Comments on: HUD Wants to Let First Time Home Buyers Use $8,000 Credit for Downpayment http://www.consumerismcommentary.com/hud-wants-to-let-first-time-home-buyers-use-8000-credit-for-downpayment/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Wed, 30 May 2012 21:29:58 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jaackson Osborn http://www.consumerismcommentary.com/hud-wants-to-let-first-time-home-buyers-use-8000-credit-for-downpayment/comment-page-1/#comment-246872 Jaackson Osborn Tue, 30 Nov 2010 12:08:50 +0000 http://www.consumerismcommentary.com/?p=6316#comment-246872 The first tax credit for home buyers and it had to be repaid over a maximum period of 15 years. The second change increased the first time home credit to $ 8,000 and potential home buyers had to December 1, 2009 to purchase a home and take advantage of the home credit. However, recently HUD allows the first time home credit to be used as part of the down payment and/or closing cost. This doesn't appear to be better than the credit that one gets and not have to pay it back. HUD is calling the first time home buyers credit funds extended to the buyer as bridge loan that have to be repaid. If I'm not interpreting this new HUD provision correctly, I would welcome some feed back. Please suggest me about first time buying... Thanks The first tax credit for home buyers and it had to be repaid over a maximum period of 15 years. The second change increased the first time home credit to $ 8,000 and potential home buyers had to December 1, 2009 to purchase a home and take advantage of the home credit. However, recently HUD allows the first time home credit to be used as part of the down payment and/or closing cost. This doesn’t appear to be better than the credit that one gets and not have to pay it back. HUD is calling the first time home buyers credit funds extended to the buyer as bridge loan that have to be repaid. If I’m not interpreting this new HUD provision correctly, I would welcome some feed back. Please suggest me about first time buying…
Thanks

]]> By: Micha http://www.consumerismcommentary.com/hud-wants-to-let-first-time-home-buyers-use-8000-credit-for-downpayment/comment-page-1/#comment-194068 Micha Fri, 29 May 2009 08:20:29 +0000 http://www.consumerismcommentary.com/?p=6316#comment-194068 Using the First Time Homebuyers' Tax Credit as down payment is a pretty good idea in my book. If the FHA/HUD really pushes this through, it would do so much good to the ailing real estate industry. Using the First Time Homebuyers’ Tax Credit as down payment is a pretty good idea in my book. If the FHA/HUD really pushes this through, it would do so much good to the ailing real estate industry.

]]> By: *flash* http://www.consumerismcommentary.com/hud-wants-to-let-first-time-home-buyers-use-8000-credit-for-downpayment/comment-page-1/#comment-193748 *flash* Thu, 21 May 2009 01:24:18 +0000 http://www.consumerismcommentary.com/?p=6316#comment-193748 Maybe I am missing something. The maximum the SSA. will allow clients on SSI to save is $2000.- food. clothing shelter is all SSI is for; and not taxes. $8000. plus $2000. would not buy an outhouse anywhere in CA that I know of.! Retired, fired, laid off could buy, but does not have continuing income to pay taxes on what he or she buy. Perhaps I am too tired at the end of the day to figure this out; but it sure seems questionable! Maybe I am missing something. The maximum the SSA. will allow clients on SSI to save is $2000.- food. clothing shelter is all SSI is for; and not taxes.

$8000. plus $2000. would not buy an outhouse anywhere in CA that I know of.!

Retired, fired, laid off could buy, but does not have continuing income to pay taxes on what he or she buy.

Perhaps I am too tired at the end of the day to figure this out; but it sure seems questionable!

]]> By: Mrs. Modern Tightwad http://www.consumerismcommentary.com/hud-wants-to-let-first-time-home-buyers-use-8000-credit-for-downpayment/comment-page-1/#comment-193742 Mrs. Modern Tightwad Wed, 20 May 2009 22:11:15 +0000 http://www.consumerismcommentary.com/?p=6316#comment-193742 I think it could be a sound idea. For it to truly function well, I would think that HUD would have to place a priority lien on the individual's IRS dollars so that the money gets paid directly instead of counting on personal responsibility. I think it could be a sound idea. For it to truly function well, I would think that HUD would have to place a priority lien on the individual’s IRS dollars so that the money gets paid directly instead of counting on personal responsibility.

]]> By: Brandon Barkley http://www.consumerismcommentary.com/hud-wants-to-let-first-time-home-buyers-use-8000-credit-for-downpayment/comment-page-1/#comment-193737 Brandon Barkley Wed, 20 May 2009 18:35:32 +0000 http://www.consumerismcommentary.com/?p=6316#comment-193737 I suggested this idea on the GetRichSlowly forums about 3 months ago. Everyone balked at me like Mr. ToughLoveMoney does above. I think this is a great idea that helps make sure the money is used on the house and not on a vacation. Some cynics argue that prices will just inflate $8,000 to compensate. I am sure that could happen in some cases, but I do not think it is ubiquitous. I suggested this idea on the GetRichSlowly forums about 3 months ago. Everyone balked at me like Mr. ToughLoveMoney does above. I think this is a great idea that helps make sure the money is used on the house and not on a vacation. Some cynics argue that prices will just inflate $8,000 to compensate. I am sure that could happen in some cases, but I do not think it is ubiquitous.

]]> By: Mr. ToughMoneyLove http://www.consumerismcommentary.com/hud-wants-to-let-first-time-home-buyers-use-8000-credit-for-downpayment/comment-page-1/#comment-193736 Mr. ToughMoneyLove Wed, 20 May 2009 17:59:38 +0000 http://www.consumerismcommentary.com/?p=6316#comment-193736 This proposal from HUD just proves that our government has an endless supply of idiotic ideas. This is precisely the thinking that inflated the real estate bubble to begin with: I want it and I want it now and no silly thing such as SAVING for a down payment is going to get in my way. There must be an entire committee of government bureaucrats who are tasked with doing nothing except thinking up new ways to throw taxpayer money down the rat hole. This week, the committee is working at HUD. And what happens when we learn that thousands of home buyers are "borrowing" a tax credit that they aren't actually entitled to? More fraud opportunities, with more government employees needed to investigate fraud. It never ends does it? This proposal from HUD just proves that our government has an endless supply of idiotic ideas. This is precisely the thinking that inflated the real estate bubble to begin with: I want it and I want it now and no silly thing such as SAVING for a down payment is going to get in my way. There must be an entire committee of government bureaucrats who are tasked with doing nothing except thinking up new ways to throw taxpayer money down the rat hole. This week, the committee is working at HUD.

And what happens when we learn that thousands of home buyers are “borrowing” a tax credit that they aren’t actually entitled to? More fraud opportunities, with more government employees needed to investigate fraud. It never ends does it?

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