IN GENERAL.--If a credit is allowed under this section in the case of any individual (and such individual's spouse, if married) with respect to the purchase of any qualified principal residence, no credit shall be allowed under this section in any taxable year with respect to the purchase of any other qualified principal residence by such individual or a spouse of such individual.

``(B) JOINT PURCHASE.--In the case of a purchase of a qualified principal residence by 2 or more unmarried individuals or by 2 married individuals filing separately, no credit shall be allowed under this section if a credit under this section has been allowed to any of such individuals in any taxable year with respect to the purchase of any other qualified principal residence.

``© Qualified Principal Residence.--For purposes of this section, the term `qualified principal residence' means a single-family residence that is purchased to be the principal residence of the purchaser.

``(d) Denial of Double Benefit.--No credit shall be allowed under this section for any purchase for which a credit is allowed under section 36 or section 1400C.

``(e) Special Rules.--

``(1) JOINT PURCHASE.--

``(A) MARRIED INDIVIDUALS FILING SEPARATELY.--In the case of 2 married individuals filing separately, subsection (a) shall be applied to each such individual by substituting `$7,500' for `$15,000' in subsection (a)(1).

``(B) UNMARRIED INDIVIDUALS.--If 2 or more individuals who are not married purchase a qualified principal residence, the amount of the credit allowed under subsection (a) shall be allocated among such individuals in such manner as the Secretary may prescribe, except that the total amount of the credits allowed to all such individuals shall not exceed $15,000.

``(2) PURCHASE.--In defining the purchase of a qualified principal residence, rules similar to the rules of paragraphs (2) and (3) of section 1400C(e) (as in effect on the date of the enactment of this section) shall apply.

``(3) REPORTING REQUIREMENT.--Rules similar to the rules of section 1400C(f) (as so in effect) shall apply.

``(f) Recapture of Credit in the Case of Certain Dispositions.--

``(1) IN GENERAL.--In the event that a taxpayer--

``(A) disposes of the principal residence with respect to which a credit was allowed under subsection (a), or

``(B) fails to occupy such residence as the taxpayer's principal residence,


at any time within 24 months after the date on which the taxpayer purchased such residence, then the tax imposed by this chapter for the taxable year during which such disposition occurred or in which the taxpayer failed to occupy the residence as a principal residence shall be increased by the amount of such credit.

``(2) EXCEPTIONS.--

``(A) DEATH OF TAXPAYER.--Paragraph (1) shall not apply to any taxable year ending after the date of the taxpayer's death.

``(B) INVOLUNTARY CONVERSION.--Paragraph (1) shall not apply in the case of a residence which is compulsorily or involuntarily converted (within the meaning of section 1033(a)) if the taxpayer acquires a new principal residence within the 2-year period beginning on the date of the disposition or cessation referred to in such paragraph. Paragraph (1) shall apply to such new principal residence during the remainder of the 24-month period described in such paragraph as if such new principal residence were the converted residence.

``© TRANSFERS BETWEEN SPOUSES OR INCIDENT TO DIVORCE.--In the case of a transfer of a residence to which section 1041(a) applies--

``(i) paragraph (1) shall not apply to such transfer, and

``(ii) in the case of taxable years ending after such transfer, paragraph (1) shall apply to the transferee in the same manner as if such transferee were the transferor (and shall not apply to the transferor).

``(D) RELOCATION OF MEMBERS OF THE ARMED FORCES.--Paragraph (1) shall not apply in the case of a member of the Armed Forces of the United States on active duty who moves pursuant to a military order and incident to a permanent change of station.

``(3) JOINT RETURNS.--In the case of a credit allowed under subsection (a) with respect to a joint return, half of such credit shall be treated as having been allowed to each individual filing such return for purposes of this subsection.

``(4) RETURN REQUIREMENT.--If the tax imposed by this chapter for the taxable year is increased under this subsection, the taxpayer shall, notwithstanding section 6012, be required to file a return with respect to the taxes imposed under this subtitle.

``(g) Basis Adjustment.--For purposes of this subtitle, if a credit is allowed under this section with respect to the purchase of any residence, the basis of such residence shall be reduced by the amount of the credit so allowed.

``(h) Election to Treat Purchase in Prior Year.--In the case of a purchase of a principal residence during the period described in subsection (b)(1), a taxpayer may elect to treat such purchase as made on December 31, 2008, for purposes of this section.''.

(b) Clerical Amendment.--The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 25D the following new item:


``Sec..25E..Credit for certain home purchases.''.


© Sunset of Current First-Time Homebuyer Credit.--

(1) IN GENERAL.--Subsection (h) of section 36 is amended by striking ``July 1, 2009'' and inserting ``the date of the enactment of the American Recovery and Reinvestment Tax Act of 2009''.

(2) ELECTION TO TREAT PURCHASE IN PRIOR YEAR.--Subsection (g) of section 36 is amended by striking ``July 1, 2009'' and inserting ``the date of the enactment of the American Recovery and Reinvestment Tax Act of 2009''.

(d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2008.



On page 431, between lines 8 and 9, insert the following:

SEC. 1607. FHA LOAN LIMITS FOR 2009.

(a) Loan Limit Floor Based on 2008 Levels.--For mortgages for which the mortgagee issues credit approval for the borrower during calendar year 2009, if the dollar amount limitation on the principal obligation of a mortgage determined under section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)) for any size residence for any area is less than such dollar amount limitation that was in effect for such size residence for such area for 2008 pursuant to section 202 of the Economic Stimulus Act of 2008 (Public Law 110-185; 122 Stat. 620), notwithstanding any other provision of law, the maximum dollar amount limitation on the principal obligation of a mortgage for such size residence for such area for purposes of such section 203(b)(2) shall be considered (except for purposes of section 255(g) of such Act (12 U.S.C. 1715z-20(g))) to be such dollar amount limitation in effect for such size residence for such area for 2008.

(b) Discretionary Authority for Sub-Areas.--Notwithstanding any other provision of law, if the Secretary of Housing and Urban Development determines, for any geographic area that is smaller than an area for which dollar amount limitations on the principal obligation of a mortgage are determined under section 203(b)(2) of the National Housing Act, that a higher such maximum dollar amount limitation is warranted for any particular size or sizes of residences in such sub-area by higher median home prices in such sub-area, the Secretary may, for mortgages for which the mortgagee issues credit approval for the borrower during calendar year 2009, increase the maximum dollar amount limitation for such size or sizes of residences for such sub-area that is otherwise in effect (including pursuant to subsection (a) of this section), but in no case to an amount that exceeds the amount specified in section 202(a)(2) of the Economic Stimulus Act of 2008.

SEC. 1608. GSE CONFORMING LOAN LIMITS FOR 2009.

(a) Loan Limit Floor Based on 2008 Levels.--For mortgages originated during calendar year 2009, if the limitation on the maximum original principal obligation of a mortgage that may purchased by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation determined under section 302(b)(2) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1717(b)(2)) or section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1754(a)(2)), respectively, for any size residence for any area is less than such maximum original principal obligation limitation that was in effect for such size residence for such area for 2008 pursuant to section 201 of the Economic Stimulus Act of 2008 (Public Law 110-185; 122 Stat. 619), notwithstanding any other provision of law, the limitation on the maximum original principal obligation of a mortgage for such Association and Corporation for such size residence for such area shall be such maximum limitation in effect for such size residence for such area for 2008.

(b) Discretionary Authority for Sub-Areas.--Notwithstanding any other provision of law, if the Director of the Federal Housing Finance Agency determines, for any geographic area that is smaller than an area for which limitations on the maximum original principal obligation of a mortgage are determined for the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, that a higher such maximum original principal obligation limitation is warranted for any particular size or sizes of residences in such sub-area by higher median home prices in such sub-area, the Director may, for mortgages originated during 2009, increase the maximum original principal obligation limitation for such size or sizes of residences for such sub-area that is otherwise in effect (including pursuant to subsection (a) of this section) for such Association and Corporation, but in no case to an amount that exceeds the amount specified in the matter following the comma in section 201(a)(1)(B) of the Economic Stimulus Act of 2008.

SEC. 1609. FHA REVERSE MORTGAGE LOAN LIMITS FOR 2009.

For mortgages for which the mortgagee issues credit approval for the borrower during calendar year 2009, the second sentence of section 255(g) of the National Housing Act (12 U.S.C. 1715z-20(g)) shall be considered to require that in no case may the benefits of insurance under such section 255 exceed 150 percent of the maximum dollar amount in effect under the sixth sentence of section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)).



As per a poster on another board,

The $15K credit will only apply to folks who buy (or have bought) a home between December 31, 2008, and January 1, 2010. Everyone who bought before December 31, 2008 is only eligable for the $7500 credit. What's not yet clear to me is whether or not the $7500 must be paid back as the current law is written. The Isakson amendment states that the $15K DOES NOT have to be paid back.

[Ritalin]

My buddy just bought a place in Allen, TX. The place would be considered a palace in Northern Virginia.

Yeah, but then you live in Allen, TX.

My brother lives in Allen, so I know what I'm talking about.

[Freitag]

The PR release from Isakson's office. (http://isakson.senate.gov/press/2009/020409housing.htm)

Apparently, this is for ALL home buyers. Not just first-time.

[DOHO@HOME]

The PR release from Isakson's office. (http://isakson.senate.gov/press/2009/020409housing.htm)

Apparently, this is for ALL home buyers. Not just first-time.

Wait what:ohmy: What about us assholes that purchased our house a few years ago?
No fuckin brake for us:furious:

[epo]

Wait what:ohmy: What about us assholes that purchased our house a few years ago?
No fuckin brake for us:furious:

Seriously.....sometimes life sucks. Get over it.

[Jujubees2]

Wait what:ohmy: What about us assholes that purchased our house a few years ago?
No fuckin brake for us:furious:

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[WRESTLINGFAN]

You can still get a mortgage. I closed in December, However your credit needs to be at least a 720, you are going to have to prove all your income and assets. The free money to anyone with a heartbeat days are over. A lot of those exotic mortgages like Interest only and ARMs are history

This is how it should have been done, maybe this disaster wouldnt have happened or might not have been this bad

[Freitag]

You have no idea how this infuriates me.

Check this out:

I bought in October. Topless Mike bought in January.

I get a tax credit of 7500 that I have to pay back.

Mike gets a tax credit of 15000 that he doesn't have to pay back.

HOW IN HELL IS THAT FAIR?

[~Katja~]

You have no idea how this infuriates me.

Check this out:

I bought in October. Topless Mike bought in January.

I get a tax credit of 7500 that I have to pay back.

Mike gets a tax credit of 15000 that he doesn't have to pay back.

HOW IN HELL IS THAT FAIR?

you should not let this infuriate you. IT is not like you ever expected that credit when you closed on your house in October and it is not money that you were entitled to at the time.
Getting upset about it does NOTHING for you.
Don't see it as money lost. You lost nothing.

[IMSlacker]

You have no idea how this infuriates me.

Check this out:

I bought in October. Topless Mike bought in January.

I get a tax credit of 7500 that I have to pay back.

Mike gets a tax credit of 15000 that he doesn't have to pay back.

HOW IN HELL IS THAT FAIR?

Just sell your house and buy another one.

[topless_mike]

Apparently the Stimulus package has now grown to include a 15K tax credit (not a loan) for people who buy a new house.

Right now, I'm trying to find more information, but I'm livid because it looks like that even though I bought in October, I don't qualify for either the 15K OR the full-on tax credit.... I'm basically stuck with the 7500 tax "credit" that I have to pay back over 15 years.

Does anyone have more information on this?


pay back over time?
fuck it.. they can keep it to begin with.

[topless_mike]

You have no idea how this infuriates me.

Check this out:

I bought in October. Topless Mike bought in January.

I get a tax credit of 7500 that I have to pay back.

Mike gets a tax credit of 15000 that he doesn't have to pay back.

HOW IN HELL IS THAT FAIR?

sorry... im slow.
disregard my last post.

if i wasnt doin the dam thing on 1 income i'd split the $ with ya.

[~Katja~]

sorry... im slow.
disregard my last post.

if i wasnt doin the dam thing on 1 income i'd split the $ with ya.

why would you, he does not qualify for it.

Let's say you both have a house at the same value. You sell yours today and he sells his 4 months down the road.
For some unforeseen reason the housing market goes up and he sells his for 30k more that you sold yours. Do you think he would split it?
Would you be furious that he gets more?

It's the markets and buying a house is an investment, sometimes you have gains, sometimes take a loss.

getting upset over something you not only did not earn nor expect when you originally bought it does no good to you.
It gives ya an early heart attack and it still does not change the fact.

[Freitag]

you should not let this infuriate you. IT is not like you ever expected that credit when you closed on your house in October and it is not money that you were entitled to at the time.
Getting upset about it does NOTHING for you.
Don't see it as money lost. You lost nothing.

I did expect the credit when I closed on my house. It was one of the reasons I used "creative financing" with my own money.

What I'm saying is, everyone who should have qualified for the Bush version of the credit should qualify for the Obama version.

It's not money lost. It's money that I could have used to help Liz get out of her job.

[topless_mike]

why would you, he does not qualify for it.

Let's say you both have a house at the same value. You sell yours today and he sells his 4 months down the road.
For some unforeseen reason the housing market goes up and he sells his for 30k more that you sold yours. Do you think he would split it?
Would you be furious that he gets more?

It's the markets and buying a house is an investment, sometimes you have gains, sometimes take a loss.

getting upset over something you not only did not earn nor expect when you originally bought it does no good to you.
It gives ya an early heart attack and it still does not change the fact.

i was trying to be nice....

[~Katja~]

i was trying to be nice....

2008 Matty wouldn't be...

[~Katja~]

I did expect the credit when I closed on my house. It was one of the reasons I used "creative financing" with my own money.

What I'm saying is, everyone who should have qualified for the Bush version of the credit should qualify for the Obama version.

It's not money lost. It's money that I could have used to help Liz get out of her job.

I don't understand that logic at all.
I mean should I still qualify for this too 5 years later?
It's a new fiscal year, not a matter of presidents in office

[topless_mike]

2008 Matty wouldn't be...

i thought he turned the corner and was not looking at 2008 matty anymore.

i thought 2008 matty: dead to him.

[Freitag]

I don't understand that logic at all.
I mean should I still qualify for this too 5 years later?
It's a new fiscal year, not a matter of presidents in office

The original version of the tax credit lasted into July 2009, well into Obama's presidency and a new fiscal year.

What I'm saying is, they should revise it to include everyone who qualified for the original tax credit.

[angrymissy]

The plan is not finalized yet, but they are saying it will be 1 year retroactive to whenever the bill is passed, so if it passes in Mar 09, it will be retroactive to Mar 08

[Freitag]

The plan is not finalized yet, but they are saying it will be 1 year retroactive to whenever the bill is passed, so if it passes in Mar 09, it will be retroactive to Mar 08

Thanks Missy. I think you just reduced my blood pressure a bit.

[epo]

The original version of the tax credit lasted into July 2009, well into Obama's presidency and a new fiscal year.

What I'm saying is, they should revise it to include everyone who qualified for the original tax credit.

I'm always intrigued by this sort of thinking. If somebody else gets the credit and you don't, is that somehow "unfair"?

[Recyclerz]

I'm always intrigued by this sort of thinking. If somebody else gets the credit and you don't, is that somehow "unfair"?

Hey, I just realized I didn't get any of the last tax rebate!

I'd show you, but I'm too old, I'm too tired, I'm too fuckin' nearsighted. If I were the man I was five years ago, I'd take a FLAMETHROWER to this place!

It's the American way. :innocent:

[rexdart]

when i think of mortgage, i think youre only one payment away from homelessness.

Isnt Obama going to take money away from the middle class (those of you with mortgages) so the poor can buy vienna sausages and Cadillacs?

[SonOfSmeagol]

Hey, I just realized I didn't get any of the last tax rebate!

I'd show you, but I'm too old, I'm too tired, I'm too fuckin' nearsighted. If I were the man I was five years ago, I'd take a FLAMETHROWER to this place!

It's the American way. :innocent:

Hey! You don't get the rebate for living in mom's basement! And if dad would just unlock MY damn basement door, and if I could find my way up the stairs, I'd get out and join you! You're only 46 once, you know!

[9mileskid]

the tax credit does not much for someone actually raising children. America actually does very little for parents and children compared to other nations.

One example; Germany (of course) just ran into the issue of Intellectuals not reproducing because they could not afford the time off and reduced pay during that period, yet alone the stop on their career. It had become a phenomenon that mostly unemployed people receiving moneys from the state were reproducing to collect the money the state hands out per child as well as to qualify for the larger housing under new welfare laws. You receive 250 bucks until the kid is 26 (if still in school) and for the first 3 years you used to get up to 900 (DM) which was reduced if you send the child to daycare for a few hours while still being at home.
Daycare is supported by the government and what for most here is a weekly payment covers the whole month there.


If you are a working parent in the US you get pretty much nothing from the state.
A child credit, a earned income credit which most people don't qualify for anyway... it's nothing.

I would get more money from the state if I decided to fall into the welfare system, but I chose not to... I do the right thing because I am able to.

but obama president nahhhhhhhhhhhhhhhhhhhh!

[epo]

but obama president nahhhhhhhhhhhhhhhhhhhh!

That's quite a deep rhetorical point you've made. :wallbash:

[cougarjake13]

if it indeed is 15k and i dont have to pay it back


could seriously push up my time frame for buying a house

[Freitag]

http://latimesblogs.latimes.com/laland/2009/02/home-buyers-can.html


Oooooooooooh, sorry. No 15K for you.


I feel better now.

[Jujubees2]

http://latimesblogs.latimes.com/laland/2009/02/home-buyers-can.html


Oooooooooooh, sorry. No 15K for you.


I feel better now.

Looks like 2008 Matty is back.

[Serpico1103]

You have no idea how this infuriates me.

Check this out:

I bought in October. Topless Mike bought in January.

I get a tax credit of 7500 that I have to pay back.

Mike gets a tax credit of 15000 that he doesn't have to pay back.

HOW IN HELL IS THAT FAIR?

:clap:

[Freitag]

Looks like 2008 Matty is back.

Sadly, if Isakson got his way, 2009 Matty would have gotten 15,000.

There are advatanges to 2008 Matty.

[Zorro]

I've busted my ass to pay every bill on time...worked hard and sometimes went without that little somethng extra. Now all these fucks that bought more than they could afford, lied on mortgage applications and don't bother to pay their bills are being bailed out.

When did doing the right thing become so wrong?

[topless_mike]

thats ok.
im not concerned about a tax credit.
i can afford my home.

besides.. let the prices of homes hit rock bottom. that will cause a rash of buyers which starts bidding wars which brings home values up.

wait... im not the only who's realized this, am i ?

[JPMNICK]

thats ok.
im not concerned about a tax credit.
i can afford my home.

besides.. let the prices of homes hit rock bottom. that will cause a rash of buyers which starts bidding wars which brings home values up.

wait... im not the only who's realized this, am i ?

no it won't. low real estate prices will stay low for years. there will not be a bidding war to bring prices back up. Lending has frozen, and forclosures are killing the market. also, home prices were really out of whack with income levels.

[Zorro]

no it won't. low real estate prices will stay low for years. there will not be a bidding war to bring prices back up. Lending has frozen, and forclosures are killing the market. also, home prices were really out of whack with income levels.

Dude needs a history book...