Extenstion of the 1st time buyer's credit - InspectionNews

Matt Fellman · #1 (**permalink**) 10-19-2009, 05:32 PM

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.

John Dirks Jr · #2 (**permalink**) 11-01-2009, 04:53 AM

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

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Jerry Peck · #3 (**permalink**) 11-01-2009, 08:02 AM

Quote:

Originally Posted by John Dirks Jr

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.

Ted Menelly · #4 (**permalink**) 11-01-2009, 02:50 PM

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.

Matt Fellman · #5 (**permalink**) 11-01-2009, 09:05 PM

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.

william siegel · #6 (**permalink**) 11-02-2009, 05:41 AM

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.

Frank Bombardiere · #7 (**permalink**) 11-05-2009, 03:06 PM

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

Ted Menelly · #8 (**permalink**) 11-05-2009, 04:05 PM

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.

Rick Hurst · #9 (**permalink**) 11-05-2009, 04:45 PM

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

Ted Menelly · #10 (**permalink**) 11-05-2009, 06:49 PM

Quote:

Originally Posted by Rick Hurst

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

John Dirks Jr · #11 (**permalink**) 11-05-2009, 07:38 PM

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.

Brandon Whitmore · #12 (**permalink**) 11-05-2009, 10:51 PM

Quote:

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?

Rick Hurst · #13 (**permalink**) 11-06-2009, 12:03 AM

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

Door Guy · #14 (**permalink**) 11-06-2009, 08:25 PM

Quote:

Originally Posted by Ted Menelly

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?