First-time homebuyers cashing in $8,000 tax credits

[Joseph & Ana 0]

I think i just read somewhere that home values nationally dropped another 2% or something like that.

[w¡n9Nµ7 §£@¥€r 123]

I was about to take advantage of it until I received word that I'm being transferred to Indiana. I was pre-approved and everything. #$^@% economy.

They don't have the program in Indiana?

RJ by the time I get down there it will have expired, and also I'm not sure if i want to buy as soon as i get there.

Good call, get to know the area better before you buy. In the long run 8K really isn't much at all. I am frankly surprised that an amount that small spurred so many people to borrow (most borrow, a small number actually buy) an asset worth so much more.

It's also a false economy in some place, where I live house prices are still dropping double digits

Same here. Another year of this and we'll be below where I bought in 03.

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

Are you thinking of buying Steve?

No...my job future is too uncertain.

[alienlovechild 75]

You took advantage of a government handout?

Oh and a VA loan to boot?

I do have to pay for a mortgage so it's not like we're living in the projects. The handout came in the form of billions to pay for suckers who bought homes at or near the peak of housing prices. Check out all the "honk if I'm paying for your mortgage" bumper stickers.

Want a VA loan and pay the funding fee? Join the military.

[venusfire503 54]

That just ain't right.

People used to work their butt off to save that $8,000 for a down payment and now it's just given to them.

It's unfettered socialism!

I thought socialism was supposed to be about fairness.

There's nothing fair about giving free money to someone who just happens to be buying a home this year.

Ask a person who bought a home last year how s/he feels about that.

like me, you mean?

Same with the car program - I'd love to buy a car so we don't have to juggle just one (and this area doesn't have much in the way of public transportation - and moving out of the area with joint custody wasn't much of an option). Hell, with $8000, I could've had a nice downpayment and then afforded the monthly car payments. Instead, I get to sit in my house that I stretched to buy, and wish I could get a second car. And then I get to hear about people who benefitted from these unfair programs.

venusfire

[BishopMnA 0]

Commies for Christ supports the redistribution of wealth via the $8000 tax credit for first time homebuyers.

I cashed in on it...

We moved to near DC about one year ago...and the prices here were ExTreMeLEy overinflated....but were starting to drop like a rock. We noticed this, and so we rented for our first year in the area and watched the housing prices drop 20% during that time...then we picked up a 3 year old Bank Foreclosure home (there were literally entire neighborhoods that were 'abandoned' by folks that bought at the high of the market about 3-4 years ago). In short, we paid ~50% of what the home sold for just 3 years ago...amazing market correction...

Peace,

MarkNAam

[Ban Hammer 14,295]

You took advantage of a government handout?

Oh and a VA loan to boot?

I do have to pay for a mortgage so it's not like we're living in the projects. The handout came in the form of billions to pay for suckers who bought homes at or near the peak of housing prices. Check out all the "honk if I'm paying for your mortgage" bumper stickers.

Want a VA loan and pay the funding fee? Join the military.

[rebeccajo 14]

You took advantage of a government handout?

Oh and a VA loan to boot?

I do have to pay for a mortgage so it's not like we're living in the projects. The handout came in the form of billions to pay for suckers who bought homes at or near the peak of housing prices. Check out all the "honk if I'm paying for your mortgage" bumper stickers.

Want a VA loan and pay the funding fee? Join the military.

Does everybody who gets a handout live in the 'projects'?

You are laughable. You rage on here about government programs and then you avail yourself of two.

I'm not so stupid that I can't see the irony in that.

Edited September 26, 2009 by rebeccajo

[rebeccajo 14]

You took advantage of a government handout?

Oh and a VA loan to boot?

I do have to pay for a mortgage so it's not like we're living in the projects. The handout came in the form of billions to pay for suckers who bought homes at or near the peak of housing prices. Check out all the "honk if I'm paying for your mortgage" bumper stickers.

Want a VA loan and pay the funding fee? Join the military.

I don't need a VA loan to buy a house.

I've worked all my life at non-government jobs to earn enough to put 20% down, I don't need 100% financing and I don't need to borrow my mortgage insurance.

Plus I've paid all my bills with wages earned from working non-government jobs and have a credit score of over 750.

You know - I appreciate that you served our country. Both of you. But stop acting like people who have not done the same are not responsible citizens. You have no idea how that makes YOU look like the ones with an entitlement attitude.

Edited September 26, 2009 by rebeccajo

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

You took advantage of a government handout?

Oh and a VA loan to boot?

I do have to pay for a mortgage so it's not like we're living in the projects. The handout came in the form of billions to pay for suckers who bought homes at or near the peak of housing prices. Check out all the "honk if I'm paying for your mortgage" bumper stickers.

Want a VA loan and pay the funding fee? Join the military.

I don't need a VA loan to buy a house.

I've worked all my life at non-government jobs to earn enough to put 20% down, I don't need 100% financing and I don't need to borrow my mortgage insurance.

Plus I've paid all my bills with wages earned from working non-government jobs and have a credit score of over 750.

You know - I appreciate that you served our country. Both of you. But stop acting like people who have not done the same are not responsible citizens. You have no idea how that makes YOU look like the ones with an entitlement attitude.

They are also deflecting the argument that they keep making - that government programs don't work...except the ones that work for them. Just once, I'd like to see a little intellectual honesty from the Right regarding government programs....that they can and do work.

[alienlovechild 75]

I've worked all my life at non-government jobs to earn enough to put 20% down, I don't need 100% financing and I don't need to borrow my mortgage insurance.

Plus I've paid all my bills with wages earned from working non-government jobs and have a credit score of over 750.

You know - I appreciate that you served our country. Both of you. But stop acting like people who have not done the same are not responsible citizens. You have no idea how that makes YOU look like the ones with an entitlement attitude.

Another sour grapes response from a person who backs every other government program but has a problem with vets who aren't paid that much in cash but get stuck with benefits in lieu of cash. Believe me, I'd rather dump the free healthcare, commissaries, subsidized housing VA loans in return for the higher pay that civilians like you made while I was living in tent. Besides, no one has claimed that VA home loan caused the housing mess and it's not an entitlement program if you actually have to do something substantial to earn it.

Nobody said you weren't a responsible citizen except you bringing it up. If you have the 20% down and the good credit score, great. Mine was higher at 787 so I'm a more responsible person using your line of reasoning. I also could have easily gotten a conventional loan but didn't so I don't have to pay the PMI.

The reason the government decided to take the step of giving credits was to fill up the houses with people instead of leaving them empty and dragging down the value of YOUR house and people like you. It was cheaper than having the government buy and care for a lot of foreclosed homes or leaving them to rot and get used by criminals and the homeless.

[rebeccajo 14]

I've worked all my life at non-government jobs to earn enough to put 20% down, I don't need 100% financing and I don't need to borrow my mortgage insurance.

Plus I've paid all my bills with wages earned from working non-government jobs and have a credit score of over 750.

You know - I appreciate that you served our country. Both of you. But stop acting like people who have not done the same are not responsible citizens. You have no idea how that makes YOU look like the ones with an entitlement attitude.

Another sour grapes response from a person who backs every other government program but has a problem with vets who aren't paid that much in cash but get stuck with benefits in lieu of cash. Believe me, I'd rather dump the free healthcare, commissaries, subsidized housing VA loans in return for the higher pay that civilians like you made while I was living in tent. Besides, no one has claimed that VA home loan caused the housing mess and it's not an entitlement program if you actually have to do something substantial to earn it.

Nobody said you weren't a responsible citizen except you bringing it up. If you have the 20% down and the good credit score, great. Mine was higher at 787 so I'm a more responsible person using your line of reasoning. I also could have easily gotten a conventional loan but didn't so I don't have to pay the PMI.

The reason the government decided to take the step of giving credits was to fill up the houses with people instead of leaving them empty and dragging down the value of YOUR house and people like you. It was cheaper than having the government buy and care for a lot of foreclosed homes or leaving them to rot and get used by criminals and the homeless.

Go back to what I wrote and see where I said I have a 'problem' with vets. Go on.

And while you are at it, keep going with your justifications for your behavior. I mean, hell, you say you'd rather not even have your VA benefits. So why use them?

That's my point.

Edited September 26, 2009 by rebeccajo

[alienlovechild 75]

I've worked all my life at non-government jobs to earn enough to put 20% down, I don't need 100% financing and I don't need to borrow my mortgage insurance.

Plus I've paid all my bills with wages earned from working non-government jobs and have a credit score of over 750.

You know - I appreciate that you served our country. Both of you. But stop acting like people who have not done the same are not responsible citizens. You have no idea how that makes YOU look like the ones with an entitlement attitude.

Go back to what I wrote and see where I said I have a 'problem' with vets. Go on.

And while you are at it, keep going with your justifications for your behavior. I mean, hell, you say you'd rather not even have your VA benefits. So why use them?

Your problem with vets may lie in the swipe at us for not having a non-government job and calling Charles and I out on an "entitlement" mentality. I'm not sure why I must justify to you why I used the VA loan after I already told you why (no PMI). This thread wanted honest answers on people who bought a house with the $8,000 and I explained my situation which you turned into some inquistion.

Part of the problem is clearly you don't know much about the military which is natural but before begin firing you should recognize your target. You couldn't tell the difference between active duty benefits like the commissary, housing and healthcare which are admittedly pretty socialist and the VA home loan used as a vet. I never said I didn't want the VA benefits but you purposely ignored the part about higher pay instead while on actice duty.

For the record I've never been against all government spending so feel free to do search of my posts to prove me otherwise since you think you know me. The VA loan wasn't even the main point of this thread but the benefit isn't that great in an era of low mortgage rates. In fact, Dave Ramsey sez conventional loans are superior for the most part to VA loans. In any case, I didn't buy an expensive house where I would more likely to default. If you're pissed off, question the banks who made bad loans and the people who bought houses they couldn't afford in the first place since they are the ones at fault.

Edited September 26, 2009 by alienlovechild

[rebeccajo 14]

I've worked all my life at non-government jobs to earn enough to put 20% down, I don't need 100% financing and I don't need to borrow my mortgage insurance.

Plus I've paid all my bills with wages earned from working non-government jobs and have a credit score of over 750.

You know - I appreciate that you served our country. Both of you. But stop acting like people who have not done the same are not responsible citizens. You have no idea how that makes YOU look like the ones with an entitlement attitude.

Go back to what I wrote and see where I said I have a 'problem' with vets. Go on.

And while you are at it, keep going with your justifications for your behavior. I mean, hell, you say you'd rather not even have your VA benefits. So why use them?

Your problem with vets may lie in the swipe at us for not having a non-government job and calling Charles and I out on an "entitlement" mentality. I'm not sure why I must justify to you why I used the VA loan after I already told you why (no PMI). This thread wanted honest answers on people who bought a house with the $8,000 and I explained my situation which you turned into some inquistion.

Part of the problem is clearly you don't know much about the military which is natural but before begin firing you should recognize your target. You couldn't tell the difference between active duty benefits like the commissary, housing and healthcare which are admittedly pretty socialist and the VA home loan used as a vet. I never said I didn't want the VA benefits but you purposely ignored the part about higher pay instead while on actice duty.

For the record I've never been against all government spending so feel free to do search of my posts to prove me otherwise since you think you know me. The VA loan wasn't even the main point of this thread but the benefit isn't that great in an era of low mortgage rates. In fact, Dave Ramsey sez conventional loans are superior for the most part to VA loans. In any case, I didn't buy an expensive house where I would more likely to default. If you're pissed off, question the banks who made bad loans and the people who bought houses they couldn't afford in the first place since they are the ones at fault.

You are the one that told me if I wanted a VA loan to go join the military. Charles agreed. So - if that isn't acting like you have a one-up on someone, then I don't know what is. Looks like an assumption that everybody wants what you have because they can't somehow manage on their own. Or like maybe they shouldn't have what you have because somehow you have done 'more'.

[Ban Hammer 14,295]

You took advantage of a government handout?

Oh and a VA loan to boot?

I do have to pay for a mortgage so it's not like we're living in the projects. The handout came in the form of billions to pay for suckers who bought homes at or near the peak of housing prices. Check out all the "honk if I'm paying for your mortgage" bumper stickers.

Want a VA loan and pay the funding fee? Join the military.

I don't need a VA loan to buy a house.

I've worked all my life at non-government jobs to earn enough to put 20% down, I don't need 100% financing and I don't need to borrow my mortgage insurance.

Plus I've paid all my bills with wages earned from working non-government jobs and have a credit score of over 750.

You know - I appreciate that you served our country. Both of you. But stop acting like people who have not done the same are not responsible citizens. You have no idea how that makes YOU look like the ones with an entitlement attitude.

nor did i need a va loan to buy a house. but i used it anyways because it was an option and the interest rate was better.

i'm not the one with the entitlement attitude as i'm not the one wanting things i don't already have.

eta: a va loan isn't a handout btw, it's a federal guarantee backing the loan......if a vet defaults on the loan, the vet can still be liable for the amount owed and we both know how good the government is at getting money owed to it.

Edited September 27, 2009 by charles!