Obama to first time homebuyers: I'll lend you $8,000!

[w¡n9Nµ7 §£@¥€r 123]

$8,000? That's like 2.5-3% of the price of an entry level home around here!

HUD Secretary Shaun Donovan announced yesterday that the Federal Housing Administration will allow first-time buyers to get a short bridge loan against their $8,000 tax credit to be used for their downpayment.

...

If you are thinking about buying a first home, or if you are thinking about jumping back into home ownership after not owning a home for at least three years, this is the time to do it. Get that tax credit by buying a home before Nov. 30, 2009, and let the federal government pay $8,000 toward your down payment.

http://blogs.mycentraljersey.com/homefront...me-home-buyers/

[alienlovechild 75]

$8,000? That's like 2.5-3% of the price of an entry level home around here!

Move someplace cheaper to live or reconsider what you really need to buy in a house.

Anyone spending more than a third of their income on a house needs to make more money or buy less house.

[w¡n9Nµ7 §£@¥€r 123]

$8,000? That's like 2.5-3% of the price of an entry level home around here!

Move someplace cheaper to live or reconsider what you really need to buy in a house.

Anyone spending more than a third of their income on a house needs to make more money or buy less house.

I already own, thanks

[Donna A 4]

my husband would be a first time home buyer but i would not be so how would that work?

would we just have to put everything in his name only to qualify?

[w¡n9Nµ7 §£@¥€r 123]

my husband would be a first time home buyer but i would not be so how would that work?

would we just have to put everything in his name only to qualify?

What is the definition of a first-time home buyer?

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

http://www.federalhousingtaxcredit.com/2009/faq.php#2

[GaryC 7]

my husband would be a first time home buyer but i would not be so how would that work?

would we just have to put everything in his name only to qualify?

Just remember that this is a loan. I think you pay it back through your federal taxes.

[tysalanna 0]

my husband would be a first time home buyer but i would not be so how would that work?

would we just have to put everything in his name only to qualify?

Just remember that this is a loan. I think you pay it back through your federal taxes.

This program is not a loan and you do not have to pay it back. It is a "refundable" credit that you receive from the government if you qualify.

[GaryC 7]

my husband would be a first time home buyer but i would not be so how would that work?

would we just have to put everything in his name only to qualify?

Just remember that this is a loan. I think you pay it back through your federal taxes.

This program is not a loan and you do not have to pay it back. It is a "refundable" credit that you receive from the government if you qualify.

Ok, I just looked it up. I was thinking of the $7500 tax credit from last year. This one isn't paid back unless you sell the home within 3 years. If you do sell then it does need to be repaid, othewise it doesn't.

Edited May 15, 2009 by GaryC

[scandal 951]

my husband would be a first time home buyer but i would not be so how would that work?

would we just have to put everything in his name only to qualify?

Just remember that this is a loan. I think you pay it back through your federal taxes.

This program is not a loan and you do not have to pay it back. It is a "refundable" credit that you receive from the government if you qualify.

Ok, I just looked it up. I was thinking of the $7500 tax credit from last year. This one isn't paid back unless you sell the home within 3 years. If you do sell then it does need to be repaid, othewise it doesn't.

This one is absolutely sweet.

I sold my last house in Jan 2006.

I bought my current house in Feb 2009.

That's 3 years + 1 month.

I qualified for the full $8000 credit. Not only that, I got to claim it on my 2008 tax return even though I bought the house in 2009.

Meaning that at closing in Feb I paid my downpayment, then filed my 2008 return in March, and had the direct deposit of my refund, including $8000 housing credit, back in my bank account barely a month after having "spent" that portion of my downpayment.

And you guys wonder why I the Obama stimulus plan

I do want to thank all my fellow American taxpayers for your help in allowing me to buy the home I was about to buy anyway, with or without the stimulus. I hope you all enjoyed the experience as much as I did.

[one...two...tree 2,762]

my husband would be a first time home buyer but i would not be so how would that work?

would we just have to put everything in his name only to qualify?

Just remember that this is a loan. I think you pay it back through your federal taxes.

This program is not a loan and you do not have to pay it back. It is a "refundable" credit that you receive from the government if you qualify.

Ok, I just looked it up. I was thinking of the $7500 tax credit from last year. This one isn't paid back unless you sell the home within 3 years. If you do sell then it does need to be repaid, othewise it doesn't.

This one is absolutely sweet.

I sold my last house in Jan 2006.

I bought my current house in Feb 2009.

That's 3 years + 1 month.

I qualified for the full $8000 credit. Not only that, I got to claim it on my 2008 tax return even though I bought the house in 2009.

Meaning that at closing in Feb I paid my downpayment, then filed my 2008 return in March, and had the direct deposit of my refund, including $8000 housing credit, back in my bank account barely a month after having "spent" that portion of my downpayment.

And you guys wonder why I the Obama stimulus plan

I do want to thank all my fellow American taxpayers for your help in allowing me to buy the home I was about to buy anyway, with or without the stimulus. I hope you all enjoyed the experience as much as I did.

Welfare Momma!

[spookyturtle 9,466]

Keep sucking Obama's teat.

[Hilarious Clinton 452]

Why don't we print a Trillion dollar bill for every person in the US? Man, woman, trans-gender, child, legal or illegal. I'm felling generous.... let's do it for Canada and Mexico too.

[natty bumppo 297]

ooh .... maybe Olama is good for something ... I can default on his $8k .. and get even more ..

[Hilarious Clinton 452]

ooh .... maybe Olama is good for something ... I can default on his $8k .. and get even more ..

Now that's thinking.

[Angel7422 0]

I was a first time homebuyer when I purchased my home in 2005. Do I qualify for the credit or is it only for homebuyers who purchased for the first time in 2009?