New Home Buyer Rebate


L

Luka

Has anyone heard rumers regarding a bill to increase the income limit
for the new home buyer rebate?
 
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D

D. Stussy

Luka said:
Has anyone heard rumers regarding a bill to increase the income limit
for the new home buyer rebate?
"rumers?"

The current RUMOUR is that it will be extended "as is" into next year.
However, Congress has only this week to act on it as it expires next
weekend.
 
M

Mark Bole

One logical thing they'll probably never do is hook the income limit to
real estate prices in different regions. A "first time homebuyer" in
some markets would need 1.5 to 2 times the income of same buyer in other
markets to qualify for traditional mortgage[*], given the median price
for owner-occupied housing.
The current RUMOUR is that it will be extended "as is" into next year.
However, Congress has only this week to act on it as it expires next
weekend.
What expires? The legislation? (not sure what that would mean). The
credit is available for purchase transactions that close before Dec.
1st, as I recall (not next weekend).

Now the real estate agents, escrow officers, loan brokers, etc. will
get to experience on Monday Nov. 30th. what tax pros experience every
year on Apr. 15th. Wonder how time zones will be reflected in closing
documents?

-Mark Bole

[*] SWAG
 
A

Arthur Kamlet

"rumers?"

The current RUMOUR is that it will be extended "as is" into next year.
However, Congress has only this week to act on it as it expires next
weekend.

RUMOUR?



You are on this side of the pond, right?
 
D

D. Stussy

Mark Bole said:
One logical thing they'll probably never do is hook the income limit to
real estate prices in different regions. A "first time homebuyer" in
some markets would need 1.5 to 2 times the income of same buyer in other
markets to qualify for traditional mortgage[*], given the median price
for owner-occupied housing.
The current RUMOUR is that it will be extended "as is" into next year.
However, Congress has only this week to act on it as it expires next
weekend.
What expires? The legislation? (not sure what that would mean). The
credit is available for purchase transactions that close before Dec.
1st, as I recall (not next weekend).
My memory says November 1 is the deadline. It's the beginning of the
month, not the end.
 
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D

D. Stussy

Arthur Kamlet said:
RUMOUR?



You are on this side of the pond, right?
At least the word is spelled that way in SOME dialect of English. I chose
that spelling based on the OP's foreign name.
 
M

Mark Bole

D. Stussy said:
My memory says November 1 is the deadline. It's the beginning of the
month, not the end.

Your memory contains the wrong month.

-Mark Bole
 
H

HLunsford

D. Stussy said:
At least the word is spelled that way in SOME dialect of English. I chose
that spelling based on the OP's foreign name.
Ah, we're always talking about the colour of money!

ChEAr$,
Harlan Lunsford, EA n LA
 
D

D. Stussy

Mark Bole said:
Your memory contains the wrong month.
Seems as if my memory was correct -- however, it was not inclusive of the
month.

That's the difference between "extended to" and "extended through."
 
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H

HLunsford

On the way home today, on one street over, there is a new sign beside
the usual real estate agent's sign proclaiming that "This house
qualifies for the $8,000 tax credit."

A house qualifies? By itself? The buyers might not, but the house
does! (grin

ChEAr$,
Harlan
 

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