First time home buyer's tax rebate

he still stands

Did anyone else take advantage of this?

WOW.

I assumed that it would be $8,000 to reduce my taxable income.... Nope. You just get $8,000. :shock:

This is the first PLEASANT surprise I've had with the government or taxes... Ever.

Gern Blansten

yeah...fuck obama eh?

The really cool credit is the "Long Term Residents" credit....it is only $6,500 but you don't have to be a first time homebuyer....

Got_Some

I totally took advantage of that. I sent my taxes in Monday and can't wait for the big pay day.

If I were only reducing my taxable income by $8K, there wouldn't have been such an incentive for me to buy...but I did it for the $8K check. Plus, it was a good time to buy in my opinion...prices were near bottom and it made sense.

Jason P

This is a very good deal. It was supposed to end last year but they extended it into this year. I'm trying to take advantage of it before the deal ends.

cincybearcat

Great idea...give people money so they buy houses that they couldn't otherwise afford...so we end up where we were several years from now. Of course, there will be a different guy in the big office to blame at that point.

FiveB247x

I took advantage of it. In all honesty, I was gonna get a home either way, but the timing worked out. I think the program is a poor idea and doesn't really "fix" much or address the real issues in the market, but I'll take the government's money.. so f'em.

he still stands

yeah I was going to buy anyway so I didn't pay much attention to this... I knew it was available and it was just another reason to buy.

$8,000 baby! Well... half of it goes to my ex...

$4,000 baby! Well... $3,500 goes to debt

$500 baby! Well... I should start a college fund for my son...

$20 baby! I'll go out and buy a case of Keystone...

know1

Shame on you for paying less taxes. Don't you know that's a sin.

Gern Blansten

cincybearcat wrote:

Great idea...give people money so they buy houses that they couldn't otherwise afford...so we end up where we were several years from now. Of course, there will be a different guy in the big office to blame at that point.

wrong....you have to qualify to buy the house regardless of the credit

you won't get the credit until you file your taxes

SPEEDY MCCREADY

I am trying my best to make it happen. We put a bid in, on a house 2 weeks ago, and we are waiting for a response. It is a foreclosure.

The house sold for $239K 10 years ago....
The house sold for $279K 5 years ago......

The bank is asking for $139K!!!!!

As long as I can get under contract by April 30th, and close by June 30th.....The good Lord Obama will cut me a check for 8K....

Small 2 bedroom ranch, with a nice big backyard, and when the good Lord Obama sends me my 8K, I will be going out and price some swimming pools....

Party at SPEEDY"S!!!!!!!

he still stands

cincybearcat wrote:

Great idea...give people money so they buy houses that they couldn't otherwise afford...so we end up where we were several years from now. Of course, there will be a different guy in the big office to blame at that point.

:? a tax credit has no affect on how much $$$ the bank is willing to lend... or at least a VERY small affect. If your household income is $80k then they (might... probably not) add in $8k for 2010 income so that your household income is now $88k... One year of a relatively small amount of additional income might add a few thousand to the top end and hence a few dollars per month over the next 360 months. More likely, it will have zero affect...

blackredyellow

I missed the starting date by like a month when we bought our house... bastards.

SPEEDY MCCREADY

blackredyellow wrote:

I missed the starting date by like a month when we bought our house... bastards.

If by chance I dont close in time, for the 8K tax credit, I am not going to worry about it. Yes, of course, I would love to receive a check for 8K, but if it doesn't happen, it will be ok. The way the housing market is, and with interest rates being where they are, I have the opportunity to purchase a house, and have my mortgage payment, with property taxes, and insurance, be identical to what I pay in rent. Plus I am hoping to work out, being a 1st time home buyer, a 5-10% down payment, with my closing costs being thrown into my mortgage. But if the bank wants 20% down, then I will cut the check. If I can get by with a 5-10% downstroke, and keep MY MONEY in my checking account, I will be thrilled. Putting 20% down, doesn't really change my monthly payment, all that much.

blackredyellow

SPEEDY MCCREADY wrote:

blackredyellow wrote:

I missed the starting date by like a month when we bought our house... bastards.

If by chance I dont close in time, for the 8K tax credit, I am not going to worry about it. Yes, of course, I would love to receive a check for 8K, but if it doesn't happen, it will be ok. The way the housing market is, and with interest rates being where they are, I have the opportunity to purchase a house, and have my mortgage payment, with property taxes, and insurance, be identical to what I pay in rent. Plus I am hoping to work out, being a 1st time home buyer, a 5-10% down payment, with my closing costs being thrown into my mortgage. But if the bank wants 20% down, then I will cut the check. If I can get by with a 5-10% downstroke, and keep MY MONEY in my checking account, I will be thrilled. Putting 20% down, doesn't really change my monthly payment, all that much.

Yeah, not the end of the world, because it's not like the $8k would have changed our budget or type of house we were looking for.... but having an extra $8,000 cash when we moved in would have been nice to do some of the improvements that we have been saving up for/working on for the last year and a half.

SPEEDY MCCREADY

blackredyellow wrote:

SPEEDY MCCREADY wrote:

blackredyellow wrote:

I missed the starting date by like a month when we bought our house... bastards.

If by chance I dont close in time, for the 8K tax credit, I am not going to worry about it. Yes, of course, I would love to receive a check for 8K, but if it doesn't happen, it will be ok. The way the housing market is, and with interest rates being where they are, I have the opportunity to purchase a house, and have my mortgage payment, with property taxes, and insurance, be identical to what I pay in rent. Plus I am hoping to work out, being a 1st time home buyer, a 5-10% down payment, with my closing costs being thrown into my mortgage. But if the bank wants 20% down, then I will cut the check. If I can get by with a 5-10% downstroke, and keep MY MONEY in my checking account, I will be thrilled. Putting 20% down, doesn't really change my monthly payment, all that much.

Yeah, not the end of the world, because it's not like the $8k would have changed our budget or type of house we were looking for.... but having an extra $8,000 cash when we moved in would have been nice to do some of the improvements that we have been saving up for/working on for the last year and a half.

8K can go a LONG WAY!!!!

New Washer
New Dryer
New Big screen TV
New Oven
New Fridge
New Patio furniture
New Lawn mower

With plenty left over, that you can throw in the bank.

Gern Blansten

SPEEDY MCCREADY wrote:

June 31st

:?

cincybearcat

Gern Blansten wrote:

cincybearcat wrote:

Great idea...give people money so they buy houses that they couldn't otherwise afford...so we end up where we were several years from now. Of course, there will be a different guy in the big office to blame at that point.

wrong....you have to qualify to buy the house regardless of the credit

you won't get the credit until you file your taxes

Sorry, feeling sarcastic and negative today, I was joking, hence the smiley.

SPEEDY MCCREADY

blackredyellow wrote:

I missed the starting date by like a month when we bought our house... bastards.

Hey, I am curious. What type of improvements have you been saving for?

If we get this house we bid on, it looks like I will first and foremost, put a new layer of shingles on the roof. The kitchen and bath are basically brand new, new fixtures, new countertops. I now damned well I will probably tear down the garage in a year or 2 and put up a new one. Also if not this summer, than next summer. I will install a new fence.

Again, thats IF I get the house.

What improvements did you have to do?

Im just curious, and I feel like talking.

SPEEDY MCCREADY

Gern Blansten wrote:

SPEEDY MCCREADY wrote:

June 31st

:?

heheheheh

Ok

June 30th.....

Are ya happy now?????

blackredyellow

SPEEDY MCCREADY wrote:

blackredyellow wrote:

I missed the starting date by like a month when we bought our house... bastards.

Hey, I am curious. What type of improvements have you been saving for?

If we get this house we bid on, it looks like I will first and foremost, put a new layer of shingles on the roof. The kitchen and bath are basically brand new, new fixtures, new countertops. I now damned well I will probably tear down the garage in a year or 2 and put up a new one. Also if not this summer, than next summer. I will install a new fence.

Again, thats IF I get the house.

What improvements did you have to do?

Im just curious, and I feel like talking.

We really didn't have to do anything right away, but there were some expenses. We had to buy a new refrigerator, washer/dryer, lawnmower (and other stuff we didn't need in an apartment).

We are finishing our basement now (with income tax refund money). So far that has only cost about $1500, but we still have to get the drywall finished and carpeting.

Our house was built in 1987 and it has the original roof and furnace in it... both are doing good, but they are pretty much at the end of their life spans, so in the next couple of years those will probably be expensive projects.

Other stuff we'd like to do is landscaping/new fence, update one of the bathrooms, repave the driveway, new garage door... etc etc etc.

As everyone will tell you, there is always something to do.

Fuck, $8k would have been nice lol

Gern Blansten

blackredyellow wrote:

SPEEDY MCCREADY wrote:

blackredyellow wrote:

I missed the starting date by like a month when we bought our house... bastards.

Hey, I am curious. What type of improvements have you been saving for?

If we get this house we bid on, it looks like I will first and foremost, put a new layer of shingles on the roof. The kitchen and bath are basically brand new, new fixtures, new countertops. I now damned well I will probably tear down the garage in a year or 2 and put up a new one. Also if not this summer, than next summer. I will install a new fence.

Again, thats IF I get the house.

What improvements did you have to do?

Im just curious, and I feel like talking.

We really didn't have to do anything right away, but there were some expenses. We had to buy a new refrigerator, washer/dryer, lawnmower (and other stuff we didn't need in an apartment).

We are finishing our basement now (with income tax refund money). So far that has only cost about $1500, but we still have to get the drywall finished and carpeting.

Our house was built in 1987 and it has the original roof and furnace in it... both are doing good, but they are pretty much at the end of their life spans, so in the next couple of years those will probably be expensive projects.

Other stuff we'd like to do is landscaping/new fence, update one of the bathrooms, repave the driveway, new garage door... etc etc etc.

As everyone will tell you, there is always something to do.

Fuck, $8k would have been nice lol

watch the tax credit for a new energy efficient furnace....30% of cost up to $1,500

SPEEDY MCCREADY

blackredyellow wrote:

We really didn't have to do anything right away, but there were some expenses. We had to buy a new refrigerator, washer/dryer, lawnmower (and other stuff we didn't need in an apartment).

We are finishing our basement now (with income tax refund money). So far that has only cost about $1500, but we still have to get the drywall finished and carpeting.

Our house was built in 1987 and it has the original roof and furnace in it... both are doing good, but they are pretty much at the end of their life spans, so in the next couple of years those will probably be expensive projects.

Other stuff we'd like to do is landscaping/new fence, update one of the bathrooms, repave the driveway, new garage door... etc etc etc.

As everyone will tell you, there is always something to do.

Fuck, $8k would have been nice lol

I think the most annoying part of the house buying process, at least for me, is the constant advice I am getting from people. Advice from people, who do not have a fucking clue what they are talking about. hehehehe

It seems I hear nothing but "doom and gloom"........

Some of my favorites??? "Have you checked to see what the property taxes are"????

UMMMM, No, I am going to purchase a fucking house, without checking the property taxes.

Another favorite? "You realize being pre-approved, means nothing".....

I am pretty sure I wouldnt be purchasing a house, if I didnt think my credit history was in order, and I didnt have at least 20% to put down....

Yet another...."You realize you will have to get an inspector and a real estate lawyer".....

No shit Sherlock!!!!!!!!

blackredyellow

SPEEDY MCCREADY wrote:

blackredyellow wrote:

We really didn't have to do anything right away, but there were some expenses. We had to buy a new refrigerator, washer/dryer, lawnmower (and other stuff we didn't need in an apartment).

We are finishing our basement now (with income tax refund money). So far that has only cost about $1500, but we still have to get the drywall finished and carpeting.

Our house was built in 1987 and it has the original roof and furnace in it... both are doing good, but they are pretty much at the end of their life spans, so in the next couple of years those will probably be expensive projects.

Other stuff we'd like to do is landscaping/new fence, update one of the bathrooms, repave the driveway, new garage door... etc etc etc.

As everyone will tell you, there is always something to do.

Fuck, $8k would have been nice lol

I think the most annoying part of the house buying process, at least for me, is the constant advice I am getting from people. Advice from people, who do not have a fucking clue what they are talking about. hehehehe

It seems I hear nothing but "doom and gloom"........

Some of my favorites??? "Have you checked to see what the property taxes are"????

UMMMM, No, I am going to purchase a fucking house, without checking the property taxes.

Another favorite? "You realize being pre-approved, means nothing".....

I am pretty sure I wouldnt be purchasing a house, if I didnt think my credit history was in order, and I didnt have at least 20% to put down....

Yet another...."You realize you will have to get an inspector and a real estate lawyer".....

No shit Sherlock!!!!!!!!

Yeah, the obvious advice is a joke... I'm going to get myself $150k in debt, no shit I'm going to do research lol.

The pre-approval thing is such a crock of shit... my wife and I were pre-approved for like twice what we could realistically afford. No wonder people are fucked in this country, some of them actually take out the max they are pre-approved for.


You are obviously past this stage in the game, but the only obvious advice I tell people is to get a good realitor... don't just pull a name off a website, ask smart people you know for a referral. Our guy made the whole purchase much easier. It's amazing how many little questions you can have during the processes, and our realitor answered everything (or referred us to people who could) every step of the way.


Speaking of real estate, anyone catch the recent stories about the Extreme Home Makeover show people getting foreclosed on? If you don't know the show, they take some out of luck family who are good in the community, etc., and live in terrible houses, and rebuild them a big nice house.

Well, it turns out that some of the people took out loans and loans against the equity of the houses and ended up losing them.... great choices people.

SPEEDY MCCREADY

Well...

It looks like I will be under contract, sometime this week, looking at a closing date of June 21st. Still cant believe the house I am buying for $130K, sold for $279K just 5 years ago. I am not looking at having to do much work before we move in, mostly cosmetic, but we will see what Mr. Inspector has to say. Hopefully the housing market turns around in the next 5 years, but I think it will take 20 years.

patrickredeyes

SPEEDY MCCREADY wrote:

Well...

It looks like I will be under contract, sometime this week, looking at a closing date of June 21st. Still cant believe the house I am buying for $130K, sold for $279K just 5 years ago. I am not looking at having to do much work before we move in, mostly cosmetic, but we will see what Mr. Inspector has to say. Hopefully the housing market turns around in the next 5 years, but I think it will take 20 years.

congrats

SPEEDY MCCREADY

patrickredeyes wrote:

SPEEDY MCCREADY wrote:

Well...

It looks like I will be under contract, sometime this week, looking at a closing date of June 21st. Still cant believe the house I am buying for $130K, sold for $279K just 5 years ago. I am not looking at having to do much work before we move in, mostly cosmetic, but we will see what Mr. Inspector has to say. Hopefully the housing market turns around in the next 5 years, but I think it will take 20 years.

congrats

Hey, thanks Patrick.

Its time. Hell, maybe it was time 10-15 years ago. hehehehe

But I NEVER wanted to leave the city, never thought I would leave the city. But now, I CANT WAIT to get out of the city. I have had enough of the city. Where I am moving is only 10 miles Northwest of where I am at now, but it is a whole different world. Nice quiet neighborhood, all single family houses. I am going to spend my summer playing in my garden, fixing the lawn, and sitting on my new deck. Sounds good to me!

norm

SPEEDY MCCREADY wrote:

Well...

It looks like I will be under contract, sometime this week, looking at a closing date of June 21st. Still cant believe the house I am buying for $130K, sold for $279K just 5 years ago. I am not looking at having to do much work before we move in, mostly cosmetic, but we will see what Mr. Inspector has to say. Hopefully the housing market turns around in the next 5 years, but I think it will take 20 years.

"Have you checked to see what the property taxes are"????

"You realize being pre-approved, means nothing"

"You realize you will have to get an inspector and a real estate lawyer"

SPEEDY MCCREADY

norm wrote:

SPEEDY MCCREADY wrote:

Well...

It looks like I will be under contract, sometime this week, looking at a closing date of June 21st. Still cant believe the house I am buying for $130K, sold for $279K just 5 years ago. I am not looking at having to do much work before we move in, mostly cosmetic, but we will see what Mr. Inspector has to say. Hopefully the housing market turns around in the next 5 years, but I think it will take 20 years.

"Have you checked to see what the property taxes are"????

"You realize being pre-approved, means nothing"

"You realize you will have to get an inspector and a real estate lawyer"

hehehehehehehehe

My new neighbor walks out of her back door on Saturday, and says Hi...

We introduce ourselves and tell her we are going to buy this house....

She immediately asks..... "How much did you pay for it"????? I tell her 130K....

She frowns and says...."I bought mine for $250K 6 years ago"

YIKES!!!!!

norm

SPEEDY MCCREADY wrote:

hehehehehehehehe

My new neighbor walks out of her back door on Saturday, and says Hi...

We introduce ourselves and tell her we are going to buy this house....

She immediately asks..... "How much did you pay for it"????? I tell her 130K....

She frowns and says...."I bought mine for $250K 6 years ago"

YIKES!!!!!

and yet the same house out here would go for double that...i look at 250 and think "BARGIN!!"

congrats on the house...i'll be moving in in the fall

sabreleaf

If the prices of the new houses I like here in New York didn't cost so damn much I would take advantage of it. Sould have first time sellers rebate so I can double down.

SPEEDY MCCREADY

So...

I am now under contract....
Had Mr. Inspector over on Saturday.....
We have some minor repairs/work to do....Nothing MAJOR(Thank God)
I will see Mr. Loan Officer tomorrow....
Hope to be in the new house in 30 days........

Life is good....

Then Mr. Obama can send me my check for $8,000........

And life will be better.......