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January 19, 2009 at 1:19 PM #331762January 19, 2009 at 1:32 PM #331249
carlsbadworker
Participant[quote=asianautica]Oh, I missed the repay part. You only have to repay if you plan to sell the house in the future, right? I’m not too familiar w/ this.[/quote]
No, you have to repay regardless whether you stay in the house or not. But if you sell the house, you have to repay when you sell. Otherwise, it is a 15-year interest free loan.
IF the above house bill gets passed as it is, for those who closed at Jan 2, you don’t have to repay a single cent. So I could have delayed my closing date by a single day and saved $7500! And in your case, if you delay it by a week, you would have saved $7500.
January 19, 2009 at 1:32 PM #331589Participant[quote=asianautica]Oh, I missed the repay part. You only have to repay if you plan to sell the house in the future, right? I’m not too familiar w/ this.[/quote]
No, you have to repay regardless whether you stay in the house or not. But if you sell the house, you have to repay when you sell. Otherwise, it is a 15-year interest free loan.
IF the above house bill gets passed as it is, for those who closed at Jan 2, you don’t have to repay a single cent. So I could have delayed my closing date by a single day and saved $7500! And in your case, if you delay it by a week, you would have saved $7500.
January 19, 2009 at 1:32 PM #331665Participant[quote=asianautica]Oh, I missed the repay part. You only have to repay if you plan to sell the house in the future, right? I’m not too familiar w/ this.[/quote]
No, you have to repay regardless whether you stay in the house or not. But if you sell the house, you have to repay when you sell. Otherwise, it is a 15-year interest free loan.
IF the above house bill gets passed as it is, for those who closed at Jan 2, you don’t have to repay a single cent. So I could have delayed my closing date by a single day and saved $7500! And in your case, if you delay it by a week, you would have saved $7500.
January 19, 2009 at 1:32 PM #331692Participant[quote=asianautica]Oh, I missed the repay part. You only have to repay if you plan to sell the house in the future, right? I’m not too familiar w/ this.[/quote]
No, you have to repay regardless whether you stay in the house or not. But if you sell the house, you have to repay when you sell. Otherwise, it is a 15-year interest free loan.
IF the above house bill gets passed as it is, for those who closed at Jan 2, you don’t have to repay a single cent. So I could have delayed my closing date by a single day and saved $7500! And in your case, if you delay it by a week, you would have saved $7500.
January 19, 2009 at 1:32 PM #331777Participant[quote=asianautica]Oh, I missed the repay part. You only have to repay if you plan to sell the house in the future, right? I’m not too familiar w/ this.[/quote]
No, you have to repay regardless whether you stay in the house or not. But if you sell the house, you have to repay when you sell. Otherwise, it is a 15-year interest free loan.
IF the above house bill gets passed as it is, for those who closed at Jan 2, you don’t have to repay a single cent. So I could have delayed my closing date by a single day and saved $7500! And in your case, if you delay it by a week, you would have saved $7500.
January 19, 2009 at 1:32 PM #331254SD Transplant
ParticipantYesterday, I was just talking to my wife about the Govt. zero intrest loan ($7500.00) in support of the 1st time home buyers. I was just thinking that it might move more 1st time folk into buying.
I guess it’s a sign of the times. Had anyone told me that 2-3 yrs ago that housing would colapse(30-50%) & the Government would provide free $ ($7,500 limit) to first time home buyers…….I would have said – SIGN ME UP.
Now, the key is still………”J-O-B S-E-C-U-R-I-T-Y”…..I wouldn’t venture into buying until I am sure I’m on next FY budget :)@ work
January 19, 2009 at 1:32 PM #331594ParticipantYesterday, I was just talking to my wife about the Govt. zero intrest loan ($7500.00) in support of the 1st time home buyers. I was just thinking that it might move more 1st time folk into buying.
I guess it’s a sign of the times. Had anyone told me that 2-3 yrs ago that housing would colapse(30-50%) & the Government would provide free $ ($7,500 limit) to first time home buyers…….I would have said – SIGN ME UP.
Now, the key is still………”J-O-B S-E-C-U-R-I-T-Y”…..I wouldn’t venture into buying until I am sure I’m on next FY budget :)@ work
January 19, 2009 at 1:32 PM #331670ParticipantYesterday, I was just talking to my wife about the Govt. zero intrest loan ($7500.00) in support of the 1st time home buyers. I was just thinking that it might move more 1st time folk into buying.
I guess it’s a sign of the times. Had anyone told me that 2-3 yrs ago that housing would colapse(30-50%) & the Government would provide free $ ($7,500 limit) to first time home buyers…….I would have said – SIGN ME UP.
Now, the key is still………”J-O-B S-E-C-U-R-I-T-Y”…..I wouldn’t venture into buying until I am sure I’m on next FY budget :)@ work
January 19, 2009 at 1:32 PM #331697ParticipantYesterday, I was just talking to my wife about the Govt. zero intrest loan ($7500.00) in support of the 1st time home buyers. I was just thinking that it might move more 1st time folk into buying.
I guess it’s a sign of the times. Had anyone told me that 2-3 yrs ago that housing would colapse(30-50%) & the Government would provide free $ ($7,500 limit) to first time home buyers…….I would have said – SIGN ME UP.
Now, the key is still………”J-O-B S-E-C-U-R-I-T-Y”…..I wouldn’t venture into buying until I am sure I’m on next FY budget :)@ work
January 19, 2009 at 1:32 PM #331782ParticipantYesterday, I was just talking to my wife about the Govt. zero intrest loan ($7500.00) in support of the 1st time home buyers. I was just thinking that it might move more 1st time folk into buying.
I guess it’s a sign of the times. Had anyone told me that 2-3 yrs ago that housing would colapse(30-50%) & the Government would provide free $ ($7,500 limit) to first time home buyers…….I would have said – SIGN ME UP.
Now, the key is still………”J-O-B S-E-C-U-R-I-T-Y”…..I wouldn’t venture into buying until I am sure I’m on next FY budget :)@ work
January 19, 2009 at 2:09 PM #331269EJ
ParticipantThere are income requirements … not sure exactly but I think phase out (for single filer) is from 75k to 95k and above 95k you are ineligible.
January 19, 2009 at 2:09 PM #331609ParticipantThere are income requirements … not sure exactly but I think phase out (for single filer) is from 75k to 95k and above 95k you are ineligible.
January 19, 2009 at 2:09 PM #331685ParticipantThere are income requirements … not sure exactly but I think phase out (for single filer) is from 75k to 95k and above 95k you are ineligible.
January 19, 2009 at 2:09 PM #331713ParticipantThere are income requirements … not sure exactly but I think phase out (for single filer) is from 75k to 95k and above 95k you are ineligible.
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