Mortgage Loans

[Lel]

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prioritybubble wrote:

DKJay,

I'm confused.   I thought per the http://federalhousingtaxcredit.com/2009/glance.php   the refund was only 10% of the purchase price.  Did you really get the $8,000 check?  Am I missing something with this tax credit law? 

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$8000 is less than 10% of $127,500.

[SonorityGenius]

Dude, when will you get it?? you just have to purchase a HOME valued AT or ABOVE 80,000 to qualify for 10% of the price which equals $8000 (do this on your calculator: 0.10 x 80,000)

[calichik555]

Actually it's 10% UP TO $8,000. If you buy a house more than $80,000 that's great, but you still only get $8,000.

[prioritybubble]

Ah. I feel stupid.  I better stick with my day job!  Math was never my best field.  lol.  Sorry.  Now I get it.  Looks like they are going to extend the $8,000 credit for next year so that is good news for everyone. Hopefully they raise it to $15,000.  Thanks all.

[dkjay]

We got our check yesterday. It took three days to get here (Pennsylvania) from Texas.

[cympty89]

Got mine today...closed on June 8, didn't mail it out til June 10th...so I guess it fell right in the 8-12 week timeframe. I have to say that I was starting to sweat a little reading the many stories of individuals who closed on homes way back in March or April and still had not received a check. The IRS also gave me $96 in interest.

[Nebula]

so if you haven't bought a house yet and you about to and know that you can qualify for the 8,000 credit, can you claim it before buying the house?

[ladyofnight]

Only people that have actually purchased are eligible, not people that are qualified to purchase.

[bmurrey]

lol Claim it before buying the house. That would be nice.

[WannaHouse]

I HIGHLY recommend anyone filing for this credit now, to just wait and file with your returns. It is such a big MESS! We are one that mailed ours May 7th, received by them May11th...and all we get is...ummmmm, call back in a week! We are over the 16 week time.

I think it will be less complicated if it is all filed together. It also said on a site I was on that an amended return ALWAYS takes longer.

Good luck.