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

[DallasLoanGuy]

http://www.bizjournals.com/dayton/stories/2009/01/26/daily43.html

stay tuned 

Passed the house tonight!!!

Message Edited by DallasLoanGuy on 01-28-2009 09:41 PM

[WannaHouse]

WOO HOO!!! (jumping up and down)

Thanks for posting DLG! 

[DallasLoanGuy]

i havent seen the bill... i dont look at them until they pass,,,,,

might be limited to those wo closed this year.

[WannaHouse]

I haven't bought yet...just preapproved and still looking.

[Watchmann]

It's a beautiful world.  The 95% of homeowners who bought responsibility and have never paid late, much less defaulted, get a sharp stick in the eye and get the bill to fund this nonsense.  And people are jumping up and down saying how great this is.  Excuse me for not sharing in this enthusiasm as we roll down the socialist road.  Then again, I'm just regarded as an old fuddy duddy out of touch with modern economics.

Message Edited by Watchmann on 01-28-2009 10:49 PM

[ShanetheMortgageMan]

Ca-ching... however the House is much less conservative in their ways & voting than the Senate is from past votes on mortgage related bills.

[DallasLoanGuy]

---

@ShanetheMortgageMan wrote:
Ca-ching... however the House is much less conservative in their ways & voting than the Senate is from past votes on mortgage related bills.

---

what? you actually looking at this thru a political lense?

 

[igdycsmG6]

I read the Senate wanted to make it available to all homebuyers.  When I did my taxes I reviewed that and if I have been a first home buyer my refund would of been $14,000 instead of $6500, since I bought a home last year.   I wonder if I can re-submit if the Senate makes the adjustment?  Of course unless its not retro.

[Anonymous]

---

@Watchmann wrote:

It's a beautiful world.  The 95% of homeowners who bought responsibility and have never paid late, much less defaulted, get a sharp stick in the eye and get the bill to fund this nonsense.  And people are jumping up and down saying how great this is.  Excuse me for not sharing in this enthusiasm as we roll down the socialist road.  Then again, I'm just regarded as an old fuddy duddy out of touch with modern economics.

Message Edited by Watchmann on 01-28-2009 10:49 PM

---

I usually agree with you but I don't see eye to eye with you on this one. I think that this will actually make a difference in the declining housing market.  Given that down payment assistance is virtually unavailable, gone are the days that people can get 100% financing and no-doc loans are non-existent, people will have to actually make a decent investment in getting themselves into a home these days. If the house market starts to turn upwards from where it is now this will make a huge impact on the economy. Offering an incentive to buyers in an especially scary market has the potential to be much more effective then sending out stimulus checks that the majority of tax payers won't use to spend/stimulate the economy or giving millions of our tax dollars to banks that turn around and purchase new corporate jets, etc. 

I may not have had as much $$ as you over the years, but I have always been very careful about what I did with it. NEVER overspent, never maxed out credit cards and never asked for a dime from anyone - not parents, the government, etc.  As a single mother in my 20's this was not an easy task.  I've worked darn hard to fight through the damage someone else did to my credit and payed off bills that I never had any attachment to, all the while saving enough for a 20% downpayment for the house I'm just not looking for and still keeping enough in the bank equivalent to approx. 2 years in cash reserves of the house payment I'll have. 

With that said, I believe I also will be amongst the 95% of homeowners you say bought responsibly. I've rented since I was 17-18ish and am in my 30's now, I've never paid late on my rent once. Not ever. Not even into the few days grace period. THIS bill is something I do agree with. Again, much better in my opinion to flinging around free stimulus checks to anyone and everyone....the irresponsible will spend it in 2 seconds on something stupid and probably still have late bills the won't tend to, yet the responsible will likely save it or pay off a current outstanding debt - which will do little for the economy. This bill actually serves a purpose in my opinion and you don't just have to check the mailbox to get it. The one thing I don't agree with is the push to make the tax credit available as your down payment. I know there are exceptions to every rule, but I really feel that if people have to make some type of initial investment in their home, they will likely fight a lot harder to keep it. Many people that walked away from homes were those that had no investment in it in the first place.  They did cause deterimental damage to their credit, but at a time when money is tight I think the green is the first thing people think about - and the consequences later on.  Had some or all of these people been required to put something down to get into their homes, I think less of them would have been sending jingle mail. 

Message Edited by UpUpUp on 01-29-2009 07:44 AM

[Anonymous]

Very well said, UpUpUp!!!

I would just add one comment:

Contrary to popular opinion, your house is

not an investment. Your house is your home.

It's the biggest purchase most of us will ever

make in our lifetimes, but it's not meant to be

a bank ATM or a hot stock that can be traded

like baseball cards. It's where we raise our families

and build memories that last into eternity. I think

a lot of people conveniently moved those values to

the sidelines while they were chasing dollars.

A tax credit should be just that --- a credit.

In its present form, it's nothing more than a 

long-term loan masquerading as a credit.

But if everything works out, it will actually be

something that gives people genuine incentive

to buy a home.

Stabilizing the housing market is the key to turning

around the economy. No one is suggesting that lenders

give away mortgages to applicants just because they

are breathing. Frankly, that's a big reason why we got

into this mess in the first place. But I believe this measure goes

a long way to offering a responsible solution to an incredibly

messy situation.

Once again, well said UpUpUp!!! 

CanDo

"The right attitude is everything"

Message Edited by CanDoAttitude on 01-29-2009 05:09 AM

Message Edited by CanDoAttitude on 01-29-2009 05:11 AM

Message Edited by CanDoAttitude on 01-29-2009 05:18 AM

Message Edited by CanDoAttitude on 01-29-2009 05:20 AM