Sat 21 Feb, 2009 10:20 am
Rates are low, home prices are ridiculously low, and now, if you haven't bought a house in the past 3 years, make under $75K as a single person or $150K as a couple, you get a $8,000 tax credit. The new $8K is yours...you don't pay it back. Just have to stay in the house for 3 years. I'm just pissed as I'm in the market for another place, I don't qualify.
3.5% minimum down payment through a FHA loan.
I read today a report stated it may not have as strong an impact as they hoped, however if they passed the $15K rebate, it would have generated a lot more buyers. What the f**k??? Stop being pu$$ies and go buy something. $8K is a lot of free money.
@Slappy Doo Hoo,
I wonder, does all that tax credit stuff apply to condos or co-ops as well? Probably not I would guess.
credit rating requirements have gone up.
At least here.. ?
used to be, you could get a home loan with a credit between 620-650
(i am at 615 dangit. My mistake)
but now it is 680-710....
Dont know many people with THAT credit rating now..
I wonder if the $8000 applies to the down payment....
I believe it does. The term should be "home buyer" not "house buyer".
Slappy is right. It's an excellent time to buy a home. Shewolf, do you know what your credit rating is? I've never taken out a loan in my life and my rating is 817. It might be worth it to find out and start looking around at foreclosure properties.
home values still have far to fall, buying is not a good option till inflation hits. When that time comes buy a well built home, that is in a stable neighborhood, and not out in the boonies. There will be a wholesale revaluation of neighborhoods, you'll want to be with a winner.
Only those with money will do well in this recession/depression, but good credit will be somewhat handy at some point. Now is not the time to spend good credit.
Oops.Thanks, Tico. Multi-tasking bad, very bad. I think she should still look into possibilities. Maybe a rent to own situation.
Yes, applies to any purchase. Doesn't matter if it's a condo or not.
Well you don't know when values hit a bottom until they go back up.
And if you're buying for the long term, prices are still down a good deal. It depends what area you live in too...where I'm looking, prices have fallen, but they haven't dropped nearly as much as AZ or FL, and some areas are still relatively strong. No room to build more land where I am, so I know when cheap is cheap. I looked at a place this weekend, hit the market Saturday, and there's three offers on it today.