I really really hope this goes through! I mean they didn't offer enough time to begin with I think. Most buyers, if they are smart, should build a DP, get credit in order, pay down balances, etc. before purchasing a home. I think minimum folks should start preparing 12 months out.
Starting Score: 615
@Anonymous wrote:
They should increase it to $15k and continue it as it is for first time home buyers only. Expanding it to include everyone will be too expensive.
lol, but doubling it won't? The majority of buyers are first-time homebuyers, anyway. So I think what you're proposing would be much more expensive than offering it to everyone.
I do think they should extend it, though. But I don't think it was ever intended to convince everyone to buy homes, just push people over the edge that were on the fence or waiting for the economy to pick back up, ya know?
@Anonymous wrote:
And if someone "moves up" they are only leaving another home to sell. Unless, of course, they are purchasing investment property or a second home.
That's a good point. I guess that's why it's a first time homebuyer's credit. I didn't read the article, but based on what you're saying, the proposed credit is non-refundable? I mean it all works out the same in the end for the most part, but like in my case, that $15k would take 5-10 years to be used up. I'd rather have it in an account earning interest or using it for some of those expenses that pop up in the first year of owning a home.
That is, of course, assuming that the credit can even be forwarded for that many years. If not, then it's definitely tailored for the wealthy.
Ok, so I read the article and clearly this $15k credit mumbo jumbo is coming from somewhere else. I haven't heard any speculation of a 15k tax credit. What are the details of this?
