Obama Stimulus 2.0:New $6,500 tax credit for homeowners who have lived in their current home for at least five years
Senator Harry Reid, the Nevada Democrat and majority leader, said he expects the Senate this week to approve an extra 14 weeks of unemployment aid for those who have exhausted their benefits. People out of work in states where the unemployment rate is more than 8.5 percent would get up to 20 weeks.
In addition to the unemployment aid, the measure would keep alive the $8,000 tax credit for first-time homebuyers that is scheduled to expire at the end of the month. Under a bipartisan agreement, people who have lived in their current home for at least five years would also become eligible for a new $6,500 tax credit if they buy a new house.
“We would help first-time home buyers, and we would also help homeowners looking to move up to a new home, but we would exclude from the credit speculators who may have recently purchased a home intending to flip it for a fast profit,” said Senator Max Baucus, Democrat of Montana and chairman of the Finance Committee.
(Excerpt) Read more at thecaucus.blogs.nytimes.com …
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Does anyone know where I can find the bill to read and analyze? I lived in a home for 5 years that I sold in 2008 due to divorce and have been renting since. I lost many thousands in the housing “bust” but maintained my credit, but for what??
I would love to help stimulate the economy and buy a home, but I’m in no rush. For $6500 I could be persuaded to expedite my search, especially with rates so low!
This is stupid. People will start buying newer, bigger houses that they can’t afford, get financed by Fannie Mae, and start the whole stupid cycle over again.
Why don’t they give those tax credits to small businesses so they can put more folks to work?
I agree with Erin. What about the people who hang on by a thread to keep the bills paid and not go into foreclosure or bankruptcy or debt settlement? Where is the help for us? I don’t see a credit for refinancing an existing home……….
they need to quit with these predatory lending practices and everything else, dont let people buy more of a house then they can AFFORD, and dont let people still get these Adjustable rate mortgages,
for these other people who are suffering cause you had an adjustable rate mortgage that is your own fault you are in this mess. and just cause your house LOST value dont affect you making your payments for the rest of us. we knew what our payment would be no matter what our house was worth, that is no one elses fault that you got in over your head except your own.
I agree with everyones comment, but alot of you republicans are taking this to personal. I don’t care if Erin can pay her bills or not, but instead of wasting 10 billion on these dumb plans why not help her group of struggling homeowners. I believe that would help the economy just as well and creating another generation of spenders in debt.
HELP THE MAJORITY OF THE USA CITIZENS THAT ARE STRUGGLING RIGHT NOW TO PAY THEIR BILLS TO KEEP THEIR HOMES, CARS, HEALTH INSURANCE, FOOD ON THE TABLE. TAKE YOUR $8000.00 AND $6500.00 AND GIVE THE CREDIT TO THE PEOPLE THAT ARE STILL MAKING BARELY AND COULD LOSE IT TOMORROW. DON’T KEEP HELPING COMPANIES THAT DO THEMSELVES IN DUE TO SCANDALS. DON’T GIVE MORE OF OUR MONEY AWAY TO PEOPLE TO BUY HOMES WHEN THE MONEY YOU ARE USING IS MONEY WE WOULD LOVE TO KEEP TO KEEP OUR OWN HOMES.
Don’t lose sight of the fact that the reason alot of people are in financial ruins is because of bad decisions of corporations that effect their retirement, pensions, 401K. We are losing jobs, losing health benefits, getting sicker as a nation. The mortgages are a piece of the puzzle and people that got in over their head knowingly, shame on them. Most people are a consequence of economics and that is the unfortunate truth. When we as a nation cannot respect the power money it sends a bad message out in the universe. Look where we are. Look where we are going. Mr. Obama you need to help the people that you represent as a whole. Great if you needed a new car, you saved money. If you want to buy a house great you will save money. If you cant afford your healthcare, food, gas, clothing for your kids, sorry no money for you. Why are you supplying money to peoples wants and not needs of people. People first then things.
I think refinancing should qualify for the $6500 tax credit since people who are doing this do so to try and save some money as much they can. Particularly if it involves closing costs. Don’t you think?
Will a current homeowner seeking the $6500 credit be able to keep their current residence, or will they have to document that their current residence has been sold in order to take the credit?
I just bought a new home after saving and living in my past home for 9.5 years. I closed on October 23, 2009. I have no grass, the lower level is not finished, no deck, window treatments, etc. on the new house and the $6500.00 would really really help me out. Does anyone know if there is any way that I can still qualify? I am just devastated over this - 13 days late results in losing $6500.00? I am looking at years and years to be able to save enough to do these things!
Joe your stupidity shows well. The way you attacked Erin is awful. As an American citizen, I am sick and tired of hearing Republicans and Democrats blaming one party or the other. We’re “ONE NATION UNDER GOD”, and until we decide to live as such, our nation will continue to suffer. The fact remains and will never change, when Republicans are in charge the wealthy prosper and everyone else either struggle to make it or fall off the band wagon into poverty. Why can’t we be a nation of true believers in Christ so that we’re an all inclusive nation? Instead, each year we’re becoming more exclusive. This country is in such a mess that no one knows how to fix it. At the moment we’re in a trial and error period. I think if the Democrats offered to give the $6500.00 dollar credit to homeowners for refinancing the Republicans will be against it because they will view it as socialism and not business. When you have a group of people with a sick ideology and care more for guns and animals than they do people, the country will always be in turmoil and unrest. By the way, much of the problems we’re having now are the Republicans fault and I;m sure you will pretend it isn’t, but the 2008 election is proof.
What about people that are in their homes for more than 10 years? Paying all this money and the home is not even worth what you owe. Why no one is rewarding this people? It is very hard in this economy to keep up with the payments. Where are the insetives for people that resposible paying work hard not to fall behind? Please help! People should urged to staying in their homes not promoting bankrupcy to colect $6500.Thx
I will have owned my home for 3 years in January 2010, and have been trying desperatly to keep it. My fiancee was laid off and it has been a struggle to keep up with the mortgage. I hate the fact that I work hard everyday, and yet I see these people doing nothing and getting government aide for everything… housing, food, etc. I’m trying to do everything the right way and I feel like I’m getting no where fast!!! I don’t make very much money… but yet I am unable to get any finacial help… why can’t the government help me!!!!!!
Spend, spend, spend, Obama. Help everyone except the people still working trying to hold onto their current homes. Help people buying new homes but no help for me paying my mortgage on time every month for the last 5 1/2 years. We need jobs in this country not handouts. To get jobs back we need to make trading fair so big companies can’t get everything made overseas and shipped back in with no tax. That was the democrats and NAFTA. Make it not worth their while and we will have manufacturing again, un-employment will go down and things will get better. Until then as long as we don’t have jobs nothing will change. Except eventually those who are working, seeing all the governmemt handouts and not getting any will not want to work anymore because they get sick of supporting the government spending habbits and paying more taxes because of it. Its the begining of the end if we don’t get our manufacturing jobs back in this country.
WE lived on our first home for 23 years…We decided to build 3 years ago …the contractor was crooked beat us out of roughly 300000.oo of my husbands retirement because of an 8 and ahalf page building inspector report….the market crashed the month the house was finished…leaving us with 2 morgages…we have worked hard but may now lose both houses because we cant get the price out of the old house….we arent asking to get rich just enough to lower new house payment to where we can afford it….My daughter wants to buy the old home but with fha even though they qualify for 175 thousand it stiull has to appraise for a certain amount
Suggestion: Our Government should create a program to enable those homeowners who are and have been current on their mortgage to refinance at a low rate, 2-3% fixed and make this the maximum cap banks/mortgage companies can charge. They would still make plenty of long term profit,provide more spending money for those current home owners to stimulate the economy and enable the majority of people to keep their homes.
Stop throwing good money after bad into programs that are only creating more greed, theft and rewarding people for poor judgements.
What about pushing money into creating jobs!! No one would care about their stupid mortgage rates and keeping their homes if they had stable jobs which provided affordable healthcare and other necessities so struggling to make our mortgage payment would not be an issue. I had high hopes purchasing my home in 2008, I could afford my home, interest, and utilities with ease. I am now in a crunch due to losing my job. Fortunately I was re-employed, however now I am accruing debt due to monopolized health insurance with insane premiums that don’t cover shit to begin with!
I agree with Jacqueline. Together we stand, divided we fall! The words “In GOD we trust” is printed on our money and until we come together to support and help each other in the community, we will not see progress. Republicans must understand, the economy would be in a mess even if John McCain were President. This economic mess started in 2007 and has been going downhill ever since. We started a war in Iraq that has cost trillons of dollars while the Iraqi’s had 80 billion dollars in U.S. banks. Do I think that Saddam was a bad person? Yes! However, there are many evil dictators in the world. Look at what’s happening in Darfur, Samolia and other countries; no one has come to their defense. In addition,the cost of the Iraq war was left on the books for President Obama to add to his spending so the trillions of dollars of debt that the Republicans say this administration has accrued is money left by the previous administration. There is plenty of blame to go around. It’s not easy being President; there were many times I simpathized with George Bush because no one has all of the answers so when he initiated the bailout of big banks in September 2008, I new that the bottom was about to fall out. It’s time that everyone start assisting in their communities with health care by volunteering some of your time if you are health care professional or donating food to those who have lost their jobs and homes. People are suffering. We must stick together; all of us.When are we going to stop always thinking of ourselves; people ought to get sick and tired of focusing on themselves. We are all GOD’s children and as such we should start acting like it and stop the bickering back and forth between parties; stop the spin and the lies that cause Americans to get angry and depressed. For once, I’d like to hear politicans and Fixed News speak about positive things and how we can be a nation that stands strong together. Will we always agree? No! But stop attacking people’s character. If any of you be without sin, please throw the first stone!
I guess I’m fucked out of a credit completely because I bought a new home in June 2009. The repeat homebuyer credit should apply to the same dates as the first time homebuyer credit.
I am currently homeowner, lost my job and struggling to keep my payments on time and lately there not on time, Why cant the goverment allow the homeowners to keep the 6,500 tax credit to releif some debt at the current household instead they want to keep encourging in buying new homes people CAN’T afford
Billy I am right there with you. We close on a house on July 31st 2009, and we cant get dick either…..I agree. I think the new bill for the previouse home owners tax should be retroactive back to when this whole tax break thing first started.
I was a first time buyer in purchasing my home in November 26, 2008. Since it was in 2008, I did not qualify for the $8,000 stimulus that did not need to be repaid to the government. I did, however, qualify for the $7500 stimulus money that has to be repaid, which really isn’t a fair assessment of the two situations. I was two months off from being able to receive $8,000 and not having to repay it, instead I received $7500, but I have to repay it to the government over a period of years. With this $6500 stimulus, is there some way I can apply for that benefit and not have to repay but $1,000 of the $7500 stimulus I already have received? If so, what would be the procedure?
I don’t understand why they just can’t help the people that are trying their hardest to keep their homes. With the way every thing is going it just gets harder and harder every month. If they would help people stay in their homes they would not have so many homes to get people into.