Go vote!

[1Kurgan1]

Yesterday I read in the newspaper they were talking about extending the $8,000 tax credit (And possibly even a $15,000 credit!) till June 30th 2010 (or Possibly till December 1st 2010) till next year. I wanted to purchase a home this year as at the end of last year my kid was born, but being in college and working part time just didn't allow me to do so. I could have quit college and worked full time then bought a house, but I would rather have the future in mind for a good life for my family.

Anyways extending this would be awesome as it would allow me to buy a house about the exact time I get out of school, would be awesome. I been searching around a bit and found even more amazing news (not sure if it would get this great or not). Either way if your in the same boat as me, go vote!

http://www.subprimeblogger.com/2009/10/08/first-time-home-buyers-tax-credit-extension-dec-2010-poll/

---------------------------------------------------------

More Info:

http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2009/10/home-buyer-credit-extension-looks-likely.html <--- Most Info
http://indiana.realestaterama.com/2009/10/15/ellsworth-calls-for-homebuyer-tax-credit-extension-ID0102.html
http://www.realtor.org/rmodaily.nsf/pages/News2009100803

[FordGT90Concept]

The country's coffers are empty and the Fed is running out of time and options. If the Fed doesn't start collecting on the debt, dollar bills will be worth less than toilet paper. That problem is across the grid, not just housing. I have to say no.

Why, you ask? You got, what, $20,000-60,000 in student loan debt. If you are married, your wife is probably the same. You owe the bank(s) $40,000-120,000 and are looking to shell out, oh, at least $100,000 on a home. That could easily put your family close to a quarter million in debt. Even the conservative estimate of $120,000 debt, that credit is only saving you 6.6% on your debt which quickly be compounded by high risk loan rates. This is exactly what lead to the finanical collapse that came to a head in 2008.

Bottom line: If an $8,000 credit is that important to you on a house, there's a good chance you shouldn't be looking to buy one.


I know I sound like an ass but this country had a serious wake up call last year and for the most part, few are talking it seriously. FFS, we had an event that is got damn near to the Great Depression (and still could if the national debt isn't corrected) and a little over a year later, all Capital Hill cares about is healthcare. Do they really want a bad case of deja vu and "I told you so's?"

[1Kurgan1]

Actually, I only have about 10k in student loans, I don't have the luxury of loaning out that much. I agree everythings going down the crapped, but it will only get worse if people don't spend their money. The economy tanked, nothing changed for me, I bought what I wanted, but a bunch of fools just flat out stopped spending their money, making it even worse.

$8,000 is a lot of money to someone who made 16k last year (granted I worked part time because of college). If I worked full time 22k would be most likely what I would be looking at as my gross. Some people may think $8,000 isn't much, but that would allow me to buy a reliable vehicle for my girlfriend to use to go to work and a better transport vehicle for my son. Giving us, 2 reliable vehicles and a home. So $8,000 is quiet a bit to me personally, and looking at $80,000 - $100,000 homes is exactly what I should be doing. :) And my girlfriend also hasnt gone to school yet, I graduate next year, which would be about the time of getting a house and a better job. Allowing her to cut back her hours and go to school, which will be completely paid for since her dad is a vet that is more than 50% disabled. So having a house, me through college and her going for free, I would be sitting very comfortably and actually with only $10,000 in prehome debt compared to 40k - 120k that you estimated.

[FordGT90Concept]

22k/year isn't enough to be looking at buying yet. Your shelter should never cost more than 30% of your monthly earnings and if the only way you can make that happen is with an adjustable rate mortgage, owning a home isn't a good idea yet. Homes are expensive to build, expensive to maintain, expensive to heat, expensive to cool, and expensive in terms of taxation (depends where you live).

[1Kurgan1]

22k is just my income, remember I have a gf, most likely soon to be wife next year who also makes about 20k a year. And as I said getting out of college next summer, with job placement where I'm going, hoping to find a 35kish starting salary job, she would cut back hours and go to school then, but we would be comfortably over 40k a year, which would be plenty enough. Also most likely would have a friend move in and pay $200 - $250 a month rent until she gets out of school.

I've thought it over, will need to be looking to get a house either way, but this return would make it a possibility sooner allowing us to have multiple reliable vehicles. If they dont pass this, will probably end up waiting another year or two.

[FordGT90Concept]

The average wedding costs $20,398.

[Wile E]

I strongly suggest waiting until you know for sure how your budget will be with paying your student loans. You should also NEVER count rent money from a roommate as part of your budget. It will backfire on you. Trust me, I speak of these things from experience. Just wait until everything in your life is fully stable.

You don't need a house. All you need is a cheap apartment or something.

[1Kurgan1]

The average wedding costs $20,398.

Her dads paying for that, trust me I have this thought out. Plus both me and her would be fine just going to the court house. You can keep listing things, but I've responded pretty well for most of it, trust me I know what I have or will have as debt in the foreseeable future. 44k a year (current income is enough to own a cheaper home, and homefully with a better job, it should be no problem.

I strongly suggest waiting until you know for sure how your budget will be with paying your student loans. You should also NEVER count rent money from a roommate as part of your budget. It will backfire on you. Trust me, I speak of these things from experience. Just wait until everything in your life is fully stable.

You don't need a house. All you need is a cheap apartment or something.

I agree, rent money from a friend isn't a reliable thing, I look at it as a bonus to make it easier, if they move out, I should still be able to afford it, the way I'm figuring it. Looking at homes between 80k - 100k, so nothing crazy.

[Deusxmachina]

I expect the housing credit to continue just like they keep extending unemployment benefits for the zillionth time. The economy kind of depends on that sort of thing at this point. (But Ben Bernanke said the recession is over, so no worries.) (r) I'm not saying it's a good thing, but that's what the government's actions have been and will likely continue to be.

Depending on where someone lives, buying a house can easily make much more sense than renting. My aunt lived in a nice enough (low crime, nice sidewalks, two miles from a college campus) area in a decent-sized city. Most houses in that area are old but nice, probably around 1500-1600 sq.ft. or so, have a big enough yard to be annoyed when cutting the grass with a pushmower, and sell for between 50k and 80k. Figure out the 30-year monthly payment and taxes on 60k vs. renting any kind of normal apartment.

Or, heck, they may have a social stigma to them, but you can own a nice, good-sized trailer home for, what, around 25k or so. And owning one of those doesn't mean it has to be in a trailer park, either. Get one on a nice, big piece of land 5-10 miles from suburbia.

You know, where you don't have to wave to neighbors every day you don't like because they are 300 feet away, where you don't have a homeowners association or local laws telling you you can't cut your own trees down or burn some leaves or that you can't work on your own car in your own driveway or whatever else. Trailer/manufactured homes can be pretty darn big. There are also modular homes to consider, too.

Heck, if you want really cheap, go buy a house in Detroit for $500. Just kidding. I'd take the money saved from not needing a kevlar vest and put it into a nicer area.

Anyway, in some areas it makes more sense to rent; in other areas, it makes more sense to buy. And some areas are just plain crazy-expensive no matter which you do.

If the wifey-to-be would be fine getting married at a courthouse instead of blowing 20k on a wedding, she already sounds like a keeper.

[Deusxmachina]

Actually, I only have about 10k in student loans, I don't have the luxury of loaning out that much. I agree everythings going down the crapped, but it will only get worse if people don't spend their money. The economy tanked, nothing changed for me, I bought what I wanted, but a bunch of fools just flat out stopped spending their money, making it even worse.

Not spending money on crap you don't need is foolish? :confused: