First-Time Home Buyer Tax Credit Gets Obama Nod

I'm a 1st time homeowner. I closed on March 2, 2007 a few months before the property went down. Do I qualify for any of the tax credits? Would I have to refinance to qualify?

Lourdes of IL @ Jan 10, 2010 12:11:41 PM

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Soabsence of @ Dec 31, 2009 17:22:58 PM

what about building a home?

I want to build a house on land I purchased on Dec. of 2009? I should close on the perm mortgage by the deadline but does this count?

Jean of AL @ Dec 15, 2009 12:22:44 PM

How about treating those that tried to keep the economy alive.

I was a new home owner that purchased my home November 2008. Just before the "Tax Credt" was free. I had to repay which is crap. I did not take advantage of that deal. I missed out on 8,000 free money because I tried to keep the economy alive and improve my family. Yet again, I miss out on the 6,500 since I have not been in my home for 5 years. What about Refi's ????

Total Bull !!!!

Ticked Off in NY (The Tax to Death State)

mark kowalski of NY @ Dec 07, 2009 15:11:02 PM

home is purchased for a price less than or equal to $800,000

I read this on http://www.federalhousingtaxcredit.com/faq1.php#11.

Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000.

Does that mean if I purchase a home more than $800,000, will i still qualify for the tax credit?

James of NY @ Nov 12, 2009 21:45:26 PM

My Fear...

As much as I like the benefit of the increased sales the tax credit has brought the real estate industry, I fear that we are setting ourself up for even more foreclosures and mortgage deliquincies in the future and extending the already bad situation we are in now. (Not to mention the burden the government has of having to print all that money to give to the buyers) There are still thousands of foreclousres and short sales looming here in Florida. Now we are putting 1000's of marginal first time buyers in homes because they will get an $8000 (up to) tax credit. (We would be better allowing them to put it down on the home so they have some skin in the game, so to speak) Most of these folks are cash poor and have to ask for the sellers assitance with closing cost...what does that tell us about these buyers...

Larry

www.BrevardHomeSouce.com

Larry Fleckinger of FL @ Nov 08, 2009 07:54:36 AM

C'mon Dave, that's BS

Dave of MA, while I agree with your altruistic posture, you said 'people who cannot afford a home'... and they raised the income limits... to 125,000 bucks... if some poor homeless dude is making 125K, and he can't afford a home, well, he better thinking about cutting back on the crack habit...

It's not about helping people who can not afford, it's about encouraging those who CAN afford. $8000 credit on your taxes? People who can't afford to buy a home probably don't even PAY $8000 TOTAL in taxes... if you can't pay a mortgage, you can't pay a mortgage... period.

JB of NJ @ Nov 07, 2009 08:46:10 AM

jim

when does this 6500 credit take effect? We are trying to close on a home within the next week. florida

jim of FL @ Nov 07, 2009 05:51:39 AM