Happy Poll

[Sylvus]

Looks like the plan to increase it to $15k was scrapped, and now it's going up to $8k from $7500. Didn't see anything about the salary restrictions changing at all.

http://www.thestreet.com/story/10463698 ... en=GOOGLEN

[Funkmasterr]

Looks like the plan to increase it to $15k was scrapped, and now it's going up to $8k from $7500. Didn't see anything about the salary restrictions changing at all.

http://www.thestreet.com/story/10463698 ... en=GOOGLEN

Good, hopefully the info I got passed onto me here at work was bogus then, cause this money was a big part of the reason my girlfriend and I were making a push to buy a house, and I was really looking forward to it

[*~*stragi*~*]

Yeah, except minus Ed. You get the 15k added to your refund, and then they'll take $1k away from you each year for the next 15 years... if you sell the house, it becomes due.

no, it was free money under the new bill not the interest free loan. it's reduced to 8k now after they came to a compromise and i'm not sure if it's still free or if it went back to being the interest free loan. the original was a free 15k or 10 percent of your home value (whichever was less) back on your tax refund. even at 8k it's fucking dumb for me NOT to do it when i can get a mortgage for less than i pay in rent and then pay off all my debt and then some. i just need to secure a god damned loan and it's impossible so far. two credit unions so far told me i need a 10 percent down payment minimum and wouldn't answer any of my questions about FHA loan requirements.

edit: oh yeah, under the compromised bill it will again end in june 09.

[Sylvus]

FHA I believe you need a minimum of 3% down.

You try going to like LendingTree.com? I went there and was inundated with calls from people who wanted to give me a mortgage. Granted, my credit was excellent, so YMMV.

[*~*stragi*~*]

Not yet, I saw a commercial for them this morning and decided to try em' I just haven't had time to apply.

I have perfect credit also but I don't have any semblance of a down payment. I had planned to get the seller to pay it. I'm really just trying to get pre-approved/qualified as I haven't found a house yet and I don't want to go looking until I know how much I can get and what the payments would be (all inclusive, escrow, mortgage insurance if i have to have it etc)

[*~*stragi*~*]

Wasn't Spankes some kind of mortgage guy in Phoenix? SPANKES GIEV LOAN

[Bubba Grizz]

I bought my house using my GI Loan. Actually there are two type for that, Federal and State. In essence you don't have to have PMI with one whereas the other doesn't. One requires a down payment while the other doesn't. At least that is how it was explained to me. Regardless, I have my house and have been in it for over 5 years now. yay. I highly recommend owning your own home.

[Ashur]

VALoan4tw

[Sylvus]

Not yet, I saw a commercial for them this morning and decided to try em' I just haven't had time to apply.

I have perfect credit also but I don't have any semblance of a down payment. I had planned to get the seller to pay it. I'm really just trying to get pre-approved/qualified as I haven't found a house yet and I don't want to go looking until I know how much I can get and what the payments would be (all inclusive, escrow, mortgage insurance if i have to have it etc)

I didn't really have any sort of down payment. I went FHA and put 3% down, and that I ended up borrowing from my 401k. If you go that low, you're going to pay PMI, but it's really not that much. I think mine is like $80/mo. or something, and will probably go away entirely once i re-fi, as my house is worth a lot more than I paid for it.

Buy a foreclosure!

[*~*stragi*~*]

That's my plan! I have no money saved what-so-ever though. My 401k is down to like 1700 bucks from like almost 4k I'll have ~2200 once I get my tax returns.

[Tyek]

I was very happy about the bonus I was getting today, and while I am still happy, it was tough to see almost half of it go to taxes!! Well they also took a lot out for the 401K which is probably like throwing that away.

[Tyek]

That's my plan! I have no money saved what-so-ever though. My 401k is down to like 1700 bucks from like almost 4k I'll have ~2200 once I get my tax returns.

Sorry Stragi.
My last quarter 401K I lost 7K in addition to all my money I put into it that quarter. I did find out my tax guy got us a 4K return. What is sad is that used to be 14K a year until last year.

If you want(and can) buy a house though, now is the time. About 2 years ago my wife graduated with her RN and wanted to go out and buy a 4000 sq foot house. It was $800,000 and the monthly payment was 5700 before any association fees. Working where I do, we see the construction trends a little before most people and I refused to buy it and built her a nice pool instead. She was really mad at me, but we still are not upside down on our house and the houses that she wanted are sitting at 400K. Unfortunately I can't sell mine either right now, but when things start moving up a little I can sell this one and get a much nicer deal on one of those monsters. I know some houses up on the mountainside were 1.2 million as late as last year and now are sitting at 500K and not even moving.

I wish you guys the best of luck on finding a house and envy your position if you don't have to sell one first.

[Winnow]

That's my plan! I have no money saved what-so-ever though. My 401k is down to like 1700 bucks from like almost 4k I'll have ~2200 once I get my tax returns.

You can retire one month before you die so far.

[Sylvus]

Looks like the plan to increase it to $15k was scrapped, and now it's going up to $8k from $7500. Didn't see anything about the salary restrictions changing at all.

http://www.thestreet.com/story/10463698 ... en=GOOGLEN

Well now... it appears that if you buy your house in 2009, that $8000 is no longer a loan, but a gift. http://www.irs.gov/newsroom/article/0,, ... 71,00.html

I've heard they are in talks about expanding it to the 2008 version as well, and I hope to god that's the case. Otherwise, I'm going to be a bit disappointed that I closed on my house 28 days before a free $8000 would have been mine.

[cadalano]

thats pretty nuts. maybe i'll buy a house. thanks for the infos sylvus

[Sylvus]

My pleasure. I was just doing a little light reading of IRS Tax Code, and ran across that info and figured I should share. I used to be a big fan of IRS Publication 15, but oh boy, Notice 1036 has just been captivating today!

Remind me again why I'm writing tax and accounting software instead of video games? What happened to my dreams?!? My youth?!?!?!?

Rosebud.

[Spang]

[Show]

Rosebud was a sled.

[Aardor]

\
Remind me again why I'm writing tax and accounting software instead of video games? What happened to my dreams?!? My youth?!?!?!?

Probably money, stress level, and amount of work required (the gaming industry notoriously underpays and overworks programmers).

Same reason I'm making insurance software!