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2009 Stimulus package (OT) *updated after more research*

Posted by on Feb. 5, 2009 at 4:32 PM
  • 37 Replies
So I was watching the news last night when Obama was talking about the new stimulus package for 2009.

WHOEVER BUYS A HOME (1st timers only) IN 2009 WILL GET A $15,000.00 TAX CREDIT!!!! Its an incentive to try to boost the economy.

WHOOO HOOOOOOO!!!!! (we are in the process of buying our 1st home right now! I am so FREAKIN excited! That will pay off our credit cards AND furnish the rooms that will be bare for our first year there!) debt free and mortgage cheaper than out apartment rent right now! Cant beat that! Still have some research to do on it though!



http://www.associatedcontent.com/article/1449166/15000_tax_credit_as_part_of_senate.html?cat=3


***JUST FOUND THIS***
Home Buyer Tax Credit Update

Congress is actively considering an expanded home buyer tax credit, and the Senate has approved the following improvements:

The tax credit amount increases to $15,000.
The tax credit is extended to anyone buying a principal residence.
The tax credit will apply to all purchases occuring within a year after the bill is signed into law.

It is a true tax credit; it does not have to be repaid.

Please call your Senators and urge support for the expanded home buyer tax credit. To reach your Senators, call 1-866-924-NAHB (6242).



***** so pretty much, the OLD 2008 tax credit of $7,500 DOES need to be paid back over 15 years. But this NEW 2009 tax credit (which is still being approved) of $15,000 may not have to be paid back. It is still in the deciding. Ive seen some info that says it DOES NOT need to be paid back, and some that say its undecided at this point. But have seen NOTHING about it HAVING to be paid back. everything I see that states tax credits DO need to be paid back are ALL FOR 2008 homebuyers (the one that WAS until 7/1/09, but we all now know that that was the OLD one)******




Im glad I posted this because it forced me to do more research on it. And now my bubble is not so full. Not fully busted, but Im not as excited about it! thanks ladies!


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******PLEASE NOTE*******
this is NOT going to turn into presidential debate. I could care less if you support or DONT support Obama. so leave your comments to yourself!
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please and thank you!


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SAM
THE LOVE OF MY LIFE
BORN DECEMBER 19th, 2008
by on Feb. 5, 2009 at 4:32 PM
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Replies (1-10):
Cass0289
by on Feb. 5, 2009 at 4:35 PM

PregoDiana
by on Feb. 5, 2009 at 4:36 PM
is that really necessary?
Quoting Cass0289:


Katy_Lentz
by on Feb. 5, 2009 at 4:36 PM

I haven't ever been an Obama supporter, BUT I think that this is a VERY good move!! It is certainly motivating us to buy a home:)

AlaskanMommy81
by on Feb. 5, 2009 at 4:37 PM

Has this actually been passed, and a for sure thing, or just a possibility?

PregoDiana
by on Feb. 5, 2009 at 4:40 PM
It came from his own lips last night. So I would think it HAS been passed. He didnt make it sound like it was in the works still. Something to look into for sure though!
Quoting AlaskanMommy81:

Has this actually been passed, and a for sure thing, or just a possibility?


PregoDiana
by on Feb. 5, 2009 at 4:43 PM
Here we go! Found it! =) Looks like its still in the works, not approved yet, but very likely http://www.associatedcontent.com/article/1449166/15000_tax_credit_as_part_of_senate.html?cat=3
Quoting AlaskanMommy81:

Has this actually been passed, and a for sure thing, or just a possibility?


northtexasmomma
by on Feb. 5, 2009 at 4:43 PM

Well I for one think this discriminates against those that have bought a house resently THAT THEY COULD ACTUALLY AFFORD and are still paying for it and not forclosed against (like us, we bought our house 1 yr ago........this is not fair for those that try to do right and it rewards many that bought out of their means and are now going to re-buy!)

I guess maybe I should let my house forclose so I can buy one with a credit, a bigger, better and probably cheaper one now that the market has gone south!

kandibaby1030
by on Feb. 5, 2009 at 4:47 PM

You may already know this, but based on what you put in your post about paying off debt and and what not... Im thinking maybe you don't, but a tax credit is not money in your pocket.  It will certainly help you come tax time next year, you will get more back then you normally would.  But you will not get $15,000.  I hate to burst your bubble, and I could be wrong, but that is my understanding of tax credits.... 

Jillian
by on Feb. 5, 2009 at 4:47 PM

How is it not doing it right? just cause you bought yours a year ago and not now? it's not going to pay there house off for them. if someone got foreclosed on i don't they will be able to get a loan to get  a new house even this year so thats just rude.

Quoting northtexasmomma:

Well I for one think this discriminates against those that have bought a house resently and are still paying for it and not forclosed against (like us, we bought our house 1 yr ago........this is not fair for those that try to do right!)

I guess maybe I should let my house forclose so I can buy one with a credit, a bigger, better and probably cheaper one now that the market has gone south!


youngmom33
by on Feb. 5, 2009 at 4:49 PM

Well that sucks I bought my house 2 years ago!  And I bought my car 2 yrs ago.

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