First Time Home Buyers READ THIS!!!!

[firehawk1120]

Ok as a realtor I can't tell you how HUGE this is for first time home buyers. IF you didn't already know last year there was a $7,500 tax credit if you bought your home but it was a low interest loan that had to be paid back over 15 years.

The NEW plan allows a claim of $8,000 or 10% of the home's value, whichever is less on 2008 or 2009 taxes.

Now this is limited to singles with an income of $75,000 or couples under $150,000.

You must be either a first time home buyer or not have owned a home in the past 3 years. So unfortunately it doesn't help those already in trouble.

Basic understanding is if you paid your taxes and owe $0 to uncle sam you get $8,000 back if you purchase a house this year. If you owe Uncle Sam $2,000 you'd get back $6,000 or if Uncle sam owed you $3,500 you'd get that plus the $8,000 so $11,500.

If this doesn't at least help get some potential buyers off the fence not much else will.

If anyone has any questions feel free to PM me.

Gene

[Mike]

damn, i would have to get married BEFORE buying the house to qualify

[firehawk1120]

if your above the threshhold for a single then you should be able to buy a home have you ever looked into mortgages esp. now the rates are very low.

[BonzoHansen]

Nice post Gene.

[Jam]

buying a condo is just the way to go

[TaKid455]

wouldn't it be singles under 75k, not over? Is that gross or reported to IRS?( gross less deductions?)
Looks like most will get 8k. not many homes in NJ under 80k. At least livable ones. so they are pretty much giving you back the closing cost. not bad.

[BonzoHansen]

buying a condo is just the way to go

not if you like working on your car (like oil changes, even washing it in some places).

[blown ta]

yup, did it on monday, but only got 7500.00, now i am glad i bought a house. lol

[Jam]

not if you like working on your car (like oil changes, even washing it in some places).

well this is just the best time for young people to finance condos. I was considering putting a down payment for one but I decided I'd rather own a WS6

[foff667]

What about those that own their own home & want to buy something nicer and make under the $150k threshold, I assume we are **** outta luck.

I'm pretty sure I wouldn't mind buying this year if I knew there was some good that would come from it :D

[firehawk1120]

What about those that own their own home & want to buy something nicer and make under the $150k threshold, I assume we are **** outta luck.

I'm pretty sure I wouldn't mind buying this year if I knew there was some good that would come from it :D


yeah unfortunately current home owners looking to buy a 2nd investment home or those that need to upgrade or downsize do not meet the requirements which is something that was being debated and got voted out.

[Tru2Chevy]

Ok as a realtor I can't tell you how HUGE this is for first time home buyers. IF you didn't already know last year there was a $7,500 tax credit if you bought your home but it was a low interest loan that had to be paid back over 15 years.

It's actually a no interest loan.....$500 / year for 15 years is the payback schedule.

- Justin

[HeadlessNorseman]

Doesnt it mean you just get an 8000 dollar write off? I didnt know they actually give you money back for buying stuff. Thats pretty cool. And condos are sort of a scam. You get all the crappy parts of owning a house and renting with none of the benefits of either, except a place to live

[BigAls87Z28]

Yeah, I havent told the gf yet...she's not gunna be happy.

[NJ Torque]

well this is just the best time for young people to finance condos. I was considering putting a down payment for one but I decided I'd rather own a WS6

the chicks like the house better then the car...

[jims69camaro]

the chicks like the house better then the car...

:werd:

[firehawk1120]

Yeah, I havent told the gf yet...she's not gunna be happy.

why wouldn't she be happy did she buy last year? still got the 7,500 credit still have 15 years to pay it off nothing shabby about that deal either.

[BigAls87Z28]

She doesnt plan on staying in the house for more then 5 years.
Anyone in thier right mind would rather take 8k tax free dollars then a 7500 no intrest loan for 15 years.

[firehawk1120]

ok this is a new law so i could be incorrect but i believe it's only a 3 year committment not 5 years. Either way she gets the benefit of it now and doesn't actually have to pay any money it is an automatic deduction when she sells the house.

according to historical statistics once the market recovers and starts appreciating the value of the home will well exceed the $7,500 loan payback. at a minimum a $200,000 appreciating at just 1% a year will return the investment in 4 years.

[Mark B]

DONT BUY A CONDO!!

I bought a condo in marlton when I was 19. Financially it was a good thing. But now I am stuck with a condo association that hates me and fines me everytime I pop my hood. Im glad I bought instead of rented... But I should have gotten a small single family house.

[Frosty]

DONT BUY A CONDO!!

I bought a condo in marlton when I was 19. Financially it was a good thing. But now I am stuck with a condo association that hates me and fines me everytime I pop my hood. Im glad I bought instead of rented... But I should have gotten a small single family house.

It's because it's in Marlton...bunch of uptight, rich ****s.

Hmmm, King's Grant or Barton Run? ;)

[BonzoHansen]

Almost all condo & homeowner associations are like that. Find out before you sign the contracts.

[JL8Jeff]

A lot of the newer housing developments are like that also so check if there is a housing assoc and if there are restrictions. Condo's aren't necessarily a bad buy especially if you decide to move up to a house later on and you can still rent out the condo to help it pay for itself. But I prefer my own yard, garage, grass to cut, leaves to rake, hedges to trim and driveway to work on my car.

[BonzoHansen]

While on the topic, to go along with not buying a house with any condo or homeowner association, as 'car enthusiast', think long & hard about buying a house with no garage. Do not make the false assumption you can just build a garage. You will regret it until you move. Everyone I know that did that ended up pissed.

Unless you really don't want one. And if you don't I question why you are on this site to begin with.

[Mark B]

The Hollows

[BigAls87Z28]

While on the topic, to go along with not buying a house with any condo or homeowner association, as 'car enthusiast', think long & hard about buying a house with no garage. Do not make the false assumption you can just build a garage. You will regret it until you move. Everyone I know that did that ended up pissed.



tell me about it...

[BonzoHansen]

Gene will tell you, before you start house shopping, make a list:

a) must have
b) nice to have
c) cannot have.

A & C are your deal breakers. Do not shortchange yourself. Everyone's list is different, but everyone needs a list.

Minimum 2 car garage was a deal breaker for me. The 1st house our agent showed us had no garage, the 2nd house had a small 1 car. I told him if he showed us one more house without a minimum 2 car garage he would no longer be our agent. We never saw another one w/o one. Now I wish I pushed for detached and flat driveway, but those would have been nice to haves at the time..

[BigAls87Z28]

Well, it wasnt up to me on the house. But the first house we were sold on had a sweet oversized 1 car, detached. I had such high hopes for the house...oh well.

[Tru2Chevy]

Yea, I kick myself now for not holding out for a garage. I have a decent sized car-port, but my wife has claimed it for herself.

Another house we looked at had a 1 car wide, 2 car deep attached garage that would have worked out very nicely for us, but there were too many other negatives (like no dining room, and a kitchen that was about the size of a postage stamp).

- Justin

[Blackbirdws6]

Gene will tell you, before you start house shopping, make a list:

a) must have
b) nice to have
c) cannot have.

A & C are your deal breakers. Do not shortchange yourself. Everyone's list is different, but everyone needs a list.

Minimum 2 car garage was a deal breaker for me. The 1st house our agent showed us had no garage, the 2nd house had a small 1 car. I told him if he showed us one more house without a minimum 2 car garage he would no longer be our agent. We never saw another one w/o one. Now I wish I pushed for detached and flat driveway, but those would have been nice to haves at the time..

Couldn't agree with you more. I told my agent the homes he showed me needed to have at least a one car. I was fortunate enough to find the house I did with just about everything I wanted in a first home. My only quip is no basement but that's not something I needed to have but would have been nice.

[IROCZman15]

im glad that i came across this post

im in the market for a house

ive never owned a home, and have been saving up $ to buy a home.. mmaybe i shoud look into this tax credit more.. and talkt o a realtor.. thanks for the info...

[firehawk1120]

I am a realtor any questions you have hit me up on PM be glad to answer them for you.

Gene