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Thread: $ 15,000 Gift to home buyer!!

  1. #21
    NOT Politically Correct!! chernmax's Avatar
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    Quote Originally Posted by BoyGenius View Post
    , , , enjoy your next eight years.


    Even your math is off, 3+ Max!!!
    “When somebody doesn't do the job, we gotta let ‘em go.” ~ Clint Eastwood

  2. #22
    czygvtwkr
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    Quote Originally Posted by BoyGenius View Post
    , , , enjoy your next eight years.


    Correction next two, all Congressmen and 1/3 of the Senate is up for re-Election.

  3. #23
    Oldtimer Ken King's Avatar
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    Quote Originally Posted by czygvtwkr View Post
    Correction next two, all Representatives and 1/3 of the Senate is up for re-Election.
    :fixed:

  4. #24
    RadioPatrol
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    Quote Originally Posted by Tilted View Post
    They took that out of the final version that passed. Now, there's an $8,000 credit for first time homebuyers, which phases out for individuals with an AGI over $75,000 and couples with an AGI over $150,000.


    gee can I get a Mortgage bailout after I move in .........

  5. #25
    Cyber Bully Victim BoyGenius's Avatar
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    Quote Originally Posted by RadioPatrol View Post
    gee can I get a Mortgage bailout after I move in .........
    That does raise an interesting question: say you take the bait and buy a $300,000 house now. Then eighteen months from now the economy has continued to worsen, job losses grew more, and home prices dropped another 25%. So now your $300k house is worth $225,000. What then? Do we start the process all over again?


  6. #26
    Quote Originally Posted by BoyGenius View Post
    That does raise an interesting question: say you take the bait and buy a $300,000 house now. Then eighteen months from now the economy has continued to worsen, job losses grew more, and home prices dropped another 25%. So now your $300k house is worth $225,000. What then? Do we start the process all over again?
    Easy... buy a house when you're ready for one, can find one in your target price, and when you're willing to ignore whether it goes up or down in value in the near term.

    My husband and I bought 7 months ago. We knew perfectly well the housing market wasn't anywhere near the bottom, but we found something we liked that we could buy for the price we offered, and were willing to accept losing value in the short term.

    And for the record, that tax credit has me tremendously upset. Philosophically because the housing market has to find its own bottom, and personally because hubby and I could spend that 8000 pretty darn quick if they gave it to _us_. We have a list half a mile long of things we want to do... but no money to do it with (we just bought a house, y'know... not like money grows on trees)... Instead, we're getting a crummy _loan_ from the gumment. If all they're giving _ME_ is a loan, I'll take that money, toss it in a CD for a few years, and give it back after it earns me some of my own money - good for me... but totally worthless for what they intended to happen.

    /Caveman314

  7. #27
    Board Mommy vraiblonde's Avatar
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    Quote Originally Posted by kayakangler View Post
    That’s interesting... I feel a little worried to tell you the truth. No doubt having a bunch of eager first time home buyers out there would be great for me, but at what cost. I remember a few years back when the fed kept dropping and dropping the interest rates to boost the economy... It worked great everyone was buying houses and refinancing and taking equity out of their homes living it up...That drove prices through the roof, now look at us... Maybe they should let things take their natural course and let the economy correct its self... just a thought… Maybe we are near enough to the bottom that corrective action will work?
    See, that's what it sounds like to me: didn't we already go through this and isn't this what helped bring about the mortgage collapse?
    "Too much agreement kills a chat."
    ~Eldridge Cleaver

  8. #28
    Sorry, I'm not Patch... somdrenter's Avatar
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    Quote Originally Posted by vraiblonde View Post
    See, that's what it sounds like to me: didn't we already go through this and isn't this what helped bring about the mortgage collapse?
    Yep.

    Prices were over inflated, propped up by loose lending and toxic mortgages. Take away the funny money and….well….I guess we see the outcome.

    Either prices return to fundamentals, or we keep pumping more funny money into one of the largest ponzi schemes in history, thus prolonging any downturn.
    HONK
    If you’re paying someone else’s mortgage

  9. #29
    Sorry, I'm not Patch... somdrenter's Avatar
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    Quote Originally Posted by Caveman314 View Post
    We have a list half a mile long of things we want to do... but no money to do it with (we just bought a house, y'know... not like money grows on trees)...
    HONK
    If you’re paying someone else’s mortgage

  10. #30
    anyone know if this is true: (pulled from a website)

    Home buyers who hoped for a $15,000 tax credit to buy a new home, as promised by the Senate, will be disappointed. A proposed $35 billion credit to support home sales was jettisoned in favor of a more modest $2 billion to $3 billion provision.

    The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. Congressional aides cautioned Wednesday that the credit’s size was still subject to negotiation.



    ---

    i just purchased a home, filed my taxes on saturday and had my home put in for the 7500 tax free loan, but i have been trying to figure out for sure or not if it would indeed become a 8000 no-repay tax credit

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