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yournamehere · 04-11-2009, 12:14 PM

Just FYI:
"First time buyers" includes anyone who hasn't purchased a home within the past 3 years. It's meant to exclude flippers and speculators. I can't imagine there's a very large group of people who bought a home to live in within the past three years who are looking to buy again. Even if your house has gone up in value, you'd still be lucky to break even after commissions and closing costs. I guess there could be exceptions - like moving from an area unaffected by falling prices to an area hit really hard - that way you could get more house for your money. Good luck finding a job in those areas, though. Unemployment is a big reason for the foreclosures that have driven prices down.

The $8,000 credit is actually "10% of the purchase price; up to $8,000". So if your purchase price is $65,000, your tax credit is $6,500. Any home sold for $80K or over gets the full $8K credit.
The minimum stay before selling without a pay-back penalty is 3 years; not 15.

04-11-2009, 12:14 PM	#35 (permalink)
yournamehere Invisible Location: tentative, at best	Just FYI: "First time buyers" includes anyone who hasn't purchased a home within the past 3 years. It's meant to exclude flippers and speculators. I can't imagine there's a very large group of people who bought a home to live in within the past three years who are looking to buy again. Even if your house has gone up in value, you'd still be lucky to break even after commissions and closing costs. I guess there could be exceptions - like moving from an area unaffected by falling prices to an area hit really hard - that way you could get more house for your money. Good luck finding a job in those areas, though. Unemployment is a big reason for the foreclosures that have driven prices down. The $8,000 credit is actually "10% of the purchase price; up to $8,000". So if your purchase price is $65,000, your tax credit is $6,500. Any home sold for $80K or over gets the full $8K credit. The minimum stay before selling without a pay-back penalty is 3 years; not 15. __________________ If you want to avoid 95% of internet spelling errors: "If your ridiculous pants are too loose, you're definitely going to lose them. Tell your two loser friends over there that they're going to lose theirs, too." It won't hurt your fashion sense, either.