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
Hey Jess
Thats because Bush was president!
gd
of CA
@
Nov 06, 2009 12:49:13 PM
Call the Wambulance
The tax credit was designed for people who cannot afford a home. If what you say is true, then you were able to buy a home without help. Stop complaining about others and be happy that during this terrible economy you could purchase a new home.
Think of others and not yourself!!
Dave
of MA
@
Nov 06, 2009 12:47:32 PM
WHAT...
I bought My home January 2009, but did not qualify because I was a home owner for the past six years and I was now (moving up). Will they go back to the beginning of the year for me like they are for 1st time home buyrs??
Shannon Tate
of GA
@
Nov 05, 2009 19:47:36 PM
unfair
I bought my first home in September, 2008 and received the $7,500 credit on this year's refund, which has to be paid back ($500 a year for 15 years). It's completely unfair that not only are they now offering a $8,000 refund for first-time home buyers that does not have to be paid back, you can also receive $6,500 if you've owned your home for 5 years or more. People that bought their home last year don't actually get ANY benefit whatsoever because now I owe the government $500 a year of my own tax money, while others get to go spend $8,000 freely. Absolutely ridiculous! I can't believe they didn't think about this.
Jess
of CA
@
Nov 05, 2009 18:18:22 PM
Due to Divorce
Concerning the question from Virginia about selling the home due to divorce and then living elsewhere and now purchasing a new home. Where do we find the answer to this question?
Wendi W
of TX
@
Nov 05, 2009 12:44:40 PM
Effective date of changes
I pusrchased a home in 2009, but did not qualify for the credit because of the income limitation. I do qualify with the new income limits. Will this change be retroactive to January 1, 2009?
James of NY @ Nov 12, 2009 21:45:26 PM
Larry Fleckinger of FL @ Nov 08, 2009 07:54:36 AM
JB of NJ @ Nov 07, 2009 08:46:10 AM
jim of FL @ Nov 07, 2009 05:51:39 AM
gd of CA @ Nov 06, 2009 12:49:13 PM
Dave of MA @ Nov 06, 2009 12:47:32 PM
Shannon Tate of GA @ Nov 05, 2009 19:47:36 PM
Jess of CA @ Nov 05, 2009 18:18:22 PM
Wendi W of TX @ Nov 05, 2009 12:44:40 PM
Richard - of FL @ Nov 05, 2009 10:56:32 AM
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