First Time Home Buyers READ THIS!!!!
 

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

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

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.

Nice post Gene.

buying a condo is just the way to go

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.

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

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

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

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.

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

- Justin

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

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

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

:werd:

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.

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.

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.

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? ;)

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

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.

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.

The Hollows