"WASHINGTON (AP) -- Thousands of first-time homebuyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit to pay for some of the costs of buying a home purchase.
The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can get advances from lenders that let them effectively receive the credit in advance, so they don't have to wait to get the money from the IRS."
Friday, May 29, 2009
Cash Advance
Posted by Harriet at 6:33 PM
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WASHINGTON (May 20, 2009) – U.S. Senator Johnny Isakson, R-Ga., today introduced an amendment to the Fiscal Year 2009 Supplemental Appropriations bill that seeks to stimulate the nation’s declining housing market by expanding the current $8,000 homebuyer tax credit to include all individuals who purchase a home in the next year.
Specifically, Isakson’s amendment would expand the current $8,000 homebuyer tax credit so that it applies to any buyer of any home, not just first-time buyers. The amendment also would eliminate the income caps of $75,000 for an individual and $150,000 for a couple under the current tax credit so that there is no income limit for eligibility. Finally, the amendment would extend the tax credit to June 10, 2010, and would still allow homebuyers to claim the credit on their 2008 tax return.
“By removing the income and first-time buyer restrictions from the current homebuyer tax credit, I am confident many more buyers will take advantage of this tax credit and we will have a significant improvement in the housing market and in our economy,” Isakson said. “As has happened in 1968, 1974 and 1990-1991, housing took America into a recession and it was only when the housing market recovered that the America economy improved.”
http://www.theweekly.com/news/2009/May/20/Isakson.html
and we elected these people...
Completely expected. Look for more creative housing stimulus measures out of Congress, the White House, and the Fed. It will stop once CA prices are up significantly.
...and then the currency collapses, and we become Argentina.
Do you think American consumers are worried about paying twice as much for toys from China or being able to sell their house for more than they paid for it?
They're worried about paying twice as much for gas.
novawatcher,
If they don't want to pay twice as much as gas, that's easy, just stay in the recession forever with no one going to work.
It's not really "more than they paid for it" in real dollars if everything else costs twice as much as it did before and they only made 10% on the house.
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