tax credit

_juice_ · 11-04-2009, 11:57 PM

anyone heard for sure about the extension?

i have heard there wanting to extend it, the agent im getting the home from says he has heard they have extended it and i cant find anything saying if it has or hasnt.

i wont be closed till mid december and it would be awesome to still get the $8k

8tninedime · 11-05-2009, 12:11 AM

i think so, and also heard about a 6500 rebate if you have owned a home before but bought a new one in the last year, even if its not your first. just heard that though...not sure

dannyboy954 · 11-05-2009, 01:11 AM

The Senate voted today in favor of it. The House is supposed to be voting on it sometime in the next few days. Looks like the extension will happen.

Rhotpursuit · 11-05-2009, 01:42 AM

More taxpayer money wasted on a lot of people that shouldn't be buying a house in the first place. Look for a surge in forcloseures or short sales coming to a neighborhood near you...

_juice_ · 11-05-2009, 02:46 AM

Quote: Originally Posted by Rhotpursuit

More taxpayer money wasted on a lot of people that shouldn't be buying a house in the first place. Look for a surge in forcloseures or short sales coming to a neighborhood near you...

probably so but im still glad i'll get my cut

WhiteXtremeSdime · 11-05-2009, 11:20 AM

Quote: Originally Posted by Rhotpursuit

More taxpayer money wasted on a lot of people that shouldn't be buying a house in the first place. Look for a surge in forcloseures or short sales coming to a neighborhood near you...

Good maybe Ill get a larger loan and buy two $50,000 houses on the courthouse steps, one to live in and the other to rent out. Ill let someone else pay my mortgage payments.

LXtasy · 11-05-2009, 08:07 PM

Quote: Originally Posted by Rhotpursuit

More taxpayer money wasted on a lot of people that shouldn't be buying a house in the first place. Look for a surge in forcloseures or short sales coming to a neighborhood near you...

That is BS. It is harder to get a loan for a home now than it ever has been. Thank you for your knowledge and expertise on this. Interest rates may be low, but that doesn't mean everyone gets it. PLUS, banks require MONEY DOWN unless you find a program to not. BUT typically 99% of banks are not doing ARMS (the adjustable interest loans....you know)

I am glad I got my 8k check the other day. It has paid my small debt off and I am putting it into my home.

Not everyone is buying homes now. Remember you have to have a JOB and Mortgage brokers are very involved on what you can afford now and in the future. Not like it was.

Thank you again for your input on why its bad without any experience or facts.

BTW, the credit was 7500 in the past, but you had to pay it back. Now its 8k and you do not have to pay it back. How many people are buying homes now compared to OH say a year ago

dannyboy954 · 11-06-2009, 12:05 AM

Looks like the House approved it today, and some are speculating that Obama could sign it into law as early as tomorrow. This "extension" though also allows people who have lived in their residence for at least 5 years to qualify for a credit of $6500.

Personally this is great news for me. We've been looking at houses now for the last few months and have lost some bids by a few hundred dollars in some cases. I've seen a surge in the house market here recently because everyone is trying to get into a place at the last minute. I'd hoping that with the extension things will calm down again and people won't be racing to purchase.

CatDaddy52 · 11-06-2009, 11:57 AM

Quote: Originally Posted by LXtasy

That is BS. It is harder to get a loan for a home now than it ever has been. Thank you for your knowledge and expertise on this. Interest rates may be low, but that doesn't mean everyone gets it. PLUS, banks require MONEY DOWN unless you find a program to not. BUT typically 99% of banks are not doing ARMS (the adjustable interest loans....you know)

I am glad I got my 8k check the other day. It has paid my small debt off and I am putting it into my home.

Not everyone is buying homes now. Remember you have to have a JOB and Mortgage brokers are very involved on what you can afford now and in the future. Not like it was.

Thank you again for your input on why its bad without any experience or facts.

BTW, the credit was 7500 in the past, but you had to pay it back. Now its 8k and you do not have to pay it back. How many people are buying homes now compared to OH say a year ago

I thought it was a tax credit!! You're saying they sent you a check!!??
Hard to believe....please explain!!

Rhotpursuit · 11-06-2009, 12:14 PM

Quote: Originally Posted by LXtasy

That is BS. It is harder to get a loan for a home now than it ever has been. Thank you for your knowledge and expertise on this. Interest rates may be low, but that doesn't mean everyone gets it. PLUS, banks require MONEY DOWN unless you find a program to not. BUT typically 99% of banks are not doing ARMS (the adjustable interest loans....you know)
I am glad I got my 8k check the other day. It has paid my small debt off and I am putting it into my home.
Not everyone is buying homes now. Remember you have to have a JOB and Mortgage brokers are very involved on what you can afford now and in the future. Not like it was.
Thank you again for your input on why its bad without any experience or facts.
BTW, the credit was 7500 in the past, but you had to pay it back. Now its 8k and you do not have to pay it back. How many people are buying homes now compared to OH say a year ago

A simple google will bring up numerous cases of fraud....people lie...go figure. NOBAMA is doing all he can to re-inflate the housing bubble...bubbles burst.

Think what you will...time will tell.

montec · 11-06-2009, 12:25 PM

Depending on how long I will try and take advantage and sell my house and move to the country and life off the land. I need more space for my projects and the city doesn't like me parking on the lawn even overnight.

LXtasy · 11-06-2009, 05:52 PM

Quote: Originally Posted by CatDaddy52

I thought it was a tax credit!! You're saying they sent you a check!!??
Hard to believe....please explain!!

You refrimend your taxes and wait 6- 8 weeks and get a check. WITH INTEREST! Search this board and you will see many other members have done it and gotten a check.

LXtasy · 11-06-2009, 05:55 PM

Quote: Originally Posted by Rhotpursuit

A simple google will bring up numerous cases of fraud....people lie...go figure. NOBAMA is doing all he can to re-inflate the housing bubble...bubbles burst.
Think what you will...time will tell.

Well, when they get caught there will be fines I am sure. Think about it like this, its only $500 more than what it was. And don't have to pay it back. I went through an accountant and he did it.

Plus, from what I have seen is that some of the "reported fraud" cases or what not may not be true, except some people wanting to claim it is bad.

I don't like alot of the programs, but this one I do. It wasn't what motivated me to buy a house though, just an added bonus. Hell, I paid off all debt except wifes truck, house payment (of course) and 4 wheeler. No CC , no line of credits etc etc.

And I am improving my home and hoping to get alittle more equity .

Who says people didn't lie in the past about the Tax credit anyways? Or what about anything else?

dannyboy954 · 11-06-2009, 07:13 PM

Quote: Originally Posted by LXtasy

Well, when they get caught there will be fines I am sure. Think about it like this, its only $500 more than what it was. And don't have to pay it back.

The only way you'd have to pay it back is it you move from the residence within three years of purchase.

LXtasy · 11-06-2009, 09:00 PM

Correct. Which I do not plan on doing of course. To busy having fun in "modding" the house. i like cutting up stuff and changing things around. plus, I have to keep the wife happy lol

CatDaddy52 · 11-06-2009, 10:27 PM

Quote: Originally Posted by LXtasy

You refrimend your taxes and wait 6- 8 weeks and get a check. WITH INTEREST! Search this board and you will see many other members have done it and gotten a check.

WTF is "refrimend"???

neel2008 · 11-07-2009, 01:18 AM

I thought about picking up a cheaper house in the area and getting that tax credit and fixing it up a little and plan on selling it in a few years when hopefully the market gets better, but I dont like that whole pay it back if you sell the place within 3 years thing, me being where im at in life, i dont know where i will be heading in 3 years or less. so im holding out.

LXtasy · 11-07-2009, 01:24 AM

Quote: Originally Posted by CatDaddy52

WTF is "refrimend"???

SORRY, the correct spelling of the word I was looking for was

reprehend

My mind was going a million miles a minute while talking to my wife on the phone as she is out of town. Sorry, i should have proof read it

dannyboy954 · 11-07-2009, 02:05 AM

Obama signed the bill today.

neel2008 · 11-07-2009, 02:33 AM

Quote: Originally Posted by dannyboy954

Obama signed the bill today.

at 2 am? damn he must have been working late

Connors10 · 11-07-2009, 04:05 AM

Quote: Originally Posted by dannyboy954

The only way you'd have to pay it back is it you move from the residence within three years of purchase.

Really?, this isnt the way I understood it?

11-04-2009, 11:57 PM	#1
_juice_ Juice&Docs' Drop Shop Age: 28 Join Date: Mar 2006 Posts: 1,311 Location: Spartanburg. SC User is: OffLine	tax credit anyone heard for sure about the extension? i have heard there wanting to extend it, the agent im getting the home from says he has heard they have extended it and i cant find anything saying if it has or hasnt. i wont be closed till mid december and it would be awesome to still get the $8k Last edited by _juice_ : 11-04-2009 at 11:58 PM. Reason: cant spell
	[Reply w/Quote]

11-05-2009, 12:11 AM	#2
8tninedime Registered User Age: 37 Join Date: Mar 2008 Posts: 276 Location: middle tn User is: OffLine	Re: tax credit i think so, and also heard about a 6500 rebate if you have owned a home before but bought a new one in the last year, even if its not your first. just heard that though...not sure
	[Reply w/Quote]

11-05-2009, 01:11 AM	#3
dannyboy954 5-Cylinder Member Age: 28 Join Date: Sep 2002 Posts: 1,464 Location: Denver, CO User is: OffLine	Re: tax credit The Senate voted today in favor of it. The House is supposed to be voting on it sometime in the next few days. Looks like the extension will happen.
	[Reply w/Quote]

11-05-2009, 01:42 AM	#4
Rhotpursuit Ticket Magnet Join Date: Sep 2003 Posts: 4,285 Location: Spanaway, Wa User is: OffLine	Re: tax credit More taxpayer money wasted on a lot of people that shouldn't be buying a house in the first place. Look for a surge in forcloseures or short sales coming to a neighborhood near you...
	[Reply w/Quote]

11-05-2009, 02:46 AM	#5
_juice_ Juice&Docs' Drop Shop Age: 28 Join Date: Mar 2006 Posts: 1,311 Location: Spartanburg. SC User is: OffLine	Re: tax credit Quote: Originally Posted by Rhotpursuit More taxpayer money wasted on a lot of people that shouldn't be buying a house in the first place. Look for a surge in forcloseures or short sales coming to a neighborhood near you... probably so but im still glad i'll get my cut
	[Reply w/Quote]

11-05-2009, 11:20 AM	#6
WhiteXtremeSdime Anybody got a Band-aid? Age: 29 Join Date: Dec 2003 Posts: 1,786 Location: Harrisonville, MO User is: OffLine	Re: tax credit Quote: Originally Posted by Rhotpursuit More taxpayer money wasted on a lot of people that shouldn't be buying a house in the first place. Look for a surge in forcloseures or short sales coming to a neighborhood near you... Good maybe Ill get a larger loan and buy two $50,000 houses on the courthouse steps, one to live in and the other to rent out. Ill let someone else pay my mortgage payments.
	[Reply w/Quote]

11-05-2009, 08:07 PM	#7
LXtasy Registered User Age: 27 Join Date: Feb 2007 Posts: 1,680 Location: Summerville , SC User is: OffLine	Re: tax credit Quote: Originally Posted by Rhotpursuit More taxpayer money wasted on a lot of people that shouldn't be buying a house in the first place. Look for a surge in forcloseures or short sales coming to a neighborhood near you... That is BS. It is harder to get a loan for a home now than it ever has been. Thank you for your knowledge and expertise on this. Interest rates may be low, but that doesn't mean everyone gets it. PLUS, banks require MONEY DOWN unless you find a program to not. BUT typically 99% of banks are not doing ARMS (the adjustable interest loans....you know) I am glad I got my 8k check the other day. It has paid my small debt off and I am putting it into my home. Not everyone is buying homes now. Remember you have to have a JOB and Mortgage brokers are very involved on what you can afford now and in the future. Not like it was. Thank you again for your input on why its bad without any experience or facts. BTW, the credit was 7500 in the past, but you had to pay it back. Now its 8k and you do not have to pay it back. How many people are buying homes now compared to OH say a year ago
	[Reply w/Quote]

11-06-2009, 12:05 AM	#8
dannyboy954 5-Cylinder Member Age: 28 Join Date: Sep 2002 Posts: 1,464 Location: Denver, CO User is: OffLine	Re: tax credit Looks like the House approved it today, and some are speculating that Obama could sign it into law as early as tomorrow. This "extension" though also allows people who have lived in their residence for at least 5 years to qualify for a credit of $6500. Personally this is great news for me. We've been looking at houses now for the last few months and have lost some bids by a few hundred dollars in some cases. I've seen a surge in the house market here recently because everyone is trying to get into a place at the last minute. I'd hoping that with the extension things will calm down again and people won't be racing to purchase.
	[Reply w/Quote]

11-06-2009, 11:57 AM	#9
CatDaddy52 Registered User Join Date: Nov 2008 Posts: 762 Location: Rochester Hizzle, MI User is: OffLine	Re: tax credit Quote: Originally Posted by LXtasy That is BS. It is harder to get a loan for a home now than it ever has been. Thank you for your knowledge and expertise on this. Interest rates may be low, but that doesn't mean everyone gets it. PLUS, banks require MONEY DOWN unless you find a program to not. BUT typically 99% of banks are not doing ARMS (the adjustable interest loans....you know) I am glad I got my 8k check the other day. It has paid my small debt off and I am putting it into my home. Not everyone is buying homes now. Remember you have to have a JOB and Mortgage brokers are very involved on what you can afford now and in the future. Not like it was. Thank you again for your input on why its bad without any experience or facts. BTW, the credit was 7500 in the past, but you had to pay it back. Now its 8k and you do not have to pay it back. How many people are buying homes now compared to OH say a year ago I thought it was a tax credit!! You're saying they sent you a check!!?? Hard to believe....please explain!!
	[Reply w/Quote]

11-06-2009, 12:14 PM	#10
Rhotpursuit Ticket Magnet Join Date: Sep 2003 Posts: 4,285 Location: Spanaway, Wa User is: OffLine	Re: tax credit Quote: Originally Posted by LXtasy That is BS. It is harder to get a loan for a home now than it ever has been. Thank you for your knowledge and expertise on this. Interest rates may be low, but that doesn't mean everyone gets it. PLUS, banks require MONEY DOWN unless you find a program to not. BUT typically 99% of banks are not doing ARMS (the adjustable interest loans....you know) I am glad I got my 8k check the other day. It has paid my small debt off and I am putting it into my home. Not everyone is buying homes now. Remember you have to have a JOB and Mortgage brokers are very involved on what you can afford now and in the future. Not like it was. Thank you again for your input on why its bad without any experience or facts. BTW, the credit was 7500 in the past, but you had to pay it back. Now its 8k and you do not have to pay it back. How many people are buying homes now compared to OH say a year ago A simple google will bring up numerous cases of fraud....people lie...go figure. NOBAMA is doing all he can to re-inflate the housing bubble...bubbles burst. Think what you will...time will tell.
	[Reply w/Quote]

11-06-2009, 12:25 PM	#11
montec Registered User Age: 28 Join Date: Mar 2007 Posts: 1,104 Location: North Dakota User is: OffLine	Re: tax credit Depending on how long I will try and take advantage and sell my house and move to the country and life off the land. I need more space for my projects and the city doesn't like me parking on the lawn even overnight.
	[Reply w/Quote]

11-06-2009, 05:52 PM	#12
LXtasy Registered User Age: 27 Join Date: Feb 2007 Posts: 1,680 Location: Summerville , SC User is: OffLine	Re: tax credit Quote: Originally Posted by CatDaddy52 I thought it was a tax credit!! You're saying they sent you a check!!?? Hard to believe....please explain!! You refrimend your taxes and wait 6- 8 weeks and get a check. WITH INTEREST! Search this board and you will see many other members have done it and gotten a check.
	[Reply w/Quote]

11-06-2009, 05:55 PM	#13
LXtasy Registered User Age: 27 Join Date: Feb 2007 Posts: 1,680 Location: Summerville , SC User is: OffLine	Re: tax credit Quote: Originally Posted by Rhotpursuit A simple google will bring up numerous cases of fraud....people lie...go figure. NOBAMA is doing all he can to re-inflate the housing bubble...bubbles burst. Think what you will...time will tell. Well, when they get caught there will be fines I am sure. Think about it like this, its only $500 more than what it was. And don't have to pay it back. I went through an accountant and he did it. Plus, from what I have seen is that some of the "reported fraud" cases or what not may not be true, except some people wanting to claim it is bad. I don't like alot of the programs, but this one I do. It wasn't what motivated me to buy a house though, just an added bonus. Hell, I paid off all debt except wifes truck, house payment (of course) and 4 wheeler. No CC , no line of credits etc etc. And I am improving my home and hoping to get alittle more equity . Who says people didn't lie in the past about the Tax credit anyways? Or what about anything else?
	[Reply w/Quote]

11-06-2009, 07:13 PM	#14
dannyboy954 5-Cylinder Member Age: 28 Join Date: Sep 2002 Posts: 1,464 Location: Denver, CO User is: OffLine	Re: tax credit Quote: Originally Posted by LXtasy Well, when they get caught there will be fines I am sure. Think about it like this, its only $500 more than what it was. And don't have to pay it back. The only way you'd have to pay it back is it you move from the residence within three years of purchase.
	[Reply w/Quote]

11-06-2009, 09:00 PM	#15
LXtasy Registered User Age: 27 Join Date: Feb 2007 Posts: 1,680 Location: Summerville , SC User is: OffLine	Re: tax credit Correct. Which I do not plan on doing of course. To busy having fun in "modding" the house. i like cutting up stuff and changing things around. plus, I have to keep the wife happy lol
	[Reply w/Quote]

11-06-2009, 10:27 PM	#16
CatDaddy52 Registered User Join Date: Nov 2008 Posts: 762 Location: Rochester Hizzle, MI User is: OffLine	Re: tax credit Quote: Originally Posted by LXtasy You refrimend your taxes and wait 6- 8 weeks and get a check. WITH INTEREST! Search this board and you will see many other members have done it and gotten a check. WTF is "refrimend"???
	[Reply w/Quote]

11-07-2009, 01:18 AM	#17
neel2008 Custom User Title Age: 19 Join Date: Aug 2005 Posts: 2,856 Location: Huntington, Indiana User is: Online	Re: tax credit I thought about picking up a cheaper house in the area and getting that tax credit and fixing it up a little and plan on selling it in a few years when hopefully the market gets better, but I dont like that whole pay it back if you sell the place within 3 years thing, me being where im at in life, i dont know where i will be heading in 3 years or less. so im holding out.
	[Reply w/Quote]

11-07-2009, 01:24 AM	#18
LXtasy Registered User Age: 27 Join Date: Feb 2007 Posts: 1,680 Location: Summerville , SC User is: OffLine	Re: tax credit Quote: Originally Posted by CatDaddy52 WTF is "refrimend"??? SORRY, the correct spelling of the word I was looking for was reprehend My mind was going a million miles a minute while talking to my wife on the phone as she is out of town. Sorry, i should have proof read it
	[Reply w/Quote]

11-07-2009, 02:05 AM	#19
dannyboy954 5-Cylinder Member Age: 28 Join Date: Sep 2002 Posts: 1,464 Location: Denver, CO User is: OffLine	Re: tax credit Obama signed the bill today.
	[Reply w/Quote]

11-07-2009, 02:33 AM	#20
neel2008 Custom User Title Age: 19 Join Date: Aug 2005 Posts: 2,856 Location: Huntington, Indiana User is: Online	Re: tax credit Quote: Originally Posted by dannyboy954 Obama signed the bill today. at 2 am? damn he must have been working late
	[Reply w/Quote]

11-07-2009, 04:05 AM	#21
Connors10 Registered User Join Date: Sep 2009 Posts: 19 Location: User is: OffLine	Re: tax credit Quote: Originally Posted by dannyboy954 The only way you'd have to pay it back is it you move from the residence within three years of purchase. Really?, this isnt the way I understood it?
	[Reply w/Quote]