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$15k Housing Credit cut from stimulus package??

CE202890CE202890 Posts: 39
edited February 2009 in A Moving Train
Just found out that this credit will be scaled back to $8,000 in order to shrink the overall size of the stimulus package. Also, it will again be limited to first time buyers and carries income limitations.

If housing stimulus is one of the key issues, why cut back probably the most notable aspect of the package?
This new credit only offers $500 more than lasts years anyway, which obviously is not working well enough.

Think of the psychological effect: you offer buyers $15k, and then cut it in half. People are automatically going to be dissapointed w/ the revised offer now. I for one was looking at purchasing a home later this year, now I will not be nearly as motivated to do so.

I've had a bad feeling about this package overall...and this move shows me that Washington really may not be getting this......
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Comments

  • VINNY GOOMBAVINNY GOOMBA Posts: 1,818
    I am in the same boat. I got a major tease when they were talking about giving a $15,000 credit, and 4% mortgages! Did you hear that one? Then it was all taken away. Well, it used to be a $7500 interest-free loan that would have to be paid back eventually, now it's an $8,000 tax credit-- so it is an improvement of sorts. It sucks getting teased with what they were originally proposing. I didn't know there would be any income restrictions, though. Do you know what the income restrictions will be on the $8,000 credit?

    I am opposed to the entire package with or without it giving me free money towards a house. However, if the government is going to be so wreckless in printing and spending money, they should put it directly in the hands of the people instead of through bullshit programs, and giving people busy work, and giving it to banks. I firmly believe it is only going to make things worse as well. I hope I'm wrong.
  • BinFrogBinFrog MA Posts: 7,309
    $15K was the proposal, and they compromised down to an $8000 tax credit. What were you getting before this deal? $0. It's an improvement.
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  • chromiamchromiam Posts: 4,114
    only for first time home buyers who meet certain income requirements (read low income).
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  • blackredyellowblackredyellow Posts: 5,889
    This is just for home purchases after it passes, right? We bought our house in Oct '08, so we get nothing I guess...
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  • VINNY GOOMBAVINNY GOOMBA Posts: 1,818
    blackredyellow wrote:
    This is just for home purchases after it passes, right? We bought our house in Oct '08, so we get nothing I guess...


    I haven't seen anything that makes it retro-active. The 4% mortgage deal may have allowed you to re-finance, but that's out.
  • VINNY GOOMBAVINNY GOOMBA Posts: 1,818
    BinFrog wrote:
    $15K was the proposal, and they compromised down to an $8000 tax credit. What were you getting before this deal? $0. It's an improvement.

    As long as the income restriction doesn't leave us out, it is an improvement, yes.
  • CE202890CE202890 Posts: 39
    well, just found out today that the $8,000 doesn't have to be paid back. Big difference.
    The $7,500 credit already out does have to be paid back, and so would have the proposed $15,000 credit.

    Income limitations are set decently high......I think around $75,000 for an individual and $100ish for married.

    Actually could be seen as an improvement if you are a first time buyer.
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