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@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
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.
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
Looks like we have a deal. If anybody finds out what remains of the house credit, please post.
Liberman is quoted here
likely ... to be cut down to a $7,500 credit
But will go back to Jan 1st 2009
@john398 wrote:Liberman is quoted 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.
@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. :/