geckodani
Ideal_Rock
- Joined
- Jun 25, 2008
- Messages
- 9,021
Okay. Here are the facts.
1. DH and I have an apartment lease that does not end until May 2010. Subject to our lease, if we move out before May, we will still be responsible for making payments ($775) until they are able to lease the apartment, or until our lease ends.
2. 8K federal first time homebuyer incentive ends soon (must close by Nov 30th).
3. We''re confirming this, but based on our 2008 taxes, we may qualify for an additional 7.5K in state down payment assistance if we buy a house this year. We will NOT qualify based on our 2009 tax estimate.
So. Assuming we qualify for the additional assistance, methinks we should jump on this, even though we''d still owe on the apartment. There''s no guarantee that there will be any federal incentive next year, and we definitely won''t qualify for the state assistance if we buy a house in 2010. We were planning to get a house when our lease is up anyway.
Now here are the emotional bits:
Holy crap we''re going to have to do this FAST.
I hate that we''ll owe money on our crappy apartment. It absolutely kills me.
But - the incentives seem too good to pass up, even though we''ll owe.
Thoughts? I''m freaking, LOL.
1. DH and I have an apartment lease that does not end until May 2010. Subject to our lease, if we move out before May, we will still be responsible for making payments ($775) until they are able to lease the apartment, or until our lease ends.
2. 8K federal first time homebuyer incentive ends soon (must close by Nov 30th).
3. We''re confirming this, but based on our 2008 taxes, we may qualify for an additional 7.5K in state down payment assistance if we buy a house this year. We will NOT qualify based on our 2009 tax estimate.
So. Assuming we qualify for the additional assistance, methinks we should jump on this, even though we''d still owe on the apartment. There''s no guarantee that there will be any federal incentive next year, and we definitely won''t qualify for the state assistance if we buy a house in 2010. We were planning to get a house when our lease is up anyway.
Now here are the emotional bits:
Holy crap we''re going to have to do this FAST.
I hate that we''ll owe money on our crappy apartment. It absolutely kills me.
But - the incentives seem too good to pass up, even though we''ll owe.
Thoughts? I''m freaking, LOL.