TD-1536 Posted February 6, 2009 Share Posted February 6, 2009 The new Stimulus plan has a provision that's been passed which will allow new home buyers to get a $15,000 tax credit! Unlike the $7,500 tax credit before (which will now sunset), you do not even need to pay it back! We met with a realtor last night whom helped someone close this past week and they got 4.75% financing! Insane!!! Quote Link to comment Share on other sites More sharing options...
Scootch Posted February 6, 2009 Share Posted February 6, 2009 Those are good deals, the trouble I found here in Bakes is the property taxes. If I get a new house my property taxes will be triple what I pay on my current house. There are all these fine details but it boils down to deals the city, county, and the builders came up with which transfer over to us. (a realtor tried explaining it to me). That plus the prices here are still high for what you get. I went out looking at homes from 300K down......****! They all looked like they'de been lived in by Tusken Raiders! plus they were all 2,000 sq. ft. and up on a tiny lot so your neighbors are right on top of you. Also I know how the new homes were built and who built them, my wife is screwed because I won't ever commit to a home built here after 1990 unless I build it myself. I have a feeling things are going to come down substantially during the next 9 or so months so I'll just wait. A 1/3 acre lot around here used to be 15K, now they're 80K + Did you find out what property tax would be in your area? That's been the real spanker for a lot of people....that and those funky mortgages. That's a good deal though,15K credit. Quote Link to comment Share on other sites More sharing options...
WhiteCommandoV2 Posted February 6, 2009 Share Posted February 6, 2009 I paid 6.75% 4 months ago and we have above 700 credit scores! SH!T!!!! Lucky. Quote Link to comment Share on other sites More sharing options...
TD-1536 Posted February 6, 2009 Author Share Posted February 6, 2009 I paid 6.75% 4 months ago and we have above 700 credit scores! SH!T!!!! Lucky. Both the misses and I have 800+ credit scores and money to put down. We've also both been at our jobs for many years so hopefully we're exactly what lenders are looking for. I was quoted 5.1% a few weeks ago, but if I can get 4.75 I'll take it! Regarding property taxes, in this county - Arlington - because they're loosing so much revenue they're assessing property much higher. So let's say we bought a house for $300,000, we might have to pay property taxes on $400,000. It's **** criminal if you ask me, but I hear this is going on everywhere. Quote Link to comment Share on other sites More sharing options...
Scootch Posted February 6, 2009 Share Posted February 6, 2009 Yeah isn't that the craziest thing ever? Quote Link to comment Share on other sites More sharing options...
6170 Posted February 7, 2009 Share Posted February 7, 2009 4.7 wow that's fricken sweet! Congratulations Mike! We are pre-approved at around the low 5% and I was told it would be lower when I closed but don't think that I will get it as low as that much. But at this point I don't care, I know that the area we are looking in the houses are selling for 50% less then they were at their height less then 2 years ago. We have officially been looking for one week now and I know that patience will be the key to getting the most bang for my buck. I am in San Diego and too be honest I feel super bad for all the poor souls that have lost there homes. Of the houses I have seen most have one of those foreclosure papers taped to the front door which is sad. I am not naive and know that odds are we will probably buy someones lost dream but I will take no pleasure in another human beings misery. I was talking to a Realtor (not mine) yesterday and he said that I was so lucky to be one of the few buyers out there right now. I told him that "its not that I am some financial genius, all I am is a rat that was in hole in the ground when the meteor hit and killed all the huge dinosaurs..." He said that was the best way he has heard anyone describe the current real state blood bath. Quote Link to comment Share on other sites More sharing options...
Rolf Posted February 7, 2009 Share Posted February 7, 2009 For about 12 years ago, i buy a 50m2 appartment for about 8586$. I sold it for about 2 years ago, and got 206065$ WWwwuuhhuuUU . Nice profit i will say, for 12 years stay. I move over to my wifes apartment, and stay there as a millionman. The prices was slowely dropping down, and we found our new home down town at 100m2. The price was a bit high at 257581$ (real price was 326269$), so i buy it for us. And we made a very small bank loan, for the rest up to there. But the rent is only 515$ (whit out the loan), so its pretty sweet. The deal is here in Denmark. Either you pay a high price for the house/appartment, and get a low rent. Or get the house/appartment cheap, but have a high rent. Because of the crisis, about 20% of the appartment have drop down whit about 50%. But its most of the appartments, whit the high rent. So we are still pretty happy, for our buy/appartment deal. I know the prices for cars, and houses ect are much lower in the US. But Copenhagen is the next most expensive city to live in, in Europe. And we live down town Copenhagen/the capital, so it a good rent/deal. But for that money, we colud get a house in the country. But Sara/my wife and i, are city people. So... better pay up. I hope to get a million Danish kr, in my hands one day again. C ya Quote Link to comment Share on other sites More sharing options...
WhiteCommandoV2 Posted February 7, 2009 Share Posted February 7, 2009 Dang Mike, not only Super-TD Man, but also Super Credit-Score Man! I put 25% down, and I had been at my employer for 5 years, my wife for 4. I guess the plus is my house is undervalued, tax-wise, by $75,000... so different boats, but similar stories. Mike! That is rape on taxes, well, I am being raped by interest rates. Hey Mike, I bought a 2-pack of Vaseline... PM me if you need a jar! Both the misses and I have 800+ credit scores and money to put down. We've also both been at our jobs for many years so hopefully we're exactly what lenders are looking for. I was quoted 5.1% a few weeks ago, but if I can get 4.75 I'll take it! Regarding property taxes, in this county - Arlington - because they're loosing so much revenue they're assessing property much higher. So let's say we bought a house for $300,000, we might have to pay property taxes on $400,000. It's **** criminal if you ask me, but I hear this is going on everywhere. Quote Link to comment Share on other sites More sharing options...
6170 Posted February 7, 2009 Share Posted February 7, 2009 Here is a little more info Does this tax credit need to be paid back? Nope. That's a key distinction from the $7,500 first-time home buyer credit, which was "actually a 17-year repayment, which translates into a no-interest loan," Dietz says. Is there an income limit or any other restrictions on participation? The tax credit would be limited to primary residences and does not come with an income restriction, Kirchner says. "You must occupy [the property] for at least two years as your primary residence," she says. It applies to "any home, meaning a condo, a house, foreclosed, new, [or] previously owned." Can I take the credit during tax year 2008? Yes, says Chris Cook, a legislative assistant to Sen. Isakson. Even if you buy a home in 2009, the provision would enable you "to file your taxes as if you purchased your home on December 31 of 2008," he say Quote Link to comment Share on other sites More sharing options...
Daetrin Posted February 7, 2009 Share Posted February 7, 2009 The trick for me is trying to get my house sold. We have great credit and if we sell our house even for what we paid could have a decent down payment, but man...it could take months to get out of where I am. This is a perfect time to buy if you are renting. Some neighborhoods in the Seattle area are down to a two month supply, while most of the area is a historically normal 8 month supply. Quote Link to comment Share on other sites More sharing options...
TD-1536 Posted February 8, 2009 Author Share Posted February 8, 2009 Can I take the credit during tax year 2008? Yes, says Chris Cook, a legislative assistant to Sen. Isakson. Even if you buy a home in 2009, the provision would enable you "to file your taxes as if you purchased your home on December 31 of 2008," he say ****, that's awesome!! I'll hold off on doing my taxes. If I can buy a house in the next two months, it's essentially $15,000 of free money. New house means a new work space, and with all the xtra cash means I can finally build a vac-form table and start cranking out armor. Hire some people to help the economy and everyone wins! Quote Link to comment Share on other sites More sharing options...
6170 Posted February 8, 2009 Share Posted February 8, 2009 xtra cash means I can finally build a vac-form table and start cranking out armor. Hire some people to help the economy and everyone wins! So where does the line start to buy your armor?? That sounds like a great plan BUT It is very important that everyone knows that that if you close even one hour before this plan is signed that YOU DO NOT GET THE TAX CREDIT Everyone should be very aware of this. I saw a house today a back yard so huge that I swear I could build a life sized X-Wing fighter, and Falcon and not even put a dent in it!! Quote Link to comment Share on other sites More sharing options...
TD-1535 Posted February 8, 2009 Share Posted February 8, 2009 I know the prices for cars, and houses ect are much lower in the US. from the outside looking in, they appear to be cheaper, but theyre NOT, for the folks that live and work in the U.S. the cost of EVERYTHING in the U.S. is offset to the cost of living and minimum wage I doubt the guys in the U.S. think their cars, houses, fuel or even bread n milk are cheap Quote Link to comment Share on other sites More sharing options...
6170 Posted February 13, 2009 Share Posted February 13, 2009 Homebuyers: First-time homebuyers who purchase this calendar year get an $8,000 tax credit which does not have to be repaid like a similar measure last year. This phases out for people making more than $75,000 individually or $150,000 jointly. "First-time homebuyer" is defined as someone who has not owned a home for the past three years. Cost: $6.63 billion Well not what we all wanted but a penny is a penny right? Quote Link to comment Share on other sites More sharing options...
TD-1536 Posted February 13, 2009 Author Share Posted February 13, 2009 Homebuyers: First-time homebuyers who purchase this calendar year get an $8,000 tax credit which does not have to be repaid like a similar measure last year. This phases out for people making more than $75,000 individually or $150,000 jointly. "First-time homebuyer" is defined as someone who has not owned a home for the past three years. Cost: $6.63 billion Well not what we all wanted but a penny is a penny right? Cool, yeah, our loan officer informed me of this yesterday. Quote Link to comment Share on other sites More sharing options...
6170 Posted February 13, 2009 Share Posted February 13, 2009 Tho isn't 8 grand the going price for a decent Darth Vader? WHICH ONE OF THESE DO U THINK I CAN SNEAK PAST MY WIFE? ON EBAY $5,500.00 PLUS $3000 OR $8,000 Quote Link to comment Share on other sites More sharing options...
TD-1536 Posted February 13, 2009 Author Share Posted February 13, 2009 I started sculpting Iron Man myself, not much progress. I would probably spend the money on home improvements, new appliances, etc. as just about all the places we've looked at needed some work. Quote Link to comment Share on other sites More sharing options...
Pappy Posted February 13, 2009 Share Posted February 13, 2009 You guys should be thankful for not live in here <_< tha tax rules are painful in indonesia! Geez!! I rather buy gold than house and/or land right now Quote Link to comment Share on other sites More sharing options...
TD-1536 Posted March 16, 2009 Author Share Posted March 16, 2009 Quick update before getting back to work. I'm almost three months in to house-hunting, have looked at 30 homes, put down one contract - then pulled it due to the comments of a structural engineer I had to hire because some realtors are not disclosing things they should. Here's some things we've learned. - $8,000 tax credit to new home buyers until the end of this year. - Home prices have dropped dramatically, even in a "recession-proof" area like the Suburbs of DC in VA and MD. - Many people, just like me who sat on the sidelines waiting for all this to happen, are now swooping in and buying things at bargain pricing. - Interest rates are at 5% and may possibly go lower. - Many investors continue to have unscrupulous business practices, particularly towards those with FHA loans. What we're starting to see more and more of, are investor banks coming in, buying distressed properties, flipping them and re-selling them within 90 days. What they don't tell people is that they refuse to deal with FHA loans which is against the f'ing law! We may have uncovered a massive new level of bank fraud that could prevent many new home buyers from buying anything! If you're in the market, take your time and do your home work! This is absolutely the best time to buy if you have a stable income. Quote Link to comment Share on other sites More sharing options...
6170 Posted March 16, 2009 Share Posted March 16, 2009 We are so in the same boat. I have seen to many houses that I am going to puke if I don't find thee house soon. Some very shady deals more then I ever expected. You have leave you emotions at home when looking. I might put in a bid on two houses this week and take the one that works best for me this week. Depending on what my agent and my mortgage guy have to say. I have never owned a house and I trust them to keep me from shooting myself in the foot. Good luck Mike! Quote Link to comment Share on other sites More sharing options...
skutch Posted March 16, 2009 Share Posted March 16, 2009 I don't think I'll ever afford a place where I live. Kudos to you home owners. Quote Link to comment Share on other sites More sharing options...
TD-1536 Posted March 16, 2009 Author Share Posted March 16, 2009 I don't think I'll ever afford a place where I live. Kudos to you home owners. I couldn't afford to buy anything if I didn't have dual incomes (girlfriend) to pay half the mortgage. We're looking at home in the $300,000 - $335 range and at 5%, our monthly mortgage would be around $2,250. No one person can afford that. And in the area where we live, anything less than 300K is either too small or a disaster. We've also noticed that prices have reverted back to what they were in 2004 and 2005. One house we wanted to buy sold for over half a million in 2005, and was now listed at $350k. Almost everyone's tax assessments have dropped $100k in just one year! It's staggering to see the numbers. Quote Link to comment Share on other sites More sharing options...
crashmann Posted March 17, 2009 Share Posted March 17, 2009 Depending on what my agent and my mortgage guy have to say. I have never owned a house and I trust them to keep me from shooting myself in the foot. Whoa! Please be very careful in whom you put your trust in! Your agent and mortgage guy are getting a commission based on your purchase price. Is a reasonable deal for you in their best interest? Absolutely not, in fact, I would consider it a conflict of interest since the more you buy the more they get! You are the only one who can truthfully determine what you can afford. A few years ago we qualified for a very nice mortgage, but when we looked at the actual monthly payment there was no freakin' way we could afford that! Car payments, food, gas, cable TV, quality of life - all of those things are rarely included when the lenders are seeing what you qualify for. Assess your current situation and add up everything you pay out per month, then look at how much of a mortgage payment you can afford. Currently, my family has a nice house and we live very comfortably (it could be bigger since I've got way too much stuff!) We are not strapped for cash, and that allows me to indulge in Star Wars costuming and collecting, and allows us to do many other things together as a family. Mike is right, it is a great time to buy a house. If we didn't already own a home, we would certainly jump on one right now! Good luck in your quest Charlie Quote Link to comment Share on other sites More sharing options...
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