First-time home buyers: there’s a $7500 tax credit in town
How many home buyers will still be sitting on the fence after learning about the new $7500 tax 
credit for first-time home buyers? After President Bush’s previous hesitancy to endorse widespread government bailout of the foreclosure and housing crunch, it seems his pen is in full-on signing mode these days.
First it was raising FHA loan limits, then the housing bill to help homeowners escape foreclosure, and now a housing bill aimed to help first-time home buyers who are in need of cash–$7500 worth of cash. The bill is meant to provide a catalyst in the sluggish housing market by giving buyers incentive to act now. There is a time window–in order to get the credit, you have to buy a house between April 9, 2008 and July 1, 2009.
Free money? Hardly. If you want to play, you will need to pay. The government will allow you up to 15 years to pay back the $7500, free of interest. The first payment will be due two years from when you receive the credit.
Will this help to speed up the recovery of the housing market? 52 Lee Street wants to hear your thoughts. Chime in by commenting below.
Posted by Rebecca D. Levinson
I’m getting progressively more ticked off at the actions of those in charge vis a vis the housing market. I’m current on my mortgage, and at least at the moment, I’m solvent. I’m not behind on my taxes. Where’s my bailout? Where’s my principal reduction and below-market interest rate? Do I at least get fractional ownership in the houses of those getting bailouts? No, I just get soaked for higher taxes to fund the bailouts, and banks that ought to fail under the weight of their bad lending decisions get to keep my money and stay solvent at my expense.
August 14th, 2008 at 2:00 pm
Yes, where are the breaks for those who have been on time and paying their mortgages and working hard to do so. We didn’t get in over our heads; we’re not livin’ large and expecting everyone else to bail us out because we can’t meet our obligations. I guess our reward is that our credit remains good so we can easily borrow more money??? For what - so we can help pad the pockets of the banks and credit card companies who continue to charge us high rates because of the aforementioned folks who got greedy.
August 14th, 2008 at 3:45 pm
Count your blessing day by day that you are not in that position. Also it is not free as you read. It is just a little extra cash to get started.
August 18th, 2008 at 2:29 pm
Teed off homeowners, Joyce and Jane- Thank you for your comments to this post.
September 3rd, 2008 at 10:12 am