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Old 02-26-2009, 02:10 PM   #1
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Default Tax Time Update - First Time Homebuyers
So the gov't is offering a refundable credit for first time home buyers.
If you closed in 2008 you get $7500, which is paid back over 15 years interest free.

As of February 25th 2009, you get an $8000 refundable credit, with no payback terms. Free money to try and boost the housing market(collapse).

Go buy your house.
You have till December to close.
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Old 02-26-2009, 02:11 PM   #2
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1st time ftl
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Old 02-26-2009, 02:17 PM   #3
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Originally Posted by reckedracing View Post
So the gov't is offering a refundable credit for first time home buyers.
If you closed in 2008 you get $7500, which is paid back over 15 years interest free.

As of February 25th 2009, you get an $8000 refundable credit, with no payback terms. Free money to try and boost the housing market(collapse).

Go buy your house.
You have till December to close.
Unless they changed it - you are only elgible for the 7500 if you closes after April 8 2008. If I am wrong I need you to show me something in writing and I will have to amend my taxes.
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Old 02-26-2009, 02:46 PM   #4
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oh, yea you closed in feb right?
i think the rules stay the same for 2008, sorry
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Old 02-26-2009, 03:22 PM   #5
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Originally Posted by reckedracing View Post
oh, yea you closed in feb right?
i think the rules stay the same for 2008, sorry
damnit!... i was hoping they dropped the date back... i missed it by 2 weeks..
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Old 02-26-2009, 03:42 PM   #6
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Originally Posted by reckedracing View Post
oh, yea you closed in feb right?
i think the rules stay the same for 2008, sorry

Thats fine I just wanted to make sure I had the info correct. My brother is going to make out with the 8000.00 credit.
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Old 02-26-2009, 03:43 PM   #7
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damn.... hmmm I doubt I'll get my credit score high enough to do this after I graduate.
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Old 02-26-2009, 04:08 PM   #8
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Slammed...
you never know, when I got my first house, I didn't have decent credit..


and if you buy right now, the market is highly in your favor.
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Old 02-26-2009, 04:27 PM   #9
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times are different now.

you can't touch financing without 3% down. and that's FHA. I put 0 down on my place just a little over a year and a half ago. Times are way different.
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Old 02-26-2009, 05:04 PM   #10
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i put zero down basically.. well, not really.. but i got the money back
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my dad owned a Chevelle with a hemi that he claimed made 600hp.

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Old 02-26-2009, 06:01 PM   #11
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you also did this months ago. i'm talking about TODAY.
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Old 02-26-2009, 06:41 PM   #12
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so, i already filed with the 7500 and pay back.. whats my next step to get the 8k with no payback?
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Old 02-26-2009, 06:56 PM   #13
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you get the $8k if you buy after jan 1st '09- dec 31st '09 ... if you bought april 8th-dec 31st '08 you get $7500

cant get both
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Old 02-26-2009, 07:06 PM   #14
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oh, i misread it.. so do i still have to pay it back?
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Old 02-27-2009, 09:28 AM   #15
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you also did this months ago. i'm talking about TODAY.

Our loan that we got doesn't exist today either. We were sooooo lucky both with financing and the house that we bought. I would rather have the circumstances that we had then to try and buy today and get a credit. For once something worked in my favor.
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Old 02-27-2009, 12:05 PM   #16
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oh, i misread it.. so do i still have to pay it back?
yes, you still have to repay
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Old 02-27-2009, 12:12 PM   #17
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oh, i misread it.. so do i still have to pay it back?
if you bought last year, yes.. if you bought or buy this year, no
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Old 02-27-2009, 02:01 PM   #18
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A little bird told me that part of the eleventy billion dollar bail out is a 15k tax credit for all home buyers. Or, that is what is proposed, anyway.
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Old 02-27-2009, 02:06 PM   #19
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From what i understand the 15K got dropped down to 8k
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