New Jersey
Options

Home Buyer credit extension

http://blogs.wsj.com/developments/2009/10/29/qa-the-home-buyer-tax-credit-extension/Looks like it will be extended to any buyer as of Dec 1st, as long as you lived in your home for 5 yrs and meet the income limits.
1st Groom

View our FOR SALE items
http://tinyurl.com/3jjv7vy
image

Re: Home Buyer credit extension

  • Options
    alliecarrie41alliecarrie41 member
    First Anniversary First Comment Combo Breaker
    edited December 2011
    what does that mean, 5 years?
  • Options
    edited December 2011
    allie~ i was wondering the same thing.
  • Options
    simplyceesimplycee member
    First Comment
    edited December 2011
    Does anyone know how you receive the credit?  Is it applied to your tax return?My daughter and her FI bought a home - new construction - in NC. They were assured by the builder it would be completed before the original credit deadline of 11/30. As usual with new construction, there were delays and the closing is now expected to be around 12/15. She's concerned that the builder won't rush to finish now that the extention most likely will be extended.  If they close after 1/1/10, will they have to wait until the following year to apply for the credit?
  • Options
    alliecarrie41alliecarrie41 member
    First Anniversary First Comment Combo Breaker
    edited December 2011
    we (unfortunately) closed 08/2007, just as the bubble was slightly bursting.  i don't regret it because i know we wouldn't have gotten the mortgage we got then now, but it pains me knowing we could have saved quite a bit.  just wishing thinking here, but when i read 5 years, i was wondering if that meant bought your house in past 5 years.  i don't think i am reading it right though.
  • Options
    alliecarrie41alliecarrie41 member
    First Anniversary First Comment Combo Breaker
    edited December 2011
    okay i read more elsewhere (this article is terribly worded)... im SOL like i thought.  i suppose the 5 year thing is to keep people from moving/buying if they just bought a house recently?
  • Options
    edited December 2011
    Simplycee, your daughter can just send in some form to ammend the current year taxes to get the rebate.  From what I have been reading, it comes quickly.  www.federalhousingtaxcredit.com has a FAQ section.  This extension could benefit me and DH. I will have owned our current home for 5 years in February!  I heard about it last week.     
  • Options
    alliecarrie41alliecarrie41 member
    First Anniversary First Comment Combo Breaker
    edited December 2011
    30may, you lived in your house 5 years and then just closed on a new one this year?
  • Options
    edited December 2011
    You have to live in your home for at least 5 yrs in order to qualify, along with the income restrictions and home price restriction.Rates are pretty good now, I was quoted 4.875% just over a week ago
    1st Groom

    View our FOR SALE items
    http://tinyurl.com/3jjv7vy
    image
  • Options
    alliecarrie41alliecarrie41 member
    First Anniversary First Comment Combo Breaker
    edited December 2011
    right, you have to live in home 5 years and THEN buy a new home which qualifies for the break.  i suppose this was to protect gov't vs. ppl just trying to buy and flip and make money.
  • Options
    edited December 2011
    No, sorry if I wrote that wrong. I will have owned my house for 5 years in February 2010 (bought in Feb 2005) and DH and I are looking to buy a new house in the early 2010 time frame.  So, for us, as long as we are able to find a new house by April, we may actually be able to take advantage of it.
  • Options
    melissa82melissa82 member
    5 Love Its First Comment
    edited December 2011
    I'm confused...I thought in the current credit you could be a "new" home buyer if you hadn't bought a home in 3 years? (I really didn't read up on it too much since we weren't in the market, so I could be totally wrong.)
  • Options
    edited December 2011
    Yes, in the current one, not owning a home for 3 years reset you as "new".  In the new one, that is still the case, and you can get $8000, but they added something for "step-up" homebuyers. If you own your house for 5 years, you can buy a new house and if you meet the income and house purchase price qualifications, then you can get up to $6500 back in the rebate.
  • Options
    melissa82melissa82 member
    5 Love Its First Comment
    edited December 2011
    Ohhhhhhh OK. So you have to have sold that original house 3+ years ago to qualify as new. I was misunderstanding that part.
  • Options
    edited December 2011
    Yes, the first time homeowners is a little different, and that one was extended last week until april 30 (thankfully!) This one is for people who are "upgrading" I believe
This discussion has been closed.
Choose Another Board
Search Boards