Sorry Readers: Homebuyer Credit Not Retroactive

Hello, As I read the bill, new income caps "shall apply to residences purchased after the date of the enactment of this Act." Do you agree that a bill is "enacted" on the date that the President signs the bill into law?

I have a closing scheduled later this month and the new income limits will apply to me (I am caught in the middle). It seems as if I can claim the credit under the new limits as of tomorrow when the bill is signed? Am i correct?

I am still confused. The bill reads that people buying after the effective date for the 6,500. Does that mean someone closing on a home next week is eligible if they meet the other criteria? I can find nothing on this. All I have read so far people are saying it is effective after purchases December 1st, 2009. I can find that no where written into the bill.

I am first time home buyer,Single,make around 95k.I have closed the new house last month.

Do I get eligible to get $8000 tax credit?

I sold my home of 20+ years in September of this year. I close on my new home in December. In the interim I am living in my investment property. Will I qualify???

so whAT HAPPEND TO PEOPLE WHO ONLY HAS FOR 4 YREAS AND 5` IS THAT MEAN THEY DONT GET ANYTHING.

HELP! Has anyone seen anything that applies to homebuyers that have a home under contract before Obama signs but close afterwards? Will these buyers qualify for the $6500 credit?

I owned my own home before I was married. I have lived in my home for five years. She has not. My wife has never purchased a home. DO we qualify for any of this?

I bought my home in May 09 at which time I was over the income limit for the tax credit. Now with the new income limits I am under it. Are the income limits retroactive? Will I be able to claim the credit on my taxes this year?

Yes, enacted is when the president signs the bill (presumably tomorrow). The interesting question is what "purchased" means. My wife and I are scheduled to close Monday. If purchased = closed, then we would qualify. If purchased means an accepted offer (or something else) then we wouldn't. I think it SHOULD mean the closing date, but am not positive. Thoughts?

No, I believe this $6500 should be retroactive to when this original $8000 bill went into effect

Hi:
I believe that a home is "purchased" when it closes. So you could have signed a sales agreement weeks ago and still qualify for the credit as long as you close after the bill signing.

We quailify on all conditions except possibly the date. We are currently under contract and scheduled to close Dec. 1. I have read many posts, and although yours gives the most information, I still am not clear as to whether you have to enter your contract after the bill is signed. ????

Again the government arbitrarily deciding who gets hands out and who doesn't. I didn't use my house as a piggy bank and I got to pay a higher fixed rate, get to pay for my neighbors that got houses they couldn't afford, didn't get a stimulus check and didn't get a break on a foreclosure I bought, and got more than $7k taken when they arbitrarily put Wamu out of business and stole their assets. Welcome to the USSA! We're going the way of the Romans faster and faster.

What if you just negotiated a new loan agreement with the bank and have to sign and notarize the paper work. Do i still qualify?

Another question - What if I just sold my house after ten years of living there and am considering a new purchase. Do I qualify or do I have to own my previous home as of the day the bill is signed?

Here we go again. I think I should just give up and let the government take care of me. I am a 30yr old African American male. I closed on my second home on Good Friday of this year. I'm not eligible for any credit. What makes me upset are the things that I'm hearing about some of the people that are actually getting this $8,000. I have a 1st cousin that received the $8,000. She has no intentions of buying anything. She is on welfare and living on section 8. She is not contributing a dime to this country, but she benefits the most. I wanted you all to know my race so you will know that I am not some racist spreading my beliefs. I am simply a hard working man that chose to pay my bills, stay away from credit cards, and save money.

God Bless Us ALL

Here we go again. I think I should just give up and let the government take care of me. I am a 30yr old African American male. I closed on my second home on Good Friday of this year. I'm not eligible for any credit. What makes me upset are the things that I'm hearing about some of the people that are actually getting this $8,000. I have a 1st cousin that received the $8,000. She has no intentions of buying anything. She is on welfare and living on section 8. She is not contributing a dime to this country, but she benefits the most. I wanted you all to know my race so you will know that I am not some racist spreading my beliefs. I am simply a hard working man that chose to pay my bills, stay away from credit cards, and save money.

God Bless Us ALL

i closed THURSDAY. is it really possible i'm screwed because i didn't close FRIDAY? this cannot be happening.

i don't read the bill to limit an existing homeowner to purchases AFTER the bill is signed.

please show me the precise language you cite for this?

as i read it, such a purchaser is treated as a 'first time' purchaser.

Jim's comment "If they are handing out free money, give it to those who actually risked their capital" is stupid... what he really means is "they should hand out free money to me".

Why is it not a capital risk for someone to buy a house and borrow half a million these days?

What exact day will the $6500 rebuy tax credit go into effect? Nov 6th or Dec 1st?

Is it the signing of the purchase contract that has to be after the date the President signs the bill or is it the date of closing? My son and his wife made an offer on a house that was accepted in late October. The closing isn't until late November. Are they out of luck on the new $6,500.00 credit?

I am a realtor who ALMOST understands the bill fully. I have a question I can't find an answer for anywhere, including within the bill. When does the house of 5 years have to be sold? I have a client that sold their home in July and used the sale to build a home that they settle on later this month. How much of a "lag" between homes will be allowed? Does the sale of the 5 year house have to be after Obama signs??

I actually commend 'The Government' for trying to do something to get things back to what the biggest capitalist country considers to be normal. If our nations political figures were doing nothing, many citizens would be looking for a handup. So, I say 'come on people things could be worse', we could be speaking Chinese, Japanese, German, or worse we could have be enslaved.Life is about change. The country and world is changing. We all need to wake up and realize things are not as they use to be, when America was basically isolated from the rest of the humans on this planet.

Thanks a bunch for allowing my input.

Alvin

What if I have lived in my home for more than 5 years but have only owned it for 5 years? Would we qualify for the 6500?

The comments on this board prove that the best thing for the government to do is nothing, stay out and let the natural market correction occur. The only thing this bill accomplishes is pushing off the true correction to later in 2010.

Previous comment should read that we have lived in our home for 5 years, but have owned it for only 4 years. Sorry!

If this is an amendment and there is no change language to the effecive of the origial act (I believe 1/1/09) then any reference to the enactment date in this amendment refers back to the original date. Its a simple amendment isn't it?

I assume that this wouldn't apply to a second home. I would figure that if you can afford a second home you wouldn't need a tax credit.......Yes? or NO?
Thanks.

Ellen, the credit is only for principal residences, not for second homes.

I have to agree with Laker, on the fact that it would have an effective date of 1/1/09. If the language is not changed it only seems to amend the original Bill without changing the original dates. See HR3548 Sec 11 (c)(1) which would refer back to the dates established in HR3548 Sec 11 (a)(3).

What is the definition of a "new" home?
Is that limited to only a "newly" constructed home? I am buying a home that is 6 years old, well its "new" for me.

My Wife and I lived in our home for 6+ years until we sold our home at a loss 2 years ago. We are in the market to buy a new home this spring- And we are wondering if this new home credit will work for us considering the fact that we have been renting for the last two years as we were trying to save up for a suitable down payment.

we have owned our home for more then 5 years but we are in foreclosure and buying a smaller home. Do we still qualify for the 6500.00?

Something I don't understand is, my wife and I bought our home in may from my mother inlaw , paid full apraised value. But we don't qualify for the $8000 tax credit?
How is that acceptable?

Help!
What exact day will the $6,500. rebuy tax credit go into effect? Nov.6 or Dec.1?
We have a closing Nov. 23.
Nancy

I feel somewhat cheated and think the decision not to retroact for all of 2009 is unfair. My family took a risk on a repeat home buy in May, during a time when my company was laying off workers. Now, a repeat home purchaser in November gets handed $6500, and a purchaser in May gets nothing. Sounds fair to me... Yes, that's sarcasm.

Did this reform already pass becuase i been in my home since 2003 and is it for owner occupied only... this is exiting news if it is true.

The $6500 dollar tax credit should be RETROACTIVE!Buyres that have closed recently should get the same break as the first time home buyer.These move -up buyers have been cheated!SHAME ON THE CONGRESS AND THE PRESIDENT!

They should at least have a sliding scale backwards from Nov 7th paying retro. The further you go, the less you get. Closed in Oct, get $5500. Closed in Sept, get $4500. Closed in August, get $3500, and so on.

I think that this really sucks. I was a first time homebuyer in 2003 and did not get anything, i sold that house in July 2009 and bought another one in 2009 and now i will not qualify. If they are gonna extend the first time home buyer offer then i think that they need to retro the $6500 offer back to inception of the 1st time homebuyer program. Just another way that obama is screwing the folks that is really the ones who are trying to do right.

I think that this really sucks. I was a first time homebuyer in 2003 and did not get anything, i sold that house in July 2009 and bought another one in july 2009 and now i will not qualify. If they are gonna extend the first time home buyer offer then i think that they need to retro the $6500 offer back to inception of the 1st time homebuyer program. Just another way that obama is screwing the folks that is really the ones who are trying to do right.

I think that this really sucks. I was a first time homebuyer in 2003 and did not get anything, i sold that house in July 2009 and bought another one in 2009 and now i will not qualify. If they are gonna extend the first time home buyer offer then i think that they need to retro the $6500 offer back to inception of the 1st time homebuyer program. Just another way that obama is screwing the folks that is really the ones who are trying to do right.

Here we go again. I didn't qualify for the tax rebates in 2008 because I made supposedly too much money in one of the highest cost of living areas in the nation. Then they complained no one spent the money. I didn't qualify for cash for clunkers because I had foresight and bought a fuel-efficeint car already. Now I saved for years and could finally afford to purchase a house but didn't qualify for a tax credit and they amend it to include higher incomes and people who ALREADY OWN A FRICKEN HOME? All stimulus funds should apply to everyone who pays social security that is the true fair way to do it because everyone who earns an income has to pay into it so they should get some benefit. God knows that by the time I retire, there will be nothing in SS for me anyway.

Do you have to own the home for at least 8 yrs, or is living in the home for a total of 5 years as a primary residece enough to qualify for the tax credit? I purchased a home in Aug of 2003 and have always lived in it. I want to purchase another home. I don't understand their complicated way of saying what the requirements are.

Do you have to own the home for at least 8 yrs, or is living in the home for a total of 5 years as a primary residece enough to qualify for the tax credit? I purchased a home in Aug of 2003 and have always lived in it. I want to purchase another home. I don't understand their complicated way of saying what the requirements are.

I'm horrified. The media reported this story so poorly -- I am losing $6500, plain and simple. I sold/bought on November 6 and would be entitled to the $6500 but for the date. One more day -- and I would have qualified. The media reported (on November 6) that the $6500 would be available on December 1 -- I heard this news as I drove to my new home closing, but figured there was no way to hold my seller off for three weeks. I might have been able to hold her off for a day (or three days with the weekend), but the info was released so poorly -- I did not try. It's hard to feel good about this move. Thanks ever so much Congress.

Is there anything in the Act which waives the 5 year timeframe for military members who are currently homeowners but have to sell prior to 5 years due to military movement orders?

We sold our home in August 2009 that we purchased in 2000. We purchased a lot and hired a general contractor to build us a new home that will be completed in March 2010. Would we qualify for the $6,500 tax credit? If so what paperwork do I need to provide since we have a construction agreement and not a purchase contract since we own the lot?

We sold our home in August 2009 that we purchased in 2000. We purchased a lot and hired a general contractor to build us a new home that will be completed in March 2010. Would we qualify for the $6,500 tax credit? If so what paperwork do I need to provide since we have a construction agreement and not a purchase contract since we own the lot?

My husband and I got married in 2006 after living in the same house since 1989, which was mine. We just built a new house, and moved in October 1. We couldn't take advantage of the original credit, eventhough he was a first-time buyer (because we are married), and now we can't seem to take this one either because we closed a month early. Just great. Thanks so much congress. Laker and Gackackack - I was really hoping you were both on to something, but when I read it, I took "date of this act" to mean date of this "new" act: "Worker, Homeownership, and Business Assistance Act of 2009’. I hope you're right and I'm wrong.

Why isn't the $6500 retroactive to when the original $8000 bill went into effect? Who was the genious who came up with the dates? Thanks to them........I closed in October and don't meet the criteria. Thank you CONGRESS!!

This is a joke. I purchased a home in June after selling a coop that I lived in for five years. My family gets nada just for being responsible. If Obama wants to stimulate the economy he should realize that I wont be spending this holiday season because I am now house poor. Thanks for nothing Obama/Pelosi. And while you are at it, why dont you make a decision on Afganistan already? What a joke and shame on all of you who voted for him.

I am a first time home buyer who is extremely pissed with the 8000$ credit not being retroactive..I closed like 15 days before Nov6th..and would be able to get all of the 8000$ if the income limits were retroactive!

If you really want to revive the economy, give the high earners the 8000$...we will give it back to the local economy!

I voted for change, but I haven't seen any, and I'm pissed off that congress has screwed me not once, but twice this year. My wife and I bought a new house in June, but I couldn't qualify for the $8K tax credit. We own another home that we've been trying to sell but can't, but it's in my name only, but since we're married they piggybacked her on to me and we couldn't get the "stimulus" because of that. And now they pass the new "stimulus" and we could have gotten that had we waited. Pure B.S. The gov. needs to stop meddling in the free market. They try to help it out or help people out but then other's get screwed. Folks, the system is broke, blow up the government and start over. Vote all these idiots out in the next elections.

Are there any requirements for price and size of replacement home for folk qualifying for the $6,500. tax credit?

Surely would like to have this clarified before buying a home for less than the selling price of our existing home.

WHAT I DO NOT UNDERSTAND IS 7500.00 WAS OFFERED IN 2008 AND WAS TO BE PAID BACK $500/YR FOR 15 YRS, AND I WAS UNELIGBLE FOR THIS TAX CREDIT DUE TO I BOUGHT MY HOME THROUGH FHA. THE PEOPLE IN 2008 NO MATTER HOW THEY BOUGHT THEIR HOME WILL RECEIVE $8000 AND NOT HAVE TO PAY BACK. THE GOVERNMENT WOULD HAVE HELPED THE TAXPAYER ANDD RECEIVED MONEY BACK INSTEAD OF GIVING IT AWAY WITH NO HOPE OF REPAYMENT.