Here is a link to an informational site about the house purchase credit. An a more formal site that has information on this and other provisions made by the government for home owners this year. It seems that these were part of the economic stimulus plan passed earlier this year. This happened after we purchased our house, so maybe that is why it didn't go before April 9th you say.
Wrong again you just aren't doing that well today. Inexplicably the bill was first passed July 23, 2008 so why start April 9th? I assume there were tax considerations involved, but I feel more than a little cheated that this credit is post dated, but in such a strange fashion that excludes people before a relatively random date. I might have to research this and write a confused "What the heck were you thinking" letter to someone involved, maybe the president himself...
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2 comments:
Thanks for the info on the tax credit. Even though it's more like a low-interest loan, that they haven't said exactly when they'll collect money, and possibly they just might knock down our door one day and demand all of it. No thank you! Sorry you guys didn't qualify.
They have said it is payable over 15 years so you wouldn't have to worry about when it was just the how I payback that wasn't specified. Also, if you are paying mortgage insurance it would be a good idea to pay down your loan faster so you can get the insurance off the loan so you aren't paying into the void.
Mortgage insurance does nothing for you so if you can get rid of it you could use the savings to pay more on the principle and saving a lot of money in the long run. Think about it, it might be a really good opportunity to save money and get a jump on the loan that is computing interest. If you have questions about the saving potential let me know I would be happy to run some numbers. I miss working with numbers.
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