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

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john398
Senior Contributor

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


@valley_man0505 wrote:
Ok, so now what?  It looks like the $15,000 credit has been "wiped out", but what happened to the original House bill that had $7500 in there that didn't have to be paid back?  Will they revert back to that?  Or, have the gone all the way back to the original $7500 "loan" that was already in existence last year?

 

Its anyone speculation until the bill is presented to be passed, Im sure theres more than a few lobbist on this bill

 

 

The latest is Here

Message Edited by john398 on 02-11-2009 11:23 AM
Message 321 of 329
Anonymous
Not applicable

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

Yannow, while I would be absolutely P*SSED if everything wasn't so transparent, this wiggling back and forth (and letting the American public swing in the wind while they do it) really chaps my patootie!!

I understand that this is a BIG deal and I understand that it **NEEDS** to be discussed and we NEED to know about what's going on ... but there's gotta be a better way than allowing everyone to continually speculate and live in limbo!

Sorry. Rant over. Its just driving me CRAZY!! o_O

And I really didn't have THAT far to go. :/
Message 322 of 329
Anonymous
Not applicable

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

Geez, doesn't Congress know that a compromise between $15,000 for homebuyers and $7,500 for homebuyers should be $14,999....

 

Oh well, I guess $7,500 is better than nothing.  The other $7,500 wasn't going to happen until 2010 for most people anyway.

Message 323 of 329
Anonymous
Not applicable

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

I know cnn isnt always the best source but i dont see any mention of the house credit cut?

 

http://www.cnn.com/2009/POLITICS/02/11/stimulus.plan/index.html

Message 324 of 329
Anonymous
Not applicable

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

Looks like we have a deal.  If anybody finds out what remains of the house credit, please post.

 

 

Message 325 of 329
john398
Senior Contributor

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

Liberman is quoted here

here

likely ... to be cut down to a $7,500 credit

 

But will go back to Jan 1st 2009

Message 326 of 329
ralbusta
Frequent Contributor

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

The question is will it be for homes purchased between Jan and July or Jan and Dec. I'm hoping for the Dec.
Message 327 of 329
SanDiegoEngineer
Regular Contributor

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


@john398 wrote:

Liberman is quoted here

here

likely ... to be cut down to a $7,500 credit

 

But will go back to Jan 1st 2009


 

Looks like the House won this one then.  If that's the case, it will also change so it only applies to first time buyers as well.

 

On the end date, I don't think you have to worry - the initial House bill had an end date of Dec 31'st of this year, so if that's whats making it through the compromise bill (and it appears it is), it won't end in June.

Message 328 of 329
Anonymous
Not applicable

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


@SanDiegoEngineer wrote:

On the end date, I don't think you have to worry - the initial House bill had an end date of Dec 31'st of this year, so if that's whats making it through the compromise bill (and it appears it is), it won't end in June.



I think it would be extraordinarily stupid to limit it to June. They'd be leaving out a large portion (IMHO) of the people that would love to buy a home -- those working on their credit NOW or saving as much as they can NOW.

 

If they change it to June, I think enough people would minimize their DP (so they could do it sooner and take advantage of the credit) that we'd run the risk of more foreclosures down the road. Certainly we'd have less truly qualified buyers -- and what we need is to stimulate the housing market.

 

That might not sound right ... I don't think I'm being very eloquent today. I know what I *mean* but it just ain't coming out right. :/

Message 329 of 329
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