Comments on: Buying A House in 2009 — Just For the Tax Credit http://www.wealthjunkies.com/homes/buying-a-house-in-2009-%e2%80%94-just-for-the-tax-credit/ Debt, Credit, Investing, and Money Wed, 10 Mar 2010 03:08:24 -0500 http://wordpress.org/?v=2.8.1 hourly 1 By: Ken http://www.wealthjunkies.com/homes/buying-a-house-in-2009-%e2%80%94-just-for-the-tax-credit/comment-page-1/#comment-75423 Ken Fri, 23 Oct 2009 17:58:35 +0000 http://www.wealthjunkies.com/homes/buying-a-house-in-2009-%e2%80%94-just-for-the-tax-credit/#comment-75423 Best comment on the Tax credit yet. Stick to basics and buy a house not based on a tax credit that will do little for you in the end and has lots of restrictions on who is eligible or not. I have never owned a house, but I don't qualify due to my income level or as in many cases somebody makes just enough money to have the total tax credit reduced. The example on the US website shows a phase out range of 150k-170k for married couples. If the joint income is 160k it get's cut from $8,000.00 to $4000.00. The amount of extra cash is now very little when it comes to owning a house. People that buy for the tax credit and get the full amount probably can't afford the house. I expect more foreclosurs just because of the tax credit bait. I would just wait as it's more likely the house prices themselves will drop more than the $8,000.00 you might get. Best comment on the Tax credit yet. Stick to basics and buy a house not based on a tax credit that will do little for you in the end and has lots of restrictions on who is eligible or not.

I have never owned a house, but I don’t qualify due to my income level or as in many cases somebody makes just enough money to have the total tax credit reduced.
The example on the US website shows a phase out range of 150k-170k for married couples. If the joint income is 160k it get’s cut from $8,000.00 to $4000.00.
The amount of extra cash is now very little when it comes to owning a house.

People that buy for the tax credit and get the full amount probably can’t afford the house. I expect more foreclosurs just because of the tax credit bait.

I would just wait as it’s more likely the house prices themselves will drop more than the $8,000.00 you might get.

]]> By: Jerry http://www.wealthjunkies.com/homes/buying-a-house-in-2009-%e2%80%94-just-for-the-tax-credit/comment-page-1/#comment-69336 Jerry Fri, 05 Jun 2009 09:29:49 +0000 http://www.wealthjunkies.com/homes/buying-a-house-in-2009-%e2%80%94-just-for-the-tax-credit/#comment-69336 Fantastic advice. People should not be rushing into the real estate market again because that's part of the reason we are in the mess we're currently in. The tax credit shouldn't be the only reason to lead someone to buy a house. You're right to say that your finances should be stable and you should be able to comfortably put down a down-payment. People should know how much they can afford in their mortgage including taxes and insurance. Only then should they try and buy. Jerry Fantastic advice. People should not be rushing into the real estate market again because that’s part of the reason we are in the mess we’re currently in. The tax credit shouldn’t be the only reason to lead someone to buy a house. You’re right to say that your finances should be stable and you should be able to comfortably put down a down-payment. People should know how much they can afford in their mortgage including taxes and insurance. Only then should they try and buy.
Jerry

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