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Go buy a f'n house!

 
 
Reply 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.

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Type: Discussion • Score: 8 • Views: 1,847 • Replies: 10
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kickycan
 
  1  
Reply Sun 22 Feb, 2009 11:32 am
@Slappy Doo Hoo,
I wonder, does all that tax credit stuff apply to condos or co-ops as well? Probably not I would guess.
shewolfnm
 
  1  
Reply Sun 22 Feb, 2009 11:34 am
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..
DrewDad
 
  1  
Reply Sun 22 Feb, 2009 12:21 pm
I wonder if the $8000 applies to the down payment.... Smile
0 Replies
 
Green Witch
 
  1  
Reply Sun 22 Feb, 2009 12:35 pm
@kickycan,
I believe it does. The term should be "home buyer" not "house buyer".
0 Replies
 
Green Witch
 
  1  
Reply Sun 22 Feb, 2009 12:37 pm
@shewolfnm,
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.
Ticomaya
 
  1  
Reply Sun 22 Feb, 2009 12:41 pm
@Green Witch,
Green Witch wrote:
Shewolf, do you know what your credit rating is?

615, per her post.
hawkeye10
 
  1  
Reply Sun 22 Feb, 2009 12:47 pm
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.
Green Witch
 
  1  
Reply Sun 22 Feb, 2009 12:48 pm
@Ticomaya,
Oops.Thanks, Tico. Multi-tasking bad, very bad. I think she should still look into possibilities. Maybe a rent to own situation.
0 Replies
 
Slappy Doo Hoo
 
  1  
Reply Mon 23 Feb, 2009 08:52 am
@kickycan,
Yes, applies to any purchase. Doesn't matter if it's a condo or not.
0 Replies
 
Slappy Doo Hoo
 
  1  
Reply Mon 23 Feb, 2009 08:55 am
@hawkeye10,
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.
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