$15,000 Homebuyer Tax Credit Fails the Cut

Ok, so housing is what gragged us into this deep recession, why on earth with they remove a huge stimulus to support buyers to finally get back into the housing market. The $15,000 tax credit would have ignited a flurry of activity, prices would begin to stabilize and foreclosures would ease up.

This is a sad statement to the efforts to get the economy back on its feet. Homes would move with a $15,000 tax credit. What are they thinking? Where are the Republicans who favor tax cuts? Homes need to move.

Actually, both previous comments are dead wrong. The senate-proposed cut was non-refundable and would have provided a tax break for the wealthy–most middle-income homebuyers would not have seen a dime. Hence, as Paul Krugman (and others–see the links in the short article above) have pointed out, the senate version was nothing more than an incentive for the wealthy to flip their houses. The $15,000 tax credit was *non-refundable*, which means that, unlike the (better, more just) $7,500 refundable credit, those who do not *owe* that much or more in April cannot benefit. Non-refundable means you don't get a check, plain and simple–but it could mean that you will owe less in taxes. But again, that applies only if you pay that much in taxes in the first place. I would urge everyone to read the senate proposal and then breathe a sigh of relief that it isn't making it into the final version of the stimulus package. Rather than being concerned about this (and again, wrongly so), we should be concerned about the cuts to low-income housing, state infrastructure, and education. These are the areas that would really benefit those who need help the most.

I cannot believe the stimulus bill negotiators in Congress are cutting back the $15,000 tax credit and putting the income limits back in. This was one of the few proposals in the whole bill that would have actually done something to help the economy and help the middle class and restore confidence in the housing market. The income restrictions are completely unfair for people who live in high cost-of-living cities. $150,000 maximum for a couple is not a lot these days. Thanks for nothing Senators Susan Collins, Olympia Snowe, and Arlen Specter.

If this financial crisis has taught us anything, it should be that the government should not push lending and easy credit access to people who can't afford to repay the debt they incur. So what if the Senate's version benefits those who make more? Those are the people who can afford to pay back home loans. The people the Senate's version looked to “stimulate” are those people who have simply stopped spending out of fear of a financial collapse, but yet remain employed. Your point about a refundable vs. a non-refundable tax credit is well-taken. However, a refundable tax credit by any other name is “welfare”. Is that, alone, going to get this economy going, again?

The insanity of the federal government KNOWS NO BOUNDS!!! Are you freaking kidding me!!! The current program is a $7500 dollar credit to New home buyers, and it's not stimulating that quickly. I HAVE A NUMBER OF BUYERS who were waiting for the 15k tax credit. Now you can kiss those deals good buy.

This stimulus bill SUCKS ANYWAY, but now they reduced the effectiveness of the ONE GOOD TAX CREDIT that would actually have a great affect on the market….

MORONS!!! And guess who voted for these guys….YES…YOU AND ME!

One of the reasons we are in this economic mess is because housing inventory is bloated. I cant believe that the senate could be so ignorant to drop this piece of legislation which would help take the toxic assets of the balance sheet of the troubled banks. I was thinkng of buying because of the credit. It helps the bank, seller and the buyer. Absolutely stupid move, because this gets right to the heart of the problem.

Originally, the buyer could have spread that tax credit over 2 yrs (7500 credit in yr 1 and the rest in the 2nd year). Many, many middle class families pay $7500 in taxes every year. However, I do agree with putting a cap on income to qualify or at least having a “phase out” income range. Low income families could still benefit, but not up to the full potential. It would be equivalent to not paying taxes for 2 yrs. I'd rather take a tax credit that didn't need to be repaid than just a loan which would be, for all practical purposes, spent.

That just goes to show you how ignorant our representatives are! The tax credit would help us get our of the mess the most. It is the sub-prime and the fearfull public that need the medicine. What is up with these elected Morons? Fire them all next election!!!

Tell me how your idea puts people back to work? Cuts to low-income housing, state infrastructure and education? These don't create jobs, what creates jobs is people like me that are builders of homes that hire Carpenters, plumbers, electricians, landscapers, roofers, heating/airconditioners, drywallers, painters, cabinet builders, should I go one you idiot!

That's a damn shame, the $15K credit would initiate a tremendous number of additonal home sales, especially in the spring market with the rates remaining low. A bad call.
It just doesn't help the people in the higher tax brackets the purpose is to get the housing market stimulated and selling no matter who it benefits. New construction would prosper and put all the people to work who are associated with the construction industry, it's sales, financing and materials.

IF THIS TAX PROVISION WOULD HAVE PASSED, WE WOULD HAVE SEEN A DRAMATIC CHANGE IN THE ECONOMY.THIS WAS PROVEN IN 1975 WITH A 2,000 TAX CREDIT.I HATE TO SAY IT BUT THE REPUBLICANS HAD IT RIGHT WITH THIS,I SHOULD HAVE KNOWN NOT TO COUNT ON THIS KNOWING JOE LIEBERMAN WAS SUPPORTING THIS.JOE ALWAYS BACKS DOWN IF HE THINKS GOING TO LOSE..ALL I CAN SAY IS THAT ITS GOING TO BE VERY DARK AND GLOOMY,UNTIL SOMEONE REALIZES THEY HAVE TO FIX THE HOUSING..THEY HAD A CHANCE TO FIX AND BLEW IT HOW DEPRESSING,

The one decent idea on the stimulus bill is cut in half. I decided not to buy a house in 2006 and have been on the sidelines waiting for prices to drop. I still believe prices will continue to drop another 10%, but I was going to buy with the $15000 tax credit. Now I'll continue my wait because I believe the government will add it once this doesn't work.

I don't know that the tax credit was the only answer, but it was part of the answer. Many middle class Americans are going to continue to “wait out” the recession before they buy a home. This kind of behavior only makes a recession last longer. A $15,000 credit would've encouraged those who are already financially in a position to afford a home (and who will actually pay their mortgage) decide to buy NOW rather than later and possibly help shorten the duration of the correction that we're in.

The plan's too expensive, and there is going to be a lot of tax dollars wated. I'm just sad to see one measure that could've had a chance at helping the recovery fail.

Ok, people. It's time to email our Government and tell them this is what it's going to take to get people to buy these trashy foreclosed homes. My husband and I purchased a foreclosure in San Diego and it was trashed but the bank sells them “as is”. The 15,000 would have made a huge impact on our lives in a good way. We could have replaced all our windows that are broken, replaced appliances. Things a house needs to function.

They need to hear from us. I have already shot off and email so In encourage you to do the same.

Gina

I'm sure you did your homework when you bought the house. If you can't afford to replace the things needed, perhaps you should not have purchased that home. Personally I think that the big problem with the housing market is that there are still too many people in homes they can't afford. This stimulus will do nothing for them. I don't have an answer to fix the problem, but I know a bad idea when I see one.

Of all the absolute BOLOGNA is this stimulis package, this was the best thing they put in it! I can not believe they cut it out! Now I am sure the Government is up to something. Maybe they really want our ECONOMY to completely fail. AMERICA we better wake up!!!! I still can not believe people really thought OBAMA was the answer to our problems. He is inexperianced and a PUPPET!!!

houses are cheap now. buy one if you would like, or don't buy one. why do you feel the government should subsidize your purchase you cheap faggot?

sorry crying because you want government money, bitch

shut up, toots

You really have no clue do you. Stimulate the economy by building up state infrastructure, spending on education, and low-income housing? Last time I checked, none of the economic boosting measures you've suggested have ever done much to increase job creation. Any expert interviewed throughout this entire downturn has agreed that housing is where this all started. It is absolutely necessary to fix the housing problem in order to bring the economy back to stability. There is standing inventory out there with some pent up demand for it, just waiting for the right incentive to be implemented before John and Susie Homebuyer will get off the fence.
That has just been ripped out from under any buyer out there. Removal of this tax break is a moronic move and will prolong the recession.

Did they keep the 7,500 in as is before the bill (interest free loan)? The house passed their bill making it a free $7500. Anybody know?

This would have stimulated home buying and get inventory off the shelves and encourage others sitting on the side lines to sell and buy. You spend 5 times more in the first year of owning a new house than you do in the next 4 years! Is that stimulus? I think so. From Realtors to mortgage brokers to builders to suppiers this is stimulus! Lets face it…houses are american made! One of the only things left that are American made and the money stays here and is not shipped to China!

So unless you have an Std or part of the NEA or Create art that is controversial…this is not stimulus!

Out of all the stimulus pieces, this was the one that made the most sense. . . give a big fat tax credit not just to first time buyers but to anyone who is buying a house. Such a measure would surely encourage buyers to buy and help them financially. It would also help to raise the price of house purchases, since there would be more money available to spend. Hell, if buyers and sellers essentially split the $15,000 as a practical matter, which is a distinct possibility, it would increse the average house sale by $7,500.

I wonder why Congress would be interested in encouraging first-time buyers, rather than ALL buyers. If the goal is to get the housing market moving, then encourage all buyers. A house sale is a house sale. In fact, if you encourge people who already own houses, you're going to end up selling two houses, since the party buying the new house will also have to sell his old house, in all probablility.

The House was penny wise and pound foolish on this one. It was an incentive which was likely to work and at a cost of less than $40 billion. Too logical for them, I guess.

Typical botched government solution.

The one provision that mad any sense in this whole bill the House has apparently trashed. A $15000.00 tax credit for home buyers would have gone a long way in repairing the housing sector. What a shame.

I have to agree with you. America is about choices … Buying a foreclosed house was your decision … the bank didn't pushed it on you.

We need to assume the consequences of the choices we made … .

just another democrat not helping real people. Everyone do not worry the non working people are still getting their increase in food stamps and welfare. Oh an acorn formally known as the black panthers are getting theirs, but working people who pay taxes get screwed again.

The reason first time buyers are targeted is because it ADDS new buyers into the market. Without NEW buyers the best you could accomplish is shifting who owns which house. Most 1st time buyer programs apply to anyone who hasn't owned a home in some a recent period, typically from 12 months – 3 years. it's rarely limited to true 1st home buyers, rather it's aimed at generating new purchases to benefit the market and create demand for new construction,… rather than simply help individuals buy a different house.

this my fear, that like you lots of people will choose to continue to wait in hopes of some credit option at a later date. Don't forget the $7,500 passed in 2008 is still avail for purchases before June or July of 2009.

The current program is NOT a CREDIT. It has to be paid back at $500 year for 15 years so is really an interst free loan, that's one reason it has little effect. The other reason is that buyers are not able to receive the funds until they file their tax return, so it doesn't help anyone get into a house such as if they don't have a down payment or need to pay off other debt to qualify.

The point of such a credit is not to help Glenn per se, but to get the market moving, without new buyers, current oweners can't sell to move up, …. New buyers means new construction = jobs,…. It's the ecomony stupid. (who said that ?)

If you want and are able to be a homeowner, now is a great time to buy, credit or not. As Dave Ramsey said, houses are on blue light special.

That was one piece that would have directly affected me since I was planning to buy a house as my family grows and now that has been scraped too? I wonder what these people are thinking and who are they looking out for? BTW, anyone knows what this plan was going to cost?

My understanding is that all changes are out. However, the current $7,500. was passed in 2008 so remains in place as passed. It is effectively an interest free loan, received when you file your tax return, paid back at $500 year over 15 years, eligibility is for buyers who haven't owned a home in the previous 3 years, under a certain income ($150K, I think) and made or makes the purchase during a specific period, which I believe is April 2008 – June 2009.

The home buyer credit was fought between the House & the Senate. The President only recommends then can sign or veto what Congress sends to him. If you're not satisfied, contact your legislators instead of bad mouthing Obama.

I'm not sure I agree it is the ONE measure that could help, but I certainly believe it would have helped far sooner and more dramtically than most of the other stuff.

OBAMA didn't take out the tax credit. Our congressional representatives did, get it straight Susan. I'm not a huge Obama fan but I sure liked him better than McRage (as did most people), that's why Obama won the election. I'm going to e-mail my representatives right now and tell them how dissappointed I am in them that they didn't keep this part of the plan in tact.

Buy anyway, houses are cheap, rates are low, your family needs a place to live with or without a tax credit. Difficult to say how much it would cost because can't be certain how many people would utilize it.

Obama is a big dissappointment……our nation is headed towards the USSA (AKA THE UNITED SOCIALIST STATES OF AMERICA)

The only help that would have sold houses or helped others BUY homes failed to pass…..but low and behold ACORN AND THE REST OF THE LOBBYSTS GOT THEIRS!

To hell with us, we're just the ones who elect them and keep them in office…it's our fault actually. We keep them in office or get them there and then never keep up with what they're doing.

The Israelites wanted a King and they got Saul….the desires of their hearts were given to them and they ended up sorry! Wake up America, we are not to depend on the government for everything! But I'm afraid it may be too late once this freak is done messing up America…..

Gina, they don't care about us! They want to run our lives and ration our health care and keep us dumb and dumber so we watch American Idol and keep voting them into office ;)

They don't give a crap about us and our struggles….their pension will support their sorry butts forever!

Count Barackula will suck us dry and before we know it all of our freedom will be gone…..

Sorry to hear your story. We're in the same boat and this extra cash would give WORK to local contractors and builders to help us fix up our place too!!!!

Apparently the big brother thinks we need to pay for foreign abortions, give money to ACORN, Amtrak and other ridiculous organizations who are wasteful and take trips to the damn spa….meanwhile we cannot aford to go on a vacation or buy a new car!

Wasn't the stimulus designed to help us out? Not help just the poor people but the middle class who PAY MORE TAXES THAN THE POOR????

What's really going on?

What's your problem with the name calling????

We pay our taxes and for homeowners this is a great idea. It allows us to hire contractors to help us fix our broken issues and will allow us to buy new furniture (we don't have a bedroom set) and if I pay taxes (believe me I DO), why not give it to us INSTEAD OF ACORN, MEXICO FOR ABORTIONS, AND OTHER SPECIAL INTEREST GROUPS.
OBAMA IS A LIAR….THIS ENTIRE BILL IS ALL A SPENDING PACKAGE NOW…WHAT IS IN IT FOR THE HOMEOWNER AND CAR BUYER???? NADA, ZIPPO, ZILCH!

ONCE AGAIN, WE TAKE IT IN THE PINKY STARFISH…

I DIDN'T VOTE FOR OBAMA…COUNT BARACKULA……I VOTED FOR MCCAIN CUZ I SAW THROUGH THE UMMS…AAAAHHHS…AND THE FAKENESS HE PRESENTS.

WHAT DOES OBAMA SAY ANYWAYS WHEN HE SPEAKS? I GET BAFFLED AND WONDER WHAT THE HELL IS GOING ON…..HIS PHILOSOPHICAL IDEAS ARE LUDACROUS!

HOPE AND CHANGE…..YEAH RIGHT!

THOSE DAMN DEMOCRATS THAT SAY THEY'RE REPUBLICAN!!!

MAY THEY BE FIRED AND NEVER AGAIN ELECTED INTO OFFICE!!!

THE ONLY REPUBLICANS WHO VOTED FOR THIS STIMULUS TO BE PASSED ARE THE MORONS FROM MAINE AND SPECTOR….THE REST VOTED AGAINST IT!

A REPUBLICAN CAME UP WITH THIS IDEA TO BEGIN WITH…..REAGAN IS DEAD AND LOOK WHAT HE DID FOR AMERICA. EVEN COUNT BARACKULA SAID REAGAN OVER AND OVER IN THE DEBATE AND I GOT MAD EACH AND EVERY TIME CUZ HE'S NOT GOOD ENOUGH TO UTTER THOSE WORDS!

YOU'D THINK WE'D LEARN FROM OUR PREVIOUS MISTAKES??? WELL NOW OUR GREAT, GREAT, GREAT, GREAT GRANDCHILDREN WILL BE PAYING THIS BACK!

DEMS ARE NEVER IN FAVOR OF A TAX CREDIT….THEY LIKE WELFARE CUZ THESE PEOPLE VOTE THEM INTO OFFICE ;)

TRUE THAT!

SMALL BUISNESS OWNERS CREATE JOBS……THE GOVERNMENT CREATS WORK AND THAT IS NOT PERMANENT. And if it's permanent it costs billions which we don't have!

The government made banks give out NINJA loans to people who couldn't afford a house, which is how we got into this mess……it's Fannie and Freddie (the communiry reinvestment act) pushed onto us all by because some people think everyone deserves a house…..it has nothing to do with Bush nor does it have to do with Obama…but Obama had a chance to fix it and he's just going along with Pelosi, Reed and Frank….

HOPE AND CHANGE? IS THIS WHAT WE HAVE TO LOOK FORWARD TO NOW????

THE INCENTIVE TO OWN A BUSINESS ISN'T THERE ANYMORE, LETS ALL QUIT OUR JOBS CUZ OBAMA WILL TAKE CARE OF US ALL!!!!

WHAT HAS COUNT BARACKULA DONE EXCEPT PASS LEGISLATION TO PAY FOR FOREIGN ABORTIONS?

I'LL SAY WHATEVER I WANT. HE'S THE BOSS AND HE CAN TELL THEM WHAT HE THINKS ARE GREAT IDEAS…..

WHENEVER HE SPEAKS I CANNOT LISTEN. I THINK HE'S A LOUSY SPEAKER AND WHENEVER HE GETS TOUGH QUESTIONS HE GETS PISSED OFF, POUTS, IGNORES THEM, OR CHANGES THE SUBJECT. AT LEAST BUSH ANSWERED QUESTIONS, WHETHER ANYONE AGREED WITH HIM OR NOT……OBAMA JUST POUTS. HE'S NOT WHAT WE EXPECTED….HOPE AND CHANGE! WHATEVER!

I am in the skilled trades. I count on home sales for a significant part of my business. I am also self-employed so I cannot recieve unemployment, nor do I quallify for any of the various re-training programs.
By dropping the 15,000 tax credit, the Congress and President have basically told me f$#k you and your business. On top of this President Obama wants to make permanent the temporary ban on “assault” rifles. Right now I am ashamed to be an american.

you can LEAVE anytime you LIKE ?? they need nail-bangers in BAGHDAD and KABUL ! !

Out of all the things to cut … really? It's not about getting free money.This would stimulate the housing market tremendously. I know I personally would have benefited. I know many people whom this piece of this legislation would have helped greatly. People would be able to sell their houses that have been on the market for months. And the people who are in the trades … Who are sitting or have been paid off because there's no work? What about them?

i would at least hope they extend the $7,500 package the House passed, and make it a credit not a rebate.

This isn't about Obama. If any other man/woman like your boy McCain were in office, all you people would be kvetching about them too.

There's still a system of checks and balances. Now give me a check for $15k, so I can buy a house.

It seems to me that the $15000. tax credit would have been good for a lot of interested home buyers. Instead our Gov. is going to continue to give billions to corp america instead of the tax payers.

What about all of us little people. Our Gov needs to get a clue as to what is going on, many people are losing there jobs everyday.

I owned a moving and storage co in Charlotte and was forced to close laying of all my people in Dec. it was the hardest thing I have ever had to do. I did not get any stimulus money to keep my company open.

WHAT ABOUT THE SMALL BUSINESSES.

I don't know how much passing this will help. Economies go through cycles. I read this interesting article on

http://www.recessioninfocenter.com

on previous recessions. We just need to adjust I guess.

True, but people that are repeat home buyers are usually UPGRADING from their current home. This means that more money is being spent on home purchases. Most people stay in their homes for more than three years to get the equity built up before selling it (unless you flip homes for a living). Also, the market for people buying a second, third, etc home is historically larger than first-time home buyers. If it was a simple one to one ratio there would be no such thing as people who rent property.

I'm furious that this has been pulled. Not that I wanted Americans to have anything free, but because these dire times are demanding moves like this protien shock that would have provided so much momentum, it would have paid for itself profoundly.
People said it would be abused, but that could mostly be prevented with just a little oversight, like making sure the buyer's an individual or family, not an investor or a company; and it should have been ANY BUYER; not just first-time buyers.
This momentum would be invaluable at making the home prices finally hit bottom because the demand would be too strong. There have been hundreds of thousands of buyers who have been on the fence waiting for the price to bottom out. This would have finally started it, getting them to get off the fence and buy. Why can't these politicians see this?

Okay Joe buys a house in 2006 at inflated prices, why, because the banks and lending companies where strong armed to reduce their practices in lending. Where Juan is making 8 bucks an hr with 5 kids could afford to pay only interest on a 350 thousand dollar home! Then Juan doesn't get a better job misses a few payments. Then the ARM jumps up and Juan is paying 5 times the amount per month he was paying. Since he can't pay he walks and gets a “get out of debt free pass” and screws the entire country over because his dream wasn't realized! While all along Joe the taxpayer who can afford to pay a real mortgage has to pay outrageous prices for cracker box home. Now Juan is in a rental and the family is fine and he is forgiven for his debt. Meanwhile Joe is sucking wind paying for a mortgage that now is worth a third of what it was, and there is no way out for Joe. Fair sure it is … Thanks Bobby or Barrack which ever you prefer today!

no………. you should be thanking George AKA “the texan via conn and maine falling down drunk until he was 45 born again fool” ?? whats up with Juan……don't like people who speak spanish?? George the fool spoke some spanish ! !

This $15000 tax credit would help the housing industy, which creates so many jobs and income. Most of the people in the housing industry are independent business owners. They pay their own insurance, create jobs and stimulate the economy. I thought things may get better and now I don't think so. The government is saying this is a bailout but they are sneaking pork in and leaving things out such as this tax credit. Did you know included in this bailout is a provision for centralized health care monitoring by the government. Your doctor will have to check government guidelines to see if it is economically feasible to take care of you. If you are old and need care the guidelines may consider your age and ilnees are not worth the expense. So tough luck.

Stop whining about Obama – it was the damn Republicans that kept putting pressure on everyone to cut more and more out of the bill. How ironic that the people who doubled the national debt in less than 8 years and started a trillion dollar war are now worried about spending to the point that the tax credit got cut. Thanks a lot – your stupid policies continue to affect us even now!!!!!!

It seems that the government is only interested in bailing out those companies that failed the first time around. I don't see how a stimulous package set to bail out all of the bad decisions companies made helps out the individuals (tax paying citizens) who can most readily “stimulate” the economy. Last I checked, you needed people to spend money within the economy in order to stimulate it. This stimulous package sounds to me like we are trying to maintain the employment % within the U.S. and bail out companies who were about to shut down. I'm a little confused on how this stimulates the economy…

AMERICA VOTED……..SOCIALISM IT IS!!!
GET YOUR GUNS AND BUTTER READY FOR A TEA PARTY!
LETS GET READY TO RUMBLE!

For those of you who don't own guns….you'd better go out to a local gun show and STOCK UP BABY!! The next item on the agenda is the Right to Bear Arms and then property rights (operative word…imminent domain)….

AREN'T YOU OBAMA VOTERS GLAD YOU GOT HIM ELECTED????
LETS SEE, JAN WAS THE WORST MONTH IN HISTORY FOR THE STOCK MARKET AND IT'S JUST SLIPPING INTO AN ABYSS……AND THESE SO CALLED STIMULUS NIGHTMARES ARE MAKING IT WORSE FOR US AND OUR GREAT, GREAT, GREAT GRANDKIDS……THAT'S OUR LEGACY!

fu2

Obama is in office for three weeks and it's all his fault? You George W fans are the biggest a-holes ever. (Screwed up twice!!) There is no quick fix for the blunders of the last 8 years. Dig in and get your eggs in a row cause we will find ourselves living with family, walking instead of driving, entertaining our children on weekends, and enjoying talking about the good times before George W started wars we could not afford. I think Osama did to George what Ronny claims he did to Russia. But he never seen it coming.

Granted most 2nd, 3rd and subsequent homes purchasers tend to be buying up, which is a very god thing in a healthy market – it means more $$ flowing – more interest, property taxes, insurance, furniture, etc being paid out by that particular individual. However, a very small percentage decide to rent out their current home in order to buy a new home, the vast majority 1st have to sell their existing home, thus the need for renters to become 1st time home buyers to fuel movement within the market. and perhaps more importantly to generate the need for construction – which means jobs,…
Even for the few who do keep their old house, it is two seperate transactions. Each and every closed home sale is one buyer & one seller. A credit for all home purchases, would motivate even more people to try selling their current home to take advantage of the credit to buy up and could actually make the situtation worse by further glutting the market with even more inventory (houses for sale) which would in turm further reduce prices. It's basic Economics 101 – Supply = Demand. Only when demand exceeds supply do we see growth or price increases. Most of the nation is facing supply in excess of demand thus a credit designed to increase demand is necessary.

Of course you and Susan and anyone else can say whatever you want, it's part of what makes the USA a great Nation. But, it doesn't change the fact that until one's ideas, beliefs, opinions,… are shared with those that can affect change, it's an exercise in futility. I happen to disagree with your assessment of Bush and Obama, none the less I believe in democracy and I strongly recomend that you contact your congressmen to share your opinion on legislation as well as contact Obama's Administration via http://www.whitehouse.gov for clarification on any questions that you feel he left unanswered. Which by the way was not something the average citizen could not easily do under the Bush administration.

If you sell your home before you've repaid the loan, you'll only need to repay the loan to the extent of the gain on the sale of your home. If you have a loss, you won't have to repay the balance of the loan. So, be sure to keep all receipts for improvements you make to your home. (This refers to the credit in 2008.)

If you sell your home to a non-relative before you've repaid the loan, you'll only need to repay the loan to the extent of the gain on the sale of your home. If you have a loss, you won't have to repay the balance of the loan. The amount of the homebuyer credit not repaird will reduce your cost basis. So, be sure to keep all receipts for improvements you make to your home. (This refers to the credit in 2008.)

If you sell your home before you've repaid the loan, you'll only need to repay the loan to the extent of the gain on the sale of your home. If you have a loss, you won't have to repay the balance of the loan. So, be sure to keep all receipts for improvements you make to your home. (This refers to the credit in 2008.)

If you sell your home to a non-relative before you've repaid the loan, you'll only need to repay the loan to the extent of the gain on the sale of your home. If you have a loss, you won't have to repay the balance of the loan. The amount of the homebuyer credit not repaird will reduce your cost basis. So, be sure to keep all receipts for improvements you make to your home. (This refers to the credit in 2008.)

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