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Lono
05-13-2009, 12:26 PM
Was looking for the past thread about the government down payment on first time homeowners. I remember someone said that you dont actually have to be a first time home buyer. How many years can go buy after buying a house to qualify?

DaFace
05-13-2009, 12:29 PM
You can't have owned a house for the past 3 years, IIRC. And it's really not related to down payment - it's just an incentive for buying regardless of how much or how little you put down.

Toadkiller
05-13-2009, 12:29 PM
I think it is 3.

Lono
05-13-2009, 12:32 PM
ok, does it come back in actual cash at tax time, or does it go against what you made?

DaFace
05-13-2009, 12:34 PM
ok, does it come back in actual cash at tax time, or does it go against what you made?

Straight-up credit. Assuming the house you buy is more than $80k, you'd get back $8000 if you owe nothing on your taxes, $7000 if you owe a grand, and $9000 if you are getting a grand as a refund.

MahiMike
05-13-2009, 12:51 PM
FHA down pmt is 3.5%.

There's a new USDA Loan that's 100% but not available in all counties.

Lono
05-13-2009, 12:51 PM
K thanks man, very helpful info.

shitgoose
05-13-2009, 01:13 PM
The thing that sucks about the $8000 tax credit.

My wife bought a house more than a year before we got married. We live in that house today but my name is nowhere on the loan and I have never owned a house in my life. We are NOT eligible for the tax credit even if I were to buy the house in my name only with her off of the loan completely.

This is BULLSHIT I tell you!

nstygma
05-13-2009, 01:23 PM
heads up, anyone buying a house in KC and is a 1st time homebuyer or equivalent can also get an additional $20k from the city for a down payment. $28,000 sounds nice right about now!

bobbything
05-13-2009, 01:27 PM
heads up, anyone buying a house in KC and is a 1st time homebuyer or equivalent can also get an additional $20k from the city for a down payment. $28,000 sounds nice right about now!
Where is there more information on this???

macdawg
05-13-2009, 01:38 PM
free 28k to buy a house? sounds too good to be true. also the 8k isn't a down payment, you have to put down 3.5% to get an FHA loan, the 8k is a free and clear credit, you won't get that 8k until you file for taxes so you still will need to cash for the 3.5% down payment

nstygma
05-13-2009, 01:43 PM
yes, but still one could realize a $28k "gain" between the two programs if they meet the requirements

its called the KC Dream program
have a look: http://www.kcmo.org/planning.nsf/web/kcdream

nstygma
05-13-2009, 01:44 PM
furthermore, here's another link to help find money for buying homes in the area:
http://www.kchomeprograms.com/program/index.php

Donger
05-13-2009, 01:49 PM
Here is the website for the tax credit: http://www.federalhousingtaxcredit.com/2009/index.html

Putting only 3.5% down would scare the crap out of me, but meh.

macdawg
05-13-2009, 03:04 PM
thanks for the link nstygma that is an impressive offer for those eligible.

ChiefButthurt
05-13-2009, 03:51 PM
Here is the website for the tax credit: http://www.federalhousingtaxcredit.com/2009/index.html

Putting only 3.5% down would scare the crap out of me, but meh.

Not if you buy the house right. Overpay in any market climate and you're hosed.

BWillie
05-14-2009, 12:59 AM
yes, but still one could realize a $28k "gain" between the two programs if they meet the requirements

its called the KC Dream program
have a look: http://www.kcmo.org/planning.nsf/web/kcdream

WTF!!! Why did I have to buy a house in Olathe. 28K. Really?

nstygma
05-14-2009, 01:13 AM
WTF!!! Why did I have to buy a house in Olathe. 28K. Really?yep i'm seeing a lot of it in NKC in platte and clay county. it works no matter what county as long as its in the city limits. you can get the best $150k house you can find and your mortgage is only $130k and you get the tax credit later. nice huh

R8RFAN
05-14-2009, 05:39 AM
I wouldn't buy unless I had 20% to put down to avoid the PMI insurance, also I would never get a mortgage payment over 25% of your NET pay per month....

stlchiefs
05-14-2009, 07:27 AM
Just remember the 8k can't be used as a downpayment as you cannot get it until you file or refile your taxes AFTER you have closed on the house. So, you can't count on this money for getting into the house, but you can have it after the fact. If you've already filed for 2008, you can refile after closing and get your money this year, rather than waiting until 2009.

kepp
05-14-2009, 08:11 AM
I wish this would have been in place when we bought our first home in 2004. That $$ would have come in handy.

Mizzou_8541
05-14-2009, 10:03 AM
yep i'm seeing a lot of it in NKC in platte and clay county. it works no matter what county as long as its in the city limits. you can get the best $150k house you can find and your mortgage is only $130k and you get the tax credit later. nice huh

Is this something that will still be available in a year or two? My wife is still in college and we are saving for a down payment now. We can't afford a house yet, but once she is employed we may be able to do this if it is still available.

macdawg
05-14-2009, 11:28 AM
it appears anyone making over $39,900 per year is ineligible for this deal, at least thats what the homepage said yesterday, now it looks different.

nstygma
05-14-2009, 12:11 PM
Is this something that will still be available in a year or two? My wife is still in college and we are saving for a down payment now. We can't afford a house yet, but once she is employed we may be able to do this if it is still available.who knows with any of these programs. there's a similar one in johnson county that ran out of funds a few months back and i don't think they've gotten any more money. that was from a different source though.

it appears anyone making over $39,900 per year is ineligible for this deal, at least thats what the homepage said yesterday, now it looks different.it says $39,400... did it go down? and thats family size too, including kids

DaFace
05-18-2009, 11:35 PM
For what it's worth, I got our $8,000 rebate in the mail today. I filed it as an amended tax return, and I mailed it the day we closed (March 31). So, in case any of you are wondering how long it might take to receive your rebate, the answer is 48 days.

Coach
05-19-2009, 05:45 AM
For what it's worth, I got our $8,000 rebate in the mail today. I filed it as an amended tax return, and I mailed it the day we closed (March 31). So, in case any of you are wondering how long it might take to receive your rebate, the answer is 48 days.

It also depends on how much work load there is needing to be done by the Fed Gov't. So typically, it can go anwyhwere from 4 weeks to 12 weeks, depending on several key things.

If you didn't attach Form 5405 along with your admended or a 1040, you will get it back, and they will say that you need to attach and fill out the 5405. Be sure you fill out the complete date, not just month and year. They will want the day into it as well.

Herzig
05-19-2009, 06:57 AM
The thing that sucks about the $8000 tax credit.

My wife bought a house more than a year before we got married. We live in that house today but my name is nowhere on the loan and I have never owned a house in my life. We are NOT eligible for the tax credit even if I were to buy the house in my name only with her off of the loan completely.

This is BULLSHIT I tell you!

Same thing with my wife. Except I am the homeowner.