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$7,500 Tax Credit is NOW..... FREE MONEY?!?!?!?!?!? Holy Cow!!

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Anonymous
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Re: $7,500 Tax Credit is NOW..... FREE MONEY?!?!?!?!?!? Holy Cow!!

debid, Obama wants a bill on his desk to sign in mid-February.  Congress is never punctual though, so I expect a final bill to be signed at the end of February or the beginning of March.
Message 101 of 329
Anonymous
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Re: $7,500 Tax Credit is NOW..... FREE MONEY?!?!?!?!?!? Holy Cow!!

Hi debid, Smiley Happy

 

All of this becomes officially official when the Prez

signs it into law. Target date is Presidents Day on

Monday, Feb 16th if all goes as planned.

 

CanDo

 

"The right attitude is everything"

Message 102 of 329
Anonymous
Not applicable

Re: $7,500 Tax Credit is NOW..... FREE MONEY?!?!?!?!?!? Holy Cow!!


@Anonymous wrote:

I didn't say i hope they don't get it, I'm all for the credit if you are required to pay it back that is one thing. But if you get $15k and are not required to pay it back and you think it's ok for the rest of america to pay for it then I don't think it should be passed.

I would liked to have gotten the $7500 but missed it by 7 days and that was with having to pay it back.


It's not a credit if you have to pay it back...it's a loan..in which case you had the option to take the loan or not take the loan. This is a credit to encourage home purchases considering the historic foreclosure rate we have in our country right now. Whether you agree or disagree with people having to pay it back, the idea is to stimulate the housing market which we so desperately need. Maybe you missed the boat with regards to being eligible for the tax credit, but I'm sure you won't mind if home values start leveling and even increasing and any foreclosed homes in your neighborhood are purchased/maintained by a proud new homeowner. If people go out and buy as a result of this credit, you'll likely wind up with $15k in your pocket in equity in your home as a result as well.

 

And, it's really not all that "free" I mean atleast people have to actually BUY a house to be eligible. It's really only 10% of the home purchase, not a free $15k for all. So if someone lives in a more modest area and they buy a less expensive home, the credit will be less, etc. If you don't buy, you don't get. So, it's not like it's in vain. It's better then shooting off free checks to everyone's mailbox, which has proven ineffective in the past. 

 

I was/am a single mom and there were many years I missed the earned income credit by a hair. One year I literally made like $55 too much for the YEAR. It sure sucked, as I would have been able to get a mega refund that I could have desperately needed to take care of my son since I got no help from his father and never took a dime from our government via food stamps, welfare, etc. Did it toally suck? Yes, but ...sh*t happens and you have to go with the flow.

 

It does no good to be bitter about it. It's amazing to me how much negativity there is around this (speaking in general here, not to Trons4u), but so many of the same folks don't seem to be half as upset about banks spending their bailout money on frivolous things. Now, THAT really won't help our economy, but this has a chance too...and if you are already a homeowner, it has the possibility of saving your own home's value as well. 

Message Edited by UpUpUp on 02-04-2009 08:32 PM
Message 103 of 329
SanDiegoEngineer
Regular Contributor

Re: $7,500 Tax Credit is NOW..... FREE MONEY?!?!?!?!?!? Holy Cow!!

Bear in mind though that only the Senate version of this bill has the 15K credit in it.  They still need to reconcile the House and Senate bills before sending it to the President to sign.  However, since this has bipartisan support in the Senate, the House should follow suit pretty easily.  Some dates and such might change though.
Message 104 of 329
Anonymous
Not applicable

Re: $7,500 Tax Credit is NOW..... FREE MONEY?!?!?!?!?!? Holy Cow!!

I couldn't agree more, UpUpUp.

 

And don't forget about being able to deduct the mortgage

interest. So it's actually like getting a 2-fer....

 

CanDo

 

"The right attitude is everything"

Message 105 of 329
Anonymous
Not applicable

Re: $7,500 Tax Credit is NOW..... FREE MONEY?!?!?!?!?!? Holy Cow!!

I just want to see this $7,500/$15,000 tax credit have eligibility for use as a down payment.  So far I've seen nothing in these proposals.  Here's hoping.
Message 106 of 329
Anonymous
Not applicable

Re: $7,500 Tax Credit is NOW..... FREE MONEY?!?!?!?!?!? Holy Cow!!


@Anonymous wrote:
I just want to see this $7,500/$15,000 tax credit have eligibility for use as a down payment.  So far I've seen nothing in these proposals.  Here's hoping.

 

 See now that's the one part I personally don't feel is a good idea.  To me that is too close to the 100% financing days that were a big part of the mess we are in now.  
Message 107 of 329
Anonymous
Not applicable

Re: $7,500 Tax Credit is NOW..... FREE MONEY?!?!?!?!?!? Holy Cow!!

If you live in Missouri, you have this option. Not sure if this would affect your credit score/interest rate. Also, "modest servicing fee" is not spelled out in hard numbers in this article.

 

http://suburbanjournals.stltoday.com/articles/2009/02/03/stcharles/news/0204stc-house0.txt

Message 108 of 329
Anonymous
Not applicable

Re: $7,500 Tax Credit is NOW..... FREE MONEY?!?!?!?!?!? Holy Cow!!

Even if it's 3.5% down for FHA I think folks should apply for a mortgage,

get approved for a mortgage and go to closing on a mortgage first.

Then you get the tax credit as a reward for doing your part in helping

to stabilize the economy.

 

If the tax credits are allowed to be used as downpayments, sellers

will start bumping up prices by 7.5-15k and we could end up inflating

home values prematurely...which means we'll be headed right down the

same path where all of this started. So we don't need history to repeat itself.

The present situation is painful enough as it is...

 

CanDo

 

"The right attitude is everything"

Message Edited by CanDoAttitude on 02-04-2009 06:21 PM
Message 109 of 329
john398
Senior Contributor

Re: $7,500 Tax Credit is NOW..... FREE MONEY?!?!?!?!?!? Holy Cow!!

So is there anything that says 5% down in the one that was approved?
Message 110 of 329
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