8k First Time Home Buyer Stimulus?

BMW_TT · 06-03-2009, 07:53 AM

Looking to buy a place this year. Anyone know the requirements to get the 8k stimulus for first time home buyer? All I know is you have to make under a certain amount and live at the home for at least 3 years.

I have someone that is willing to put the down payment but I heard this will disqualify you from the stimulus if the money is not coming from the primary or secondary.

Also, what's the rule of thumb when purchasing a place? 3 times your salary?

dr.jay · 06-03-2009, 08:02 AM

I got it, I know for sure you cant buy the house off of a relative and it cant be a rental property it has to be your primary residence. I put down my own d/p so I dont know how that go's. Ask your accountant (if you have one) mine was very helpful giving me all of the restrictions of the stimulus

lib · 06-03-2009, 09:25 AM

Quote:

Originally Posted by BMW_TT

Anyone know the requirements to get the 8k stimulus for first time home buyer?

Make sure you review the official rules before buying. What I remember offhand:

- Closing date must be before Dec 1, 2009
- Must be your first home and principle residence
- Single filers up to 75k MAGI & joint filers up to 150k qualify for the full amount
- Single filers over 95k & joint filers over 170k do not qualify.
- The amount scales linearly within that range (aka, single filer with 85k MAGI would receive half of the credit)

fdsasdasdf · 06-03-2009, 09:40 AM

I've always wondered if you could get a free home by getting an $8000 home...

...but then again, there's no such thing as a free lunch.

darkcloud · 06-03-2009, 09:46 AM

My wife and I qualified for the previous home stimulus that was offered last spring. The $7,500 w/ 0%apr that must be paid back in 15 years. I kinda wish the govt. would turn and lump us in with the $8k crowd, hell I don't even want the $500 to cover the difference.

My account looked into said we qualified for the full amount and we signed to accept it, otherwise I knew nothing else about it like the qualification terms and such.

BMW_TT · 06-03-2009, 09:49 AM

http://www.federalhousingtaxcredit.com/2009/index.html

I just read this.

What do you usually get approved for? 3 times your salary?

yomama69 · 06-03-2009, 09:57 AM

Quote:

Originally Posted by BMW_TT

http://www.federalhousingtaxcredit.com/2009/index.html

I just read this.

What do you usually get approved for? 3 times your salary?

It's debt to income ratio. Mortgage company usually uses 40% as a threshold.

lib · 06-03-2009, 10:57 AM

Quote:

Originally Posted by Zell

I've always wondered if you could get a free home by getting an $8000 home...

...but then again, there's no such thing as a free lunch.

The credit is limited to no more than 10% of the home price

stooken · 06-03-2009, 01:03 PM

Quote:

Originally Posted by lib

Make sure you review the official rules before buying. What I remember offhand:

- Closing date must be before Dec 1, 2009
- Must be your first home and principle residence
- Single filers up to 75k MAGI & joint filers up to 150k qualify for the full amount
- Single filers over 95k & joint filers over 170k do not qualify.
- The amount scales linearly within that range (aka, single filer with 85k MAGI would receive half of the credit)

i think it has to close before nov 30, 2009 now?

any way around the principle residence part? i'm trying to pick up my first rental prop.

lib · 06-03-2009, 01:23 PM

Quote:

Originally Posted by stooken

Quote:

Originally Posted by lib

- Closing date must be before Dec 1, 2009

i think it has to close before nov 30, 2009 now?

Guess what day comes before Dec. 1st, 2009

BMW_TT · 06-03-2009, 01:36 PM

Quote:

Originally Posted by lib

Guess what day comes before Dec. 1st, 2009

stooken · 06-03-2009, 02:25 PM

Quote:

Originally Posted by lib

Guess what day comes before Dec. 1st, 2009

Quote:

Originally Posted by BMW_TT

LOL! i read dec 31st for some reason. my bad!

number335 · 06-03-2009, 08:09 PM

Also first time buyer also means you have not purchased a primary residence within the last 3 years, not that you are only a first time home buyer. I've also read somewhere that you can apply the 8k credit directly as a down payment on an FHA loan. I'm not sure how accurate that is though.

06-03-2009, 07:53 AM	#1
BMW_TT Colonel 225 Rep 2,548 Posts Drives: E92 335i Join Date: Aug 2007 Location: Dallas, TX iTrader: (4)	8k First Time Home Buyer Stimulus? Looking to buy a place this year. Anyone know the requirements to get the 8k stimulus for first time home buyer? All I know is you have to make under a certain amount and live at the home for at least 3 years. I have someone that is willing to put the down payment but I heard this will disqualify you from the stimulus if the money is not coming from the primary or secondary. Also, what's the rule of thumb when purchasing a place? 3 times your salary?
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06-03-2009, 08:02 AM	#2
dr.jay Lieutenant 14 Rep 465 Posts Drives: 2011 135 Join Date: Mar 2008 Location: Greenwood Always Up to No Good iTrader: (1)	I got it, I know for sure you cant buy the house off of a relative and it cant be a rental property it has to be your primary residence. I put down my own d/p so I dont know how that go's. Ask your accountant (if you have one) mine was very helpful giving me all of the restrictions of the stimulus __________________ "Barzini is dead. So is Phillip Tattallgia. Moe Green. Slacci. Cuneo. Today I settled all family business so don't tell me that you're innocent. Admit what you did"
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06-03-2009, 09:40 AM	#4
fdsasdasdf Captain 125 Rep 778 Posts Drives: 330Ci ZHP 6sp Join Date: Apr 2009 Location: Raleigh, NC iTrader: (0)	I've always wondered if you could get a free home by getting an $8000 home... ...but then again, there's no such thing as a free lunch.
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06-03-2009, 09:46 AM	#5
darkcloud Colonel 335 Rep 2,385 Posts Drives: 09 VW JSW Join Date: Aug 2006 Location: cleveland, oh iTrader: (2) Garage List 2006 325i [0.00]	My wife and I qualified for the previous home stimulus that was offered last spring. The $7,500 w/ 0%apr that must be paid back in 15 years. I kinda wish the govt. would turn and lump us in with the $8k crowd, hell I don't even want the $500 to cover the difference. My account looked into said we qualified for the full amount and we signed to accept it, otherwise I knew nothing else about it like the qualification terms and such. __________________ retired 06 E90 325i New: 09 VW Platinum Grey Jetta Sportwagen 2.0T SEL w/DSG, panoramic sunroof and Ipod adapter
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06-03-2009, 09:49 AM	#6
BMW_TT Colonel 225 Rep 2,548 Posts Drives: E92 335i Join Date: Aug 2007 Location: Dallas, TX iTrader: (4)	http://www.federalhousingtaxcredit.com/2009/index.html I just read this. What do you usually get approved for? 3 times your salary?
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06-03-2009, 08:09 PM	#13
number335 Second Lieutenant 20 Rep 254 Posts Drives: E92 Coupe Join Date: Mar 2008 Location: Orange County, CA iTrader: (0)	Also first time buyer also means you have not purchased a primary residence within the last 3 years, not that you are only a first time home buyer. I've also read somewhere that you can apply the 8k credit directly as a down payment on an FHA loan. I'm not sure how accurate that is though.
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