Quote:
Originally Posted by Guru
These tax credits are misleading though. It encourages people to take on loans they can't afford just so they can take advantage of a tax credit. Not saying that is what you are doing, just that people will do this.
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I somewhat agree. I made 54K last year and plan on renting out 3 rooms for $425 a month. I should have a ton of money left over to pay the $1200 or so mortgage and utilities I would think? But I'm sure alot of people just scraping by will look at this as just getting a free 8 grand to spend on whatever they want. What if they blow the 8 grand and get their house foreclosed before they are in it for 3 years. The government is going to want their money back. Could make for alot of problems.