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New Homeowner Tax Credit

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laughwithme

Brilliant_Rock
Joined
Nov 12, 2008
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667
Is anyone else bummed that they can''t *quite* buy a home this year and take advantage of the tax credit?

We''re getting a home next Fall (2010) and I''m pretty bummed we can''t take advantage of the 8k!
 

Hera

Ideal_Rock
Joined
Jul 12, 2007
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2,401
I''m sad that I was 1 day away from now having to repay the money. I have a $7500 interest free loan that is going to sit and collect interest. If unemployment and the economy don''t recover, I wouldn''t be surprised if they extended it. So, keep your fingers crossed!
 

TravelingGal

Super_Ideal_Rock
Joined
Dec 29, 2004
Messages
17,193
They''ll probably extend it.

And no, I''m not bummed. Here in SoCal it is not enough of an incentive to buy a house. I can wait 2 months and the home will easily drop 8K in value. Now, 15K might get me seriously off my butt, but that didn''t happen. And even then, again, 15K wasn''t enough of an incentive for a lot of people here. Homes in my area have tangibly dropped about 40-50K a year for the last couple of years.
 

janinegirly

Ideal_Rock
Joined
Sep 21, 2006
Messages
3,689
I''m sad that we bought a house in December 2008 and therefore do not qualify! And we did it after saving religiously and going without vacations/little splurges for years. Also didn''t get the stimulus check since DH and I were *just* above the income limit which sounds like a lot, but it really is not since in NYC our salaries are considered on the low end of "middle class" (extremely high cost of living here) while nationwide, it reads different.

Haven''t benefited 1 penny from the stimiuls, Obama''s plan, or any president plan, yet! Just a little bitter...
 

lauralu

Brilliant_Rock
Joined
Jul 20, 2007
Messages
699
ME!

We are refinancing our home. My FI purchased the home 6 years ago just in his name. We will refi it together. I have been told I cannot take advantage of any of it even though I have not owned a home in my name for 12 years due to it being a refi.

Yes I am bummed big time....
 

Elmorton

Ideal_Rock
Joined
Jul 5, 2007
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3,998
DH and I are bummed that we bought last year - so we got a credit of 7500 that you have to pay back. I mean seriously, we did our part, too!!
 

robbie3982

Ideal_Rock
Joined
Jun 28, 2006
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3,960
Date: 4/24/2009 10:32:31 AM
Author: Elmorton
DH and I are bummed that we bought last year - so we got a credit of 7500 that you have to pay back. I mean seriously, we did our part, too!!
At least you got the interest free loan! We bought less than 2 weeks before it went into effect and got nothing
. A $7500 interest free loan would made me feel a lot more comfortable with the economy how it is today.
 

purrfectpear

Ideal_Rock
Joined
Mar 31, 2008
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4,079
Most people in LA make too much money to be eligible anyway. I think it phases out somewhere around $75K.
 

Diamond Confused

Shiny_Rock
Joined
Jan 14, 2008
Messages
395
Date: 4/24/2009 11:06:41 AM
Author: purrfectpear
Most people in LA make too much money to be eligible anyway. I think it phases out somewhere around $75K.
THis makes me so mad. My FI pays around 50K in taxes a year... people like him are the ones that pay a ton into the system but never qualify for any benefits.
 

somethingshiny

Ideal_Rock
Joined
Jul 22, 2007
Messages
6,746
Date: 4/23/2009 1:20:49 PM
Author: janinegirly
I''m sad that we bought a house in December 2008 and therefore do not qualify! Just a little bitter...

We bought our house in mid October.

 
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