Comments on: Florida Real Estate Community Tries To Make $8,000 Tax Credit Part of Down Payment http://www.therealestatebloggers.com/2009/03/30/florida-real-estate-community-tries-to-make-8000-tax-credit-part-of-down-payment/ Real Estate Blog, Mortgage, and Development News Fri, 20 Nov 2009 23:48:48 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: Gretchen http://www.therealestatebloggers.com/2009/03/30/florida-real-estate-community-tries-to-make-8000-tax-credit-part-of-down-payment/comment-page-1/#comment-391422 Gretchen Thu, 02 Jul 2009 16:44:06 +0000 http://www.therealestatebloggers.com/2009/03/30/florida-real-estate-community-tries-to-make-8000-tax-credit-part-of-down-payment/#comment-391422 I am a person that has been qualified for a loan and really would love to see this enacted. This is exactly why I am hesitating on signing through on the loan, as we are still nervous about the economy and do not want to take out from our savings. I would say that for me, if this was done and soon...another new home buyer would jump! I am a person that has been qualified for a loan and really would love to see this enacted. This is exactly why I am hesitating on signing through on the loan, as we are still nervous about the economy and do not want to take out from our savings. I would say that for me, if this was done and soon…another new home buyer would jump!

]]> By: Dan http://www.therealestatebloggers.com/2009/03/30/florida-real-estate-community-tries-to-make-8000-tax-credit-part-of-down-payment/comment-page-1/#comment-369223 Dan Wed, 15 Apr 2009 23:36:59 +0000 http://www.therealestatebloggers.com/2009/03/30/florida-real-estate-community-tries-to-make-8000-tax-credit-part-of-down-payment/#comment-369223 Most of these people are already paying higher rent payments than what they can qualify for in a mortgage and they will be buying while the prices are down and the interest rates are down. Soooo this will be the best time for them to be able to lock in a payment that they will be able to keep paying. If they have to wait until they save enough for a down payment the rates will be back up and so will the prices and as they get pay increases it will probably go to rent increases. Bottom line is this is a very good idea! They do still have to qualify for the loan so they will only be buying something they can afford. Most of these people are already paying higher rent payments than what they can qualify for in a mortgage and they will be buying while the prices are down and the interest rates are down. Soooo this will be the best time for them to be able to lock in a payment that they will be able to keep paying. If they have to wait until they save enough for a down payment the rates will be back up and so will the prices and as they get pay increases it will probably go to rent increases. Bottom line is this is a very good idea! They do still have to qualify for the loan so they will only be buying something they can afford.

]]> By: Vicki Lloyd http://www.therealestatebloggers.com/2009/03/30/florida-real-estate-community-tries-to-make-8000-tax-credit-part-of-down-payment/comment-page-1/#comment-363824 Vicki Lloyd Wed, 01 Apr 2009 04:35:57 +0000 http://www.therealestatebloggers.com/2009/03/30/florida-real-estate-community-tries-to-make-8000-tax-credit-part-of-down-payment/#comment-363824 You said: "Here is my question, what if the person does not have enough taxable income to qualify for the credit?" From everything that I have read, you don't need any tax liability to qualify. Even if you have $0 tax liability, you will get $8,000 back if you are a first time buyer and buy this year. I agree that people with absolutely no savings at all should probably not buy a house, unless all their excess income has been going to reduce debt, and now they will have that excess to put in to a house. For a first time buyer with a little bit of savings, and responsible spending habits, this $8,000 could really help them get going while prices and rates are low. You said:

“Here is my question, what if the person does not have enough taxable income to qualify for the credit?”

From everything that I have read, you don’t need any tax liability to qualify. Even if you have $0 tax liability, you will get $8,000 back if you are a first time buyer and buy this year.

I agree that people with absolutely no savings at all should probably not buy a house, unless all their excess income has been going to reduce debt, and now they will have that excess to put in to a house.

For a first time buyer with a little bit of savings, and responsible spending habits, this $8,000 could really help them get going while prices and rates are low.

]]> By: Ivan Crago Missoula Realtor http://www.therealestatebloggers.com/2009/03/30/florida-real-estate-community-tries-to-make-8000-tax-credit-part-of-down-payment/comment-page-1/#comment-363032 Ivan Crago Missoula Realtor Mon, 30 Mar 2009 18:50:37 +0000 http://www.therealestatebloggers.com/2009/03/30/florida-real-estate-community-tries-to-make-8000-tax-credit-part-of-down-payment/#comment-363032 We have the same thing happening in Montana with a few of the low income housing assistance programs trying to figure out how to do a short term loan for the $8,000 that would get recorded as a lein and then paid back with the tax return. It may stimulate some buying but I wonder if we won't have a similar issue with some of those people in the next year with foreclosures. We have the same thing happening in Montana with a few of the low income housing assistance programs trying to figure out how to do a short term loan for the $8,000 that would get recorded as a lein and then paid back with the tax return. It may stimulate some buying but I wonder if we won’t have a similar issue with some of those people in the next year with foreclosures.

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