The Federal Tax Credits Blog

Posts Tagged ‘joansimonoff,home’

Question: Tax credit for first time home buyers…?

I purchased my first home in August for 50,000. I paid cash for the home. I lived in the home for about two weeks and discovered it had some problems that I could not afford to fix so I sold the home in October. My question is, do I still get the first time home buyer tax credit? Even though I sold my house?
Man that sucks!!

Answer: Heck no. The (up to) $8000 deal was only if you ALSO stayed in the house for 36 months after buying it.

You didn’t.

National new home sales weak, but bright spots hit South Florida

Dec. 24–New home sales in the south dropped to a year-long low in November, an unexpected dip considering the first-time home buyer spending spree that buoyed the resale market last month.

October 22 – First Time Homebuyer Tax Credit Expiration and High Balance Conforming Expiring

Question: I don’t want to bail out lenders, do you?

Seems in this financial/mortgage crisis, the government is going to try to bail out Freddie Mac and Fannie Mae, holders of half the nation’s mortgages. I see no way this helps you and me. Is this action not just helping lenders who have exercised poor judgement?

If these lenders are bailed out at the cost of billions, will it not mean either more national debt or higher taxes for you and me?

If the government wants to step in during a financial crisis, then let them help you and me, let them give us some sort of special tax credit or deferment.

Thoughts?

Answer: I don’t know alot about finance and money stuff… but my guess is that we’re all screwed.

Let housing prices do what housing prices do

Some worry that home prices are headed for a double dip and want Washington to do something about it, writes columnist Froma Harrop. We should worry that Washington takes their advice.

How To Buy A Fannie Mae REO Foreclosure Home