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$6,500 Homebuyer Credit
Posted on 11/12/09 at 8:06 pm
Posted on 11/12/09 at 8:06 pm
can someone explain how this works ??
Posted on 11/12/09 at 8:22 pm to lsutigerfan14
... If you're a first time home buyer, you get $$$$$
ETA: Assuming you fall within the income limits or you have lived at your first owned residence for under 5 years, you may also qualify
ETA: Assuming you fall within the income limits or you have lived at your first owned residence for under 5 years, you may also qualify
This post was edited on 11/12/09 at 8:36 pm
Posted on 11/12/09 at 8:31 pm to wizard of smart
I don't think this credit is for first time home-owners. I believe this is something different.
Let me see if I can find out anything.
Let me see if I can find out anything.
Posted on 11/12/09 at 8:32 pm to Will Cover
quote:
Apparently all the talk about the $8000 first-time homebuyer tax credit being extended and expanded is coming to pass. According to a USA Today article…
“Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years”
Obama seems to be fully behind the extension of the tax credit, so it is will likely be finalized very soon. The proposed bill would extend the current $8000 tax credit for new homebuyers from it’s current end date of November 30th, 2009 to April 30th 2010.
Posted on 11/12/09 at 8:33 pm to Will Cover
quote:
WASHINGTON (Reuters) – The U.S. Senate's top Democrat and top Republican each voiced support on Wednesday for extending and expanding a soon-to-expire tax credit aimed at boosting the fragile housing market, though a vote on the measure could be delayed until next week.
Key senators agreed to extend the $8,000 first-time homebuyer tax credit, which expires at the end of next month, through April of next year, sources familiar with the matter told Reuters.
A spokeswoman for Senate Majority Leader Harry Reid said the deal would also allow for those who have been in their home for at least five years to receive a $6,500 tax credit if they purchase a new primary residence.
She also said the credit would be available for individuals making up to $125,000 a year and couples earning up to $250,000 per year, raised from $75,000 and $150,000, respectively, in the current tax credit.
"There has been general agreement by a significant number of senators, Democrats and Republicans, to get this done," Reid, a Nevada Democrat, said on the Senate floor. Nevada has been hard-hit by the bursting of the housing bubble.
The chamber's top Republican, Senator Mitch McConnell, also said most senators support the measure. "I certainly share his view," McConnell said.
TIMING OF A VOTE UNCERTAIN
While extending the credit enjoys widespread support, its fate is caught up in a spat between Reid and McConnell over unrelated issues.
Reid wants to attach a bill to extend the homebuyer credit as an amendment to legislation to lengthen insurance benefits for unemployed workers.
The Reid spokeswoman said the unemployment insurance measure could get pushed to next week as lawmakers try to resolve differences over unrelated issues, which would delay consideration of the homebuyer credit extension.
"We will get this extension passed," she said.
A report last week showed sales of previously owned homes hit a two-year high in September as buyers rushed to take advantage of the credit before its expiration date. However, a report on Wednesday showed new home sales, a much smaller segment of the market, tumbled unexpectedly last month.
Separately, a report from the Mortgage Bankers Association on Wednesday that demand for mortgages has fallen for the past three weeks as buyers move to the sidelines.
A buyer would have to close on the purchase of a home before November 30 to take advantage of the current tax credit. (Additional reporting by Lisa Lambert; Editing by Leslie Adler, Gary Hill)
LINK
Posted on 11/12/09 at 9:00 pm to lsutigerfan14
Posted on 11/15/09 at 4:43 pm to lsutigerfan14
withouth making this complicated by posting a bunch of links and etc:
basically if you've owned your home for at least five years you qualify has a 'move-up home buyer' you can qualify to recieve 'up to' $6500
basically if you've owned your home for at least five years you qualify has a 'move-up home buyer' you can qualify to recieve 'up to' $6500
Posted on 11/15/09 at 7:32 pm to treyk89
you have to have owned a home in 5 consecutive years out of the last 8 years. If you owned a home and sold it and been living in a rental the last two years you will still qualify. It covers those who have owned a home in the past but fall outside the 3 year window to qualify for the $8000 credit.
Posted on 11/15/09 at 9:06 pm to Alabama Slim
can the 8k be used towards a down payment?
Posted on 11/15/09 at 9:24 pm to NickyT
you have to have a certain % of the purchase price for a down payment, not sure what the actual % is. they don't want people to be able to bail on the mortgage with nothing to lose. anything above that % can be from the 8k.
Posted on 11/15/09 at 9:41 pm to Alabama Slim
quote:
they don't want people to be able to bail on the mortgage with nothing to lose
Posted on 11/16/09 at 8:47 pm to Tiger JJ
I just bought a lot to build on. Can I "take advantage" of this offer? Or am I S.O.L.?
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