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  1. #1
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    Default Extenstion of the 1st time buyer's credit

    Realty Times - Washington Report: Tax Credit

    I suppose this is good news. An extension of the existing program is looking pretty likely. Expanding it to include all borrowers is not.

    It's hard to say how much of an impact it's having overall. I've been doing a lot of first time buyers stuff but also a fair amount of other things too. Historically, first time buyers make up a pretty sizeable chunk of the sales, even without a credit.

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  2. #2
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    Default Re: Extenstion of the 1st time buyer's credit

    I heard that it was extended through April 2010. The amount was reduced to $6500. Also, according to the following article, persons must have been in their prior residence for a minimum of 5 years.

    Read the article below.

    First Time Home Buyer Tax Credit Extended to April 2010, Previous Homeowners | Business Pundit

    .


  3. #3
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    Default Re: Extension of the 1st time buyer's credit

    Quote Originally Posted by John Dirks Jr View Post
    I heard that it was extended through April 2010. The amount was reduced to $6500. Also, according to the following article, persons must have been in their prior residence for a minimum of 5 years.

    Read the article below.

    First Time Home Buyer Tax Credit Extended to April 2010, Previous Homeowners | Business Pundit

    .

    The way they've been explaining the extension around here in the papers is the CURRENT plan for first time home buyers will be extended as is, and a NEW plan for existing home buyers will begin and cover those you stated.

    Jerry Peck, Construction / Litigation Consultant
    Construction Litigation Consultants, LLC ( www.ConstructionLitigationConsultants.com )
    www.AskCodeMan.com

  4. #4
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: Extenstion of the 1st time buyer's credit

    And being in your residence for five years has to do with what. Yeah yeah, stability. People move so much now adays to grow in their line of work five years is almost unheard of especially with up and coming workers that are first time buyers. I just don't know where the come up with this stuff.

    I also heard that they were thinking of bringing the home cost up to 350,000. If they can truly afford a 350,000.00 home then they don't need an 8,000 tax credit.

    Just more screwed up plans from the gov. I hope the tax credit stays were it is for a while but the new additions are crazy...in my opinion.

    Kind of on the lines that the cash for clunkers cost the US citizens approximately 24,000 per vehicle. Don't know if that is true but it cost us a pretty penny.


  5. #5
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    Default Re: Extenstion of the 1st time buyer's credit

    The way our current government is spending money these days is alarming to say the least..... BUT, as long as it's being thrown around I'm at least amused some of it may benefit me.


  6. #6
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    Default Re: Extenstion of the 1st time buyer's credit

    It is a re-distribution of wealth plan extension. Put people in homes that would not otherwise be able to afford them. If they are lucky enough to hold onto these homes, in five years you will have a whole now class of people that now have wealth and equity that they never would have had.

    Bill Siegel
    Florida Home Inspection Team Inc.

  7. #7
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    Default Re: Extenstion of the 1st time buyer's credit

    Like it or not, it has been done. It will help us through the slow period, but I do wonder what the consequences will be down the road.

    Senate, House Votes Unanimously to Extend Homebuyer Tax Credit - AOL Real Estate

    If it weren't for lawyers, we would never need them.

  8. #8
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: Extenstion of the 1st time buyer's credit

    The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.


    Hmmmmmm


    Is all I have to say about that

    Or maybe

    $125,000.00 or less or $225,000.00 joint income

    Or how about

    Homes costing $800,000.00 or less

    And why would any of those folks need a tax credit that the rest of the US citizens have to pay for.

    Sorry....I just do not get it.

    A little edit here

    The or less part I understand......much less!!!!!!!!!!!!! A lot less!!!!!!!!!!!!!

    $800,000.00...................How about a very very very serious amount less. Like maxed out at 25% of that.


  9. #9
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    Default Re: Extenstion of the 1st time buyer's credit

    Ted,

    I've had an inspection on a home this week that was 1.8mil that was being paid for with cash by a 25 yr. old girl who is a model.

    Wonder if she is getting a credit?

    rick


  10. #10
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: Extenstion of the 1st time buyer's credit

    Quote Originally Posted by Rick Hurst View Post
    Ted,

    I've had an inspection on a home this week that was 1.8mil that was being paid for with cash by a 25 yr. old girl who is a model.

    Wonder if she is getting a credit?

    rick
    I inspected a condo a couple years ago for a girl that plays, and wins, Texas Hold Em. She upgrade with her winnings to a 600,000 dollar home. You just can't get that tax credit when you pay cash. Has to be a loan.

    Poor thing. That just ain't right. She should have received 8,000 at the closing table


  11. #11
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    Maryland
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    Default Re: Extenstion of the 1st time buyer's credit

    Do you get it at the closing table? I though you had to wait until you file your federal tax return and then you get the credit there.


  12. #12

    Default Re: Extenstion of the 1st time buyer's credit

    I've had an inspection on a home this week that was 1.8mil that was being paid for with cash by a 25 yr. old girl who is a model.
    Got any pictures of the, uhhhh, house?


  13. #13
    Join Date
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    Default Re: Extenstion of the 1st time buyer's credit

    We can all be assured of one thing. With this tax credit we'll have plenty of foreclosures down the road to inspect in just a few years.

    rick


  14. #14
    Join Date
    Aug 2009
    Location
    Michigan
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    Default Re: Extenstion of the 1st time buyer's credit

    Quote Originally Posted by Ted Menelly View Post
    And being in your residence for five years has to do with what. Yeah yeah, stability. People move so much now adays to grow in their line of work five years is almost unheard of especially with up and coming workers that are first time buyers. I just don't know where the come up with this stuff.

    I also heard that they were thinking of bringing the home cost up to 350,000. If they can truly afford a 350,000.00 home then they don't need an 8,000 tax credit.

    Just more screwed up plans from the gov. I hope the tax credit stays were it is for a while but the new additions are crazy...in my opinion.

    Kind of on the lines that the cash for clunkers cost the US citizens approximately 24,000 per vehicle. Don't know if that is true but it cost us a pretty penny.
    World news says, 8,000 tax credit stays as is and the 6,500 is for existing home owners for a new house (I guess an upgrade), that's where the 5 year present ownership comes from.

    I totally agree - if you can afford a 350k house you don't need the tax credit. How would you like a job where you get paid to think up this stuff?

    Randy Gordon, construction
    Michigan Building Inspector/Plan Reviewer

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