Tax Time Update - First Time Homebuyers

We may earn a small commission from affiliate links and paid advertisements. Terms

reckedracing

reckedracing

TTIWWOP
VIP
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.
 
reckedracing said:
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.
Click to expand...

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.
 
oh, yea you closed in feb right?
i think the rules stay the same for 2008, sorry
 
damn.... hmmm I doubt I'll get my credit score high enough to do this after I graduate.
 
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.
 
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.
 
i put zero down basically.. well, not really.. but i got the money back
 
so, i already filed with the 7500 and pay back.. whats my next step to get the 8k with no payback?
 
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
 
B said:
you also did this months ago. i'm talking about TODAY.
Click to expand...


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. :rolleyes:
 
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.
 
You must log in or register to reply here.
Back
Top