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obama's 1st time homeowners plan?

how does this work? I understand we'd get a tax break or whatever on our first home purchase...my landlord told me her son is in the process of purchasing a home and used the money he got from the gov't towards his down payment...or something like that...or maybe what she meant, was the downpayment money was "refunded" back to him when he claimed it on his taxes this year (and he bought the house last year?)....is the latter more accurate? SO and I have the option to purchase the home we are renting and our landlords have been more than willing to help us, by cutting out the downpayment and just charging us the closing cost. we still have yet to save up, but it's still an awesome gesture =)

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Anonymous

Asked by Anonymous at 1:17 PM on Aug. 21, 2009 in Politics & Current Events

Answers (5)
  • 1st time homebuyer = if you have not bought a house in 3 years or so .
    That "plan" goes to everyone.
    Its just a tax credit from what I hear.
    Anonymous

    Answer by Anonymous at 1:33 PM on Aug. 21, 2009

  • it made the housing market jump up %7 already here in GA.
    samurai_chica

    Answer by samurai_chica at 1:41 PM on Aug. 21, 2009

  • From what I understand, Some banks will let you use it toward a down payment. You have to refile last yrs taxes with an amendment. Not all banks are set up for it yet (ours isn't). Check the fha website also b/c my agent said something like it had to be an fha loan. Don't knpw if that's all correct but I hope the websitw will help. Also try calling a local real estate office or your bank and see what they know about the $8000 thing. Also you have to be in the house for 3 yrs to keep the money.
    sweetboys4me

    Answer by sweetboys4me at 1:46 PM on Aug. 21, 2009

  • I like the program for 1st time buyers - but in our area is was used to market to people who were foreclosed on - and that was a scam considering you can't have owned a house in the last 3 years to qualify. I'd rather have the credit on my 09 return than to have to amend last years. That would be a pain in the backside. If you are looking to buy, do be very careful in regards to the IRS rules on this one.
    PaceMyself

    Answer by PaceMyself at 2:02 PM on Aug. 21, 2009

  • okay...ive actually filled out the paper work for this & am now just waiting for the $$ haha. to get it before tax time you only have to fill out 2 forms & mail it in. the hard part is waiting

    basically, if you buy a home in 2009 before December 1st (and havent owned a home in the past 3 years) you get $8000. you can amend your 2008 taxes & get it sooner or you can wait till tax time & they will take any money you owe the IRS out of it & give you the rest.

    here in Oklahoma you can NOT use the stimulus money for a down payment, mainly because it takes forever to get the money. if you go to irs.gov you can get ALL the info on it. its not quite as easy as just buying a house. if you are buying the house you currently rent, you need to check & make sure this doesnt void the tax credit.

    your DP isnt technically refunded to you, but thats what it feels like. actually the $8000 is about 3000 more than our DP was.
    okmanders

    Answer by okmanders at 2:25 PM on Aug. 21, 2009

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