Barbara,
Agent, Butler County, PA
Maybe this will help. Approved and on the books is a $7,500 tax credit that will be paid back. If you took advantage of that...then your done. Approved by the Senate but not approved by the house is a stimulus proposal to take it to $15,000 and not have to pay it back. Not approved...but in the house.
It's something like the price of gas....do you fill up today or wait and see if it drops tomorrow? And because you filled up yesterday at $1.98 a gallon and it dropped to $1.59 today...don't think you can pull in and ask for the difference.
Laws and tax credits change...our world is constantly changing. The good news is...the human being is the most adaptable creature on the planet! :)
It's something like the price of gas....do you fill up today or wait and see if it drops tomorrow? And because you filled up yesterday at $1.98 a gallon and it dropped to $1.59 today...don't think you can pull in and ask for the difference.
Laws and tax credits change...our world is constantly changing. The good news is...the human being is the most adaptable creature on the planet! :)
Arn Cenedella,
Agent, Menlo Park, CA
Shawn
you are right Congress should make tax retroactive to the first of 2009.
to be totally fair, thye should roll this back to the passage of the $7,500 credit and make it ALL a credit and not just a no interest loan.
logically, why should a buyer who closed Dec 31, 2008 be different than a buyer who closed Jan 4, 2009?
pls be aware that the income limits in high costs areas effectively eliminate the credit for many buyers.
Arn
you are right Congress should make tax retroactive to the first of 2009.
to be totally fair, thye should roll this back to the passage of the $7,500 credit and make it ALL a credit and not just a no interest loan.
logically, why should a buyer who closed Dec 31, 2008 be different than a buyer who closed Jan 4, 2009?
pls be aware that the income limits in high costs areas effectively eliminate the credit for many buyers.
Arn
Web Reference: http://www.sfpeninsulareguru.com
Katie Wickham,
Home Owner, Lodi, CA
Hi Shawn - Based on the updated bill passed by the House, you might be in luck! The new version extends the tax credit to eligible purchases made between the start of this year through December 1, 2009. The tax credit has been lowered from the Senate-approved $15,000 to $8,000, but unlike the current law from last summer's housing bill, the credit doesn't have to be repaid.
Now let's see what actually gets signed. We'll be tracking it closely on Trulia Blog, and I'm sure more people will be talking about it on Trulia Voices!
Now let's see what actually gets signed. We'll be tracking it closely on Trulia Blog, and I'm sure more people will be talking about it on Trulia Voices!
Web Reference: http://www.truliablog.com/2009/02/13/new-details-of-the...
Wayne Beals,
Agent, Chicago, IL
Shawn,
I've attached a link to the WSJ's latest article on this. It is followed by blog post with some good commentary.
Look at the bright side. You probably still got a great deal, and are getting the $7500 credit to boot. Once this stimulus goes into effect, prices will likely rise with demand. Beyond all that, it's all still just hot air until they sign something, anything, into law.
I do empathize with your position, but there are a lot more good hard working people out there with much more serious financial injuries from this market. They can point to poor ethics, regulation and legislation as well.
You'll be fine in the long run.
Enjoy the read. Post to the blog...
I've attached a link to the WSJ's latest article on this. It is followed by blog post with some good commentary.
Look at the bright side. You probably still got a great deal, and are getting the $7500 credit to boot. Once this stimulus goes into effect, prices will likely rise with demand. Beyond all that, it's all still just hot air until they sign something, anything, into law.
I do empathize with your position, but there are a lot more good hard working people out there with much more serious financial injuries from this market. They can point to poor ethics, regulation and legislation as well.
You'll be fine in the long run.
Enjoy the read. Post to the blog...
Web Reference: http://blogs.wsj.com/developments/2009/02/05/economists...
Anthony,
Home Buyer, Naples, FL
I agree with most of that.
If a gas station said we are giving away free coffee for life if you come in and prepay for a years worth of gas and you signed up for it....and then on the way down there they cancel the promotion but your still stuck with the gas bill...you would be disappointed. You wouldn't be getting screwed out of the gas...but I would still classify that as bait and switch.
Either way, I hope the bill helps our economy and I wish everyone luck with their home purchases.
If a gas station said we are giving away free coffee for life if you come in and prepay for a years worth of gas and you signed up for it....and then on the way down there they cancel the promotion but your still stuck with the gas bill...you would be disappointed. You wouldn't be getting screwed out of the gas...but I would still classify that as bait and switch.
Either way, I hope the bill helps our economy and I wish everyone luck with their home purchases.
Anthony,
Home Buyer, Naples, FL
It looks like there was an attempt to mut a 5% minimum down payment to the current one outside of the stimulus. Not sure if it went all the way. Also, the senates version differs from the house by not making it a true tax credit but just reducing your tax bill by up to 15k. So you wouldn't get any actual money from the government just in many cases everything back you paid in. I don't think we can really guess whats going to come out of the congress one they meld the two versions together but as a homebuyer it seems like a big timing game on this as I just made an offer on a house.
Fingers crossed...
Fingers crossed...
Web Reference: http://www.bloomberg.com/apps/news?pid=20601087&sid=a30...
Barbara,
Agent, Butler County, PA
The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. I strongly encourage you to consult a qualified tax advisor or legal professional about your situation.
