Tuesday, February 10, 2009
Home Buyer - Hurry up! and/or Wait?
Most of you know we are in escrow on a home in Lancaster. YAY! I have been here for 15 years, so I am so excited to get into this new home. Luckily for us, our loan issues have not been too awful. Aside from insurance issues that have been squared away, we are ready to close on 2/20....that's .... next Friday?? Right now we qualify for the $7500 stimulus plan for homeowner purchase. This is great right?? Not really, it's basically an interest free loan on your taxes. But better than that we are hearing rumors of a $15,000 tax credit (FREE MONEY) with Obama's stimulus plan. YAY? Not quite. As of today, last minute talks say that they may have to reduce this amount. But here is the real kicker.... DATE OF ENACTMENT. So if we close (next Friday) before final enactment of this tax credit, we don't qualify. Hypothetically if they enact it on Saturday, we would not qualify.... Crazy huh. Cross your fingers! As I am sure you all know how teachers can always use FREE money. Say a prayer also, as you know how busy we all are with classes, teaching, family... and on top of that I will be moving. Anybody own a truck? :)