Obama to first time homebuyers: I'll lend you $8,000!

[msu17 0]

my husband would be a first time home buyer but i would not be so how would that work?

would we just have to put everything in his name only to qualify?

Just remember that this is a loan. I think you pay it back through your federal taxes.

This program is not a loan and you do not have to pay it back. It is a "refundable" credit that you receive from the government if you qualify.

Ok, I just looked it up. I was thinking of the $7500 tax credit from last year. This one isn't paid back unless you sell the home within 3 years. If you do sell then it does need to be repaid, othewise it doesn't.

This one is absolutely sweet.

I sold my last house in Jan 2006.

I bought my current house in Feb 2009.

That's 3 years + 1 month.

I qualified for the full $8000 credit. Not only that, I got to claim it on my 2008 tax return even though I bought the house in 2009.

Meaning that at closing in Feb I paid my downpayment, then filed my 2008 return in March, and had the direct deposit of my refund, including $8000 housing credit, back in my bank account barely a month after having "spent" that portion of my downpayment.

And you guys wonder why I the Obama stimulus plan

I do want to thank all my fellow American taxpayers for your help in allowing me to buy the home I was about to buy anyway, with or without the stimulus. I hope you all enjoyed the experience as much as I did.

We got the 7500$ and used it to buy our new car. If I understand correctly, we get the tax for that back next year!

[alienlovechild 75]

I was a first time homebuyer when I purchased my home in 2005. Do I qualify for the credit or is it only for homebuyers who purchased for the first time in 2009?

Look it up but I think if you haven't owned a home for the last years, you're considered a first-time buyer once again.

[w¡n9Nµ7 §£@¥€r 123]

... I think if you haven't owned a home for the last years, you're considered a first-time buyer once again.

3 years. It's in the original post of this thread.