Warning: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in ..../includes/class_bbcode.php on line 2958

Warning: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in ..../includes/class_bbcode.php on line 2962
$8000 first time home buyers credit ? - Page 2
Page 2 of 3 FirstFirst 123 LastLast
Results 21 to 40 of 49
  1. #21
    Northwestern Ambassador Administrator madajb's Avatar
    Join Date
    Jun 2002
    Location
    ?
    Posts
    5,689
    Thanks
    0
    Thanked 41 Times in 32 Posts

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by mike View Post
    So I can get $6500 for buying a second home? Hmmmm............
    No, it needs to be your primary residence (as defined by the IRS).

    -ajb



  2. # ADS
    Advertisement
    Join Date
    Always
    Location
    Online
    Posts
    Many
     

  3. #22
    SoCalEuro Member TOYr32's Avatar
    Join Date
    Dec 2002
    Location
    San Jose, CA
    Posts
    5,594
    Images
    7
    Thanks
    322
    Thanked 126 Times in 86 Posts

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by madajb View Post
    No, it needs to be your primary residence (as defined by the IRS).

    -ajb
    That's an easy one to fudge!
    Some people live their entire lifetime and wonder if they ever made a difference to the world. Marines don't have that problem.
    -- Ronald Reagan January 1995

    Secret To Seeing What Forum Supporters See?? >>Click Here<<

    http://www.socaleuro.com/forum/attac...achmentid=3373

  4. #23
    SoCalEuro Member TOYr32's Avatar
    Join Date
    Dec 2002
    Location
    San Jose, CA
    Posts
    5,594
    Images
    7
    Thanks
    322
    Thanked 126 Times in 86 Posts

    Re: $8000 first time home buyers credit ?

    Lon, I can't register on the site
    Some people live their entire lifetime and wonder if they ever made a difference to the world. Marines don't have that problem.
    -- Ronald Reagan January 1995

    Secret To Seeing What Forum Supporters See?? >>Click Here<<

    http://www.socaleuro.com/forum/attac...achmentid=3373

  5. #24

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by bugzy View Post
    whoever has the worse credit report will be the one they take for the loan

    actually, i think its whoever makes the most income, they will use their credit score

    So the bank can make as much as possible off a crazy APR, right?
    "Power is made by power being taken, so I keep on running to protect my situation"

    Quote Originally Posted by oc-audica View Post
    "fuck the blankets I'm so tucked"

  6. #25
    vrrrrrrrrrrrooooooom Administrator bugzy's Avatar
    Join Date
    May 2002
    Location
    San Diego, CA
    Posts
    20,257
    Images
    3862
    Thanks
    46
    Thanked 92 Times in 78 Posts
    Blog Entries
    1

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by TOYr32 View Post
    Lon, I can't register on the site
    ill figure it out and get back to you
    Quote Originally Posted by PhätTony View Post
    So the bank can make as much as possible off a crazy APR, right?
    no idea, but probably
    but its a good point for people to know, that they usually take the worse credit score, not the best
    .: GONE 2000 BMW M5 :: Me - 2013 Jetta GLI - 2000 Jetta 1.8t :: Wife- 2009 VW GTI :: Dad - 2002 VW JTI 337 :.
    Gone:: 1999 VW GTI VR6 :: 2002 Audi A4 Avant 1.8t :: 1989 VW GTI 16v :: 1994 Volvo 850 Turbo wagon :: 1979 VW Rabbit

    Click here to become a Forum supporter. || .: WheelIndustry.com || Buy SoCalEuro decals here ||

    Van Wilder: You shouldn't take life to seriously. You'll never get out alive.

  7. #26
    SoCalEuro Member mike's Avatar
    Join Date
    Mar 2003
    Location
    California, the IOU state
    Posts
    13,442
    Thanks
    48
    Thanked 96 Times in 84 Posts

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by madajb View Post
    No, it needs to be your primary residence (as defined by the IRS).

    -ajb
    Quote Originally Posted by TOYr32 View Post
    That's an easy one to fudge!

    Exactly. My buddy just bought a brand new four bedroom house out in the desert for $70K.....................
    "As I walk through the valley of death I fear no one, for I am the meanest motherf****r in the valley" - George S. Patton
    2012 Cooper S hard top Lightning blue/Black roof
    2009 328i sport coupe, M3 steering wheel, DCT paddles, Magnaflow exhaust.

  8. #27
    Geek Administrator ncttrnl's Avatar
    Join Date
    Jul 2002
    Location
    San Diego, CA
    Posts
    6,252
    Images
    3
    Thanks
    1
    Thanked 8 Times in 7 Posts

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by madajb View Post
    Not only is the 8,000 dollar credit being extended, but they've invented a new one.
    You can get $6,500 if you've owned your home for more than 5 years, and decided to buy a new one.
    Same dates apply so far as I know.

    ncttrnl, you should see if you're eligible for that one, if you haven't already.

    -ajb
    Susan and I were looking into the the other one. We haven't found much information yet but then we also haven't started looking too seriously yet.
    This signature intentionally left blank.

  9. #28

    Re: $8000 first time home buyers credit ?

    Lon,

    Do you know anything about using the VA Loan for a house and how this first time buyers coencides with it?
    "Power is made by power being taken, so I keep on running to protect my situation"

    Quote Originally Posted by oc-audica View Post
    "fuck the blankets I'm so tucked"

  10. #29
    Geek Administrator ncttrnl's Avatar
    Join Date
    Jul 2002
    Location
    San Diego, CA
    Posts
    6,252
    Images
    3
    Thanks
    1
    Thanked 8 Times in 7 Posts

    Re: $8000 first time home buyers credit ?

    F***! Screwed again!

    We had to buy the home 11/6 or later. Our purchase recorded on 11/4.
    This signature intentionally left blank.

  11. #30
    SoCalEuro Member DTolo's Avatar
    Join Date
    Oct 2004
    Location
    Bronx, NY
    Posts
    4,131
    Images
    10
    Thanks
    28
    Thanked 12 Times in 11 Posts

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by PhätTony View Post
    Lon,

    Do you know anything about using the VA Loan for a house and how this first time buyers coencides with it?
    What are you looking to know about it? That's a pretty vague question. Yes, you can still get the incentive for being a 1st time buyer while still using a VA loan. Same goes for FHA.
    Wherever life takes me...
    LifeByDamien.com

  12. #31
    SoCalEuro Member
    Join Date
    Jan 2003
    Posts
    128
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Re: $8000 first time home buyers credit ?

    what about being able to refinance a home that is way upside down?

    Any word on real government programs and not scammer fly-by-night companies?

    sorry.. not really about that first time home buyer credit, but somewhat related
    3076.. and supporting bits..

  13. #32
    SoCalEuro Member
    Join Date
    May 2007
    Location
    San Diego, CA
    Posts
    557
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Re: $8000 first time home buyers credit ?

    I just bought a condo (received my keys last night!), I heard that the 8k tax cred can be redeemed once you have the deed of trust; you take it to your tax guy, he processes it, and you get the money within 2 weeks. I need to confirm this.
    Someday we'll look back on this, and laugh. and laugh. and laugh.

    -GLaDOS

  14. #33
    Geek Administrator ncttrnl's Avatar
    Join Date
    Jul 2002
    Location
    San Diego, CA
    Posts
    6,252
    Images
    3
    Thanks
    1
    Thanked 8 Times in 7 Posts

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by transient View Post
    what about being able to refinance a home that is way upside down?

    Any word on real government programs and not scammer fly-by-night companies?

    sorry.. not really about that first time home buyer credit, but somewhat related
    I think they are still trying to figure out what to do with that. As it stands, they aren't really doing anything if your home is less than like 90% of the value of your loan.

    My condo is upside down so we're just trying to find a renter to offset the mortgage until the prices come up enough to sell it. If anyone is interested, its a 1 bedroom condo in a gated community in Rancho Bernardo with new carpet and paint going in this week.
    This signature intentionally left blank.

  15. #34
    SoCalEuro Member mike's Avatar
    Join Date
    Mar 2003
    Location
    California, the IOU state
    Posts
    13,442
    Thanks
    48
    Thanked 96 Times in 84 Posts

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by transient View Post
    what about being able to refinance a home that is way upside down?

    Any word on real government programs and not scammer fly-by-night companies?

    sorry.. not really about that first time home buyer credit, but somewhat related
    There is no way to refi a home thats upside down the traditional way. You will have to work with your lender to try and modify your loan, or walk away. Some lawyers will do it and get you on a trial payment plan for a few years, but a reduction in principal is hard to get. ANY help is hard to get if your still making you payments. Most homes are under water at this point if you bought in the last 5-7 years. Mine is, but I like my house and can afford the payment and have a 30 year fixed rate so I'm good. If not, I would be looking at other options. A home is an investment, like any other investment, sometimes its good to know when to walk away. What ever choice has consequences so do your homework and weigh all the options.
    "As I walk through the valley of death I fear no one, for I am the meanest motherf****r in the valley" - George S. Patton
    2012 Cooper S hard top Lightning blue/Black roof
    2009 328i sport coupe, M3 steering wheel, DCT paddles, Magnaflow exhaust.

  16. #35
    SoCalEuro Member Slapshotnerd's Avatar
    Join Date
    Nov 2002
    Location
    phi sic too
    Posts
    1,896
    Thanks
    0
    Thanked 10 Times in 7 Posts

    Re: $8000 first time home buyers credit ?

    I just closed on my condo in LBC this week. We're going to file for the tax credit soon. We have a really good accountant, and he's done it several times. I'll ask him for details soon.

    If anyone needs advice or feedback, feel free to ask. We looked for 10 months, saw more than 50 places, and bid on 7 others before we got this one. This was lucky number 8.

    My BIGGEST suggestion is to get money down. I had to borrow some money from my parents (the Obama money is going straight back to them), but we kept losing bids because people had a bigger downpayment.... ESPECIALLY if you are dealing with an REO. The banks want the money now.
    My signature was so old it broke all the rules :drama:

  17. #36
    SoCalEuro Member
    Join Date
    Jan 2003
    Posts
    128
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by mike View Post
    There is no way to refi a home thats upside down the traditional way. You will have to work with your lender to try and modify your loan, or walk away. Some lawyers will do it and get you on a trial payment plan for a few years, but a reduction in principal is hard to get. ANY help is hard to get if your still making you payments. Most homes are under water at this point if you bought in the last 5-7 years. Mine is, but I like my house and can afford the payment and have a 30 year fixed rate so I'm good. If not, I would be looking at other options. A home is an investment, like any other investment, sometimes its good to know when to walk away. What ever choice has consequences so do your homework and weigh all the options.
    I'm in the same boat.. 30yr fixed, and I can make payments.

    I'm just pissed that people who did everything wrong (picked up a house outside their means, 0% down, can't make payments, etc.) are getting a hand up with a loan modification, while people that do things the correct way (put money down, no problem with payments) get the finger.

    I'm not looking for a handout, but I would like the same sort of benefit others are receiving for screwing up in the first place. It kinda sucks that "walking away" really is a viable option these days.
    3076.. and supporting bits..

  18. #37
    SoCalEuro Member TOYr32's Avatar
    Join Date
    Dec 2002
    Location
    San Jose, CA
    Posts
    5,594
    Images
    7
    Thanks
    322
    Thanked 126 Times in 86 Posts

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by transient View Post
    I'm in the same boat.. 30yr fixed, and I can make payments.

    I'm just pissed that people who did everything wrong (picked up a house outside their means, 0% down, can't make payments, etc.) are getting a hand up with a loan modification, while people that do things the correct way (put money down, no problem with payments) get the finger.

    I'm not looking for a handout, but I would like the same sort of benefit others are receiving for screwing up in the first place. It kinda sucks that "walking away" really is a viable option these days.
    I have an option you can try. There is a minute amount of risk, but so far it's gotten results with my aunt, and 2 of my friends. PM me your cell and I'll give you the down low.
    Some people live their entire lifetime and wonder if they ever made a difference to the world. Marines don't have that problem.
    -- Ronald Reagan January 1995

    Secret To Seeing What Forum Supporters See?? >>Click Here<<

    http://www.socaleuro.com/forum/attac...achmentid=3373

  19. #38

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by DTolo View Post
    What are you looking to know about it? That's a pretty vague question. Yes, you can still get the incentive for being a 1st time buyer while still using a VA loan. Same goes for FHA.

    not the greatest credit but I wanna buy. Maybe a nice sized condo to start. I have no idea where to start
    "Power is made by power being taken, so I keep on running to protect my situation"

    Quote Originally Posted by oc-audica View Post
    "fuck the blankets I'm so tucked"

  20. #39
    SoCalEuro Member Slapshotnerd's Avatar
    Join Date
    Nov 2002
    Location
    phi sic too
    Posts
    1,896
    Thanks
    0
    Thanked 10 Times in 7 Posts

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by PhätTony View Post
    not the greatest credit but I wanna buy. Maybe a nice sized condo to start. I have no idea where to start
    Do you know what your credit score is? do you have money saved for a down?

    What's holding you back on the credit? do you have previous negatives on your record? or just little / no credit? You need to learn how the system works, and start building your history ASAP. This doesn't mean take on lots of debt, you just need to work the system wisely.

    You won't be able to buy anything without at least $10k in the bank. You need 3% down for an FHA loan (on a $200k house, that's $6k) plus closing costs (which will probably run another 2-3% of the purchase price). You really can't get away with 0% down anymore....
    My signature was so old it broke all the rules :drama:

  21. #40
    Northwestern Ambassador Administrator madajb's Avatar
    Join Date
    Jun 2002
    Location
    ?
    Posts
    5,689
    Thanks
    0
    Thanked 41 Times in 32 Posts

    Re: $8000 first time home buyers credit ?

    Quote Originally Posted by TOYr32 View Post
    That's an easy one to fudge!
    It's also easy to spot when you get audited.
    Is $6500 worth it? Not in my opinion.

    -ajb



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
eXTReMe Tracker