new home owners credit

[kochanut]

anyone have any idea how this works? im tlaking about the 8g's uncle sam gives you to buy a new house. is it just staright up money, is it more for my down payment? only reason i ask is cause with that, i have been talked into the idea of purchasing my new home. some real advice would be great, i would go talk to a realator, but im overseas, so any help is aprreciated.
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[pkred]

The eight G's is yours in the form of a tax credit. I have couple of buddies that did not want to wait to get there cash with there tax return. So the ammended there return and got the cash "now". I put now in quotes because its irs time line. I dont think there has ever been a better time than right now to buy a house. Man there are some great deals on forclosures out there. Im kicking myself for building a new home 3 years ago.........
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[hambone2952]

i could be wrong but i believe it is for first time buyers only[frown]
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[philbert]

It's for first time homebuyers only, or someone that hasn't purchased a home in the past three years. There is also a Utah stimulus of $6000 right now that will go towards your down payment, if you buy a dwelling that has never been lived in before. I just bought a house and only had to bring 3% to close with the use of the Utah stimulus. I feel sorry for the people that bought last year and paid almost $45000 more than I did in the same community. I would say now is a good time to buy, and the housing market should bottom out in the 1st or 2nd quarter of next year, and as soon as the 3rd quarter this year. I wouldn't expect to see the appreciation that the market has seen in the past 7 years ever again though, but if you can get $14000 from the government what the heck.
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