Sorry Readers: Homebuyer Credit Not Retroactive

Posted by: Prashant Gopal on November 5, 2009

Update: Just heard from White House spokeswoman Jen Psaki. The start date for the new $6,500 credit for existing homeowners will take effect as soon as Obama signs the bill into law tomorrow (Nov. 6). Sorry for the confusion. And thanks to “Dean” whose comment alerted me to my error. (In case you’re curious, this is the actual text of the bill. The credit extension was attached to a larger bill to extend unemployment benefits).


My last post was flooded with comments from readers asking whether the expanded credit will apply to them even though they closed on a home purchase earlier this year (or last year or the year before…). The answer: “No.”

It might seem unfair. But the new credit will take effect only after President Obama signs the measure into law tomorrow. Buyers will have until April 30 to sign purchase contracts and must close on the house by the end of June.

Under the new $10.8 billion plan, first-time buyers would continue to get $8,000 for buying a home. But existing homeowners will now be able to claim $6,500 credit for selling their current home and buying a new one, as long as they resided in the home they’re selling for at least five of the past eight years.

Income limits will also expand to $125,000 a year for individuals, and $225,000 a year for married couples. Sounds like a good deal right? Not judging from the flood of comments we’ve gotten from existing buyers who bought during the past several months. They feel gypped.

A commenter identifying himself as “Jim” said he bought a home during the Great Recession and was miffed that he didn’t get a tax credit because he wasn’t a first-time buyer. Now he’s angry.

“If they are handing out free money, give it to those who actually risked their capital,” he wrote a couple hours ago. “I am against this credit altogether … The government deciding who gets money and who doesn’t is TYRANNICAL.”

I sympathize with the comments. My parents only sold their Westchester County, N.Y. home of 30 years only a week ago and bought a much-less-expensive house one 15 miles away. They certainly would have qualified for the $6,500 credit and I’m afraid to break the news to them.

But the point of the credit is to stimulate home sales, not to hand out spending money (Though it will indeed stimulate some consumer spending). As I mentioned in my last post, it could be even less effective and efficient than the previous credit. If that’s the case, it’s best to put some limits on cost. Congressional analysts estimate that the six-month extension and expansion of the credit will cost taxpayers $10.8 billion. Can you imagine the price tag if it was made retroactive to the beginning of 2008?

Reader Comments

Dean

November 5, 2009 5:12 PM

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?

JD

November 5, 2009 7:17 PM

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?

Rex

November 5, 2009 7:30 PM

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.

Manny

November 5, 2009 7:57 PM

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?

Steve

November 5, 2009 8:18 PM

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???

MO

November 5, 2009 8:22 PM

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

jenny

November 5, 2009 8:29 PM

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?

DevilsAdvocate

November 5, 2009 8:50 PM

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?

Jason

November 5, 2009 9:31 PM

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?

Ryan

November 5, 2009 10:02 PM

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?

Bonnie Myers

November 5, 2009 10:09 PM

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

Tom

November 5, 2009 10:18 PM


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.

Jenn

November 5, 2009 10:23 PM

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. ????

Ed

November 5, 2009 10:38 PM

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.

dave

November 5, 2009 10:40 PM

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?

SG

November 5, 2009 10:46 PM

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?

Sean

November 5, 2009 11:07 PM

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

Sean

November 5, 2009 11:07 PM

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

oh my god

November 6, 2009 12:47 AM

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

bob

November 6, 2009 12:52 AM

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.

Kevin

November 6, 2009 3:29 AM

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?

scott

November 6, 2009 8:27 AM

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

Barbara

November 6, 2009 9:30 AM

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?

Clark

November 6, 2009 10:23 AM

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??

Alvin

November 6, 2009 12:01 PM

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

imaj79

November 6, 2009 12:20 PM

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?

Wes

November 6, 2009 12:34 PM

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.

imaj79

November 6, 2009 12:40 PM

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

Laker

November 6, 2009 1:00 PM

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?

ellen

November 6, 2009 1:23 PM

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.

BW writer Prashant Gopal

November 6, 2009 1:28 PM

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

Gackackack

November 6, 2009 1:50 PM

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).

Steve

November 6, 2009 2:29 PM

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.

chad

November 6, 2009 4:06 PM

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.

joe

November 7, 2009 10:25 AM

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?

Bob

November 8, 2009 10:53 AM

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?

Nancy

November 8, 2009 6:30 PM

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

Ryan

November 8, 2009 6:38 PM

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.

Julie

November 8, 2009 6:38 PM

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.

greynolds

November 9, 2009 12:05 PM

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!

Doug Pucel

November 10, 2009 2:21 PM

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.

Jeff

November 10, 2009 8:26 PM

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.

Jeff

November 10, 2009 8:26 PM

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.

Jeff

November 10, 2009 8:27 PM

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.

KB

November 11, 2009 11:12 AM

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.

Linda

November 11, 2009 1:24 PM

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.

Linda

November 11, 2009 1:25 PM

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.

Shireen

November 12, 2009 11:16 AM

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.

Proud to Serve

November 12, 2009 11:57 PM

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?

Brady

November 13, 2009 2:45 AM

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?

Brady

November 13, 2009 2:47 AM

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?

Laurie

November 14, 2009 12:14 PM

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.

Ella

November 15, 2009 6:34 PM

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!!

Scott

November 15, 2009 7:17 PM

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.

Poo

November 17, 2009 11:48 PM

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!

Sullivan

November 19, 2009 10:57 AM

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.

dee james

November 19, 2009 7:35 PM

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.

MARY PRICE

November 20, 2009 9:00 AM

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.

Michelle

November 28, 2009 1:22 AM

We purchased our home in Sept.09 and I think it is so unfair the we are not able to quilify for the 6500 tax credit. We worked so hard to buy our home and i think this really sux....

Kat B

November 30, 2009 9:08 AM

I'm in the same boat as many. I took the risk and bought a move up home and settled on Oct. 30th. I could easily put that money back into the economy: I need furniture!

Karen

December 14, 2009 1:11 PM

My daughter got divorced in 2008, and her husband got the house that they had jointly bought. She lived in an apartment with their child for over one year and then in May of 2009, she bought a home for them as she was spending too much on an apartment and bought a foreclosure. Shouldn't she be allowed the $8,000 because legally, her first home is her ex-husbands only and she is a young, divorced mother trying to make ends meet. To me, this is what the money is for, people who really need it and invest their money instead of renting. Also, she helped the bank by buying a foreclosed home.

Karen

December 14, 2009 1:11 PM

My daughter got divorced in 2008, and her husband got the house that they had jointly bought. She lived in an apartment with their child for over one year and then in May of 2009, she bought a home for them as she was spending too much on an apartment and bought a foreclosure. Shouldn't she be allowed the $8,000 because legally, her first home is her ex-husbands only and she is a young, divorced mother trying to make ends meet. To me, this is what the money is for, people who really need it and invest their money instead of renting. Also, she helped the bank by buying a foreclosed home.

Karen

December 14, 2009 1:11 PM

My daughter got divorced in 2008, and her husband got the house that they had jointly bought. She lived in an apartment with their child for over one year and then in May of 2009, she bought a home for them as she was spending too much on an apartment and bought a foreclosure. Shouldn't she be allowed the $8,000 because legally, her first home is her ex-husbands only and she is a young, divorced mother trying to make ends meet. To me, this is what the money is for, people who really need it and invest their money instead of renting. Also, she helped the bank by buying a foreclosed home.

Karen

December 14, 2009 1:11 PM

My daughter got divorced in 2008, and her husband got the house that they had jointly bought. She lived in an apartment with their child for over one year and then in May of 2009, she bought a home for them as she was spending too much on an apartment and bought a foreclosure. Shouldn't she be allowed the $8,000 because legally, her first home is her ex-husbands only and she is a young, divorced mother trying to make ends meet. To me, this is what the money is for, people who really need it and invest their money instead of renting. Also, she helped the bank by buying a foreclosed home.

Janine

January 3, 2010 6:22 PM

My house just recorded on 12/31/09 do I qualify for the $6,500?

Sandra

January 6, 2010 3:47 PM

My father is over seeing the building of his retirement home and paying out of pocket and contracting the work himself.The home is a larger home than his current residence he has been at for 30 yrs. If there will be no loan closing to have a HUD how can he show when he moved into the house? would a certificate of occupancy work?

Todd

January 8, 2010 10:12 AM

I agree that it s not the governments job to keep money in my pocket. But there should be some kind of umbrella, blanket policy for the tax credits and for those who would qualify retroactively. I bought a house in 2007. I would like to see some kind of stimulus check for that. I will start holding my breath now!

Rob

January 8, 2010 1:03 PM

According to the IRS draft of the new form, this is Retroactive, just as I thought when the bill was passed. Lets just hope the form gets approved.

Joe

January 11, 2010 10:36 PM

I closed on my house on november 6th the day the tax break was signed..I owned my old home for more than 5 years..My "TAX GUY" and my "Lawyer" said that I dont qualify due to the bill dosent go into affect till 24 hours after it is signed..Any way around this? Or did I really miss it by 12 hours

sal

January 15, 2010 4:28 PM

We purchase a home in 2005 and were five months shy from the five years as quoted. We sold and closed on the end of last month (Dec). We are currently in our new residence. So from reading this information I guess we also don't qualify or do we?

joe

January 17, 2010 1:19 PM

My son rents a home from me and I was wondering if I could sell him the home and would he be eligible for the tax credit? He has never owned and his income is about 50000 a year.

Jerry

January 21, 2010 3:30 PM

The home I lived in caught fire in January of 2006. I never lived another day in the house. I had it repaired with the insurance money and as soon as it was ready I put it on the market and it closed in December on 2006. I was renting fro January of 2006 till I bought another house in May of 2009. So I would have had to of sold the first house by May of 2006 to have qualified for the tax credit. Is there any exception taking into consideratiion the unusual circumstances of the fire and the fact that the home was not my residence after January of 2006.

kathleen bowman

January 22, 2010 8:11 AM

My fiance and I are purchasing a home and since his credit rating is better than mine, he is getting the loan inhis name but my name is going onthe title. I have owned and lived in my house for 8 years and he has lived in his for 20 years. Can I get the tax credit?

Also, he has lived in his for 20 years, but refinanced this year to lower interest rate. Does he still qualify?

Chris Scanlon

January 24, 2010 5:21 PM

We went through with our closing on 11/6/09 based on the Jen Psaki quote at the top of this article, and now we are out $6500. How can the spokeswoman say one thing and the IRS put another date on the tax form? I definitely would have held off until Monday, 11/9 if it meant $6500. Where can I get an official copy of the statement from November 5?

Darrell

January 30, 2010 3:47 PM

I sold the house I lived in for 20 years on Jan 31 of 2007. I have rented since then due to some loss of work , etc..

Work has stabelized, and I thought I had until April 30 to take advantage of the $6500 credit (5 out of 8 years primary residence). But, now I understand that I will need to make an offer and have an acceptence by jan 31 of 2010, in order to take the $6500 credit. I meet all the other requirements, but the IRS form says, "from the date you sold your residence".

Am I understanding this correctly?

Sylvia

February 2, 2010 12:07 PM

As I read this information, I was understanding that this was going to be a credit for existing homeowners that reside in their home without buying another home. So basically, we as a homeowner for the last 10 years and making my payments do not qualify for the long term homeowners credit? It does not make sense to give credit for a second purchase of a home when current homeowners would like some help also especially when we are doing everything right.

George

February 2, 2010 12:56 PM

I have owned my home since 1996, and lived in it the last eight years. I just got married in December 2009. My wife and I are buying a new home next month, as our primary residence. However, since she has not lived in our current home with me for five of the last eight years, we don't qualify for the long-term home owner's credit.

At least I have a great wife.

George

February 2, 2010 12:56 PM

I have owned my home since 1996, and lived in it the last eight years. I just got married in December 2009. My wife and I are buying a new home next month, as our primary residence. However, since she has not lived in our current home with me for five of the last eight years, we don't qualify for the long-term home owner's credit.

At least I have a great wife.

Glenglen

February 2, 2010 5:08 PM

I am a home ower that never received the Seven or eight thousands dollars when I first purchase my house in October 2000. Do i still qualify for any money? Also do i qualify for the $6,500.00 dollars this yea. Please explain how this works. Thanks Gg

Glenglen

February 2, 2010 5:08 PM

I am a home ower that never received the Seven or eight thousands dollars when I first purchase my house in October 2000. Do i still qualify for any money? Also do i qualify for the $6,500.00 dollars this yea. Please explain how this works. Thanks Gg

Glenglen

February 2, 2010 5:08 PM

I am a home ower that never received the Seven or eight thousands dollars when I first purchase my house in October 2000. Do i still qualify for any money? Also do i qualify for the $6,500.00 dollars this yea. Please explain how this works. Thanks Gg

Glenglen

February 2, 2010 5:08 PM

I am a home ower that never received the Seven or eight thousands dollars when I first purchase my house in October 2000. Do i still qualify for any money? Also do i qualify for the $6,500.00 dollars this yea. Please explain how this works. Thanks Gg

Glenglen

February 2, 2010 5:08 PM

I am a home ower that never received the Seven or eight thousands dollars when I first purchase my house in October 2000. Do i still qualify for any money? Also do i qualify for the $6,500.00 dollars this yea. Please explain how this works. Thanks Gg

Glenglen

February 2, 2010 5:08 PM

I am a home ower that never received the Seven or eight thousands dollars when I first purchase my house in October 2000. Do i still qualify for any money? Also do i qualify for the $6,500.00 dollars this yea. Please explain how this works. Thanks Gg

Lawrence

February 8, 2010 6:04 PM

I am extreemly upset that the 6500 hombuyer credit isn't retroactive. I purchased in August 2009 so I don't qualify. Also, this is my first home I purchase... my previous residence was a mobile home, not on permanent foundation..... but since it was my primary residence, I don't qualify for the 8000 first time buyer credit either. I'm really pissed. The 6500 credit should be retroactive to the 8000 credit start date.

andy

February 9, 2010 9:21 PM

i moved in with my wife in january of 05 and we got married in 08 we both have lived there for 5 years the house in under her name and we sold it last week and just signed on a new home. Will we get the 6500 credit and how do i prove that i moved in in january of 05

andy

February 9, 2010 9:21 PM

i moved in with my wife in january of 05 and we got married in 08 we both have lived there for 5 years the house in under her name and we sold it last week and just signed on a new home. Will we get the 6500 credit and how do i prove that i moved in in january of 05

Matt B

February 11, 2010 1:20 PM

Situation: 6\2000:Bought home, 7\2003:Sold home to friend and rented it from him, 11/2005: Bought home back, 7\2009: Sold home. We are looking at buying a home that is new, sometime in March 2010. Would we qualify for the $6500?

Matt B

February 11, 2010 1:22 PM

Situation:Wife and I bought Home 6\2000, 7\2003:Sold home to friend and rented it from him, 11/2005: My wife bought home back, 7\2009: Sold home. We are looking at buying a home that is new, sometime in March 2010. Would we qualify for the $6500?

trayce

February 20, 2010 1:25 PM

Because it is not retroactive, I do not get the 8000$. I bought an older home, and could use the money to buy energy saving appliances, air conditioner, etc. Did they ever think about that? It is not right to not make it retroactive, but what can you do when it comes to the government................it is so frustrating!!!

trayce

February 20, 2010 1:25 PM

Because it is not retroactive, I do not get the 8000$. I bought and older home, and could use the money to buy energy saving appliances, air conditioner, etc. Did they ever think about that? It is not right to not make it retroactive, but what can you do when it comes to the government................it is so frustrating!!!

trayce

February 20, 2010 1:28 PM

Because the credit is not retroactive, I do not get the $8000. I bought an older home, and could use the money to buy energy saving appliances, air conditioner, etc. Did they ever think about that? It is not right, but what can you do when it comes to the government............so frustrating!!

Chris

March 5, 2010 9:46 PM

I think it's BS. We bought our first home in March of 2009, in the midst of the "financial crisis" that was supposed to be equal to - or worse than - the Great Depression. However, we live in a high-income area where an average home generally costs more than $500,000. Therefore, our income is right in that gap of $150,000 to $170,000. Now they decrease the income restrictions but don't make it retroactive? Basically it's just going to breed another round of real estate investments and poor mortgage lending. Yet hard working people like my wife and won't get but a penny of the $8,000 promised tax credit because we just happened to purchase before November 6th! Good grief.

Suzie

March 10, 2010 10:07 AM

Question. We qualify for everything in the $6500 tax credit - except some question of the dates. We closed on 11/6/09, Friday on a foreclosure - however, we also had a construction note which ended on 12/30/09. It was a one time closing 11/6/09 for us but has both dates noted on paper as the construction part had to occur timely. Would we possibly qualify?

Van Tran

March 31, 2010 2:22 AM

I bought a home in Oct 09 in California, but I won't move to live there until next two year. Can I verify for the $6500 tax credit?

Thank you to your reponse!!

Trab

Van Tran

March 31, 2010 2:22 AM

I bought a home in Oct 09 in California, but I won't move to live there until next two year. Can I verify for the $6500 tax credit?

Thank you to your reponse!!

Trab

Van Tran

March 31, 2010 2:22 AM

I bought a home in Oct 09 in California, but I won't move to live there until next two year. Can I verify for the $6500 tax credit?

Thank you to your reponse!!

Tran

Lori

April 4, 2010 10:39 PM

My husband & I divorced and I refinanced our previously joint home into my name only and paid him out. This is the first home I've ever owned. Though it was not a new purchase per se, I did have to obtain the financing & a new loan and have lived in the home for 13 years. Would I qualify for the $6500 credit?

Melissa

April 14, 2010 7:43 AM

What is someone owned their home for 4 years 11 months and 15 days? Basically two weeks shy of the 5 years. Is the five year month to month in other words April to April or is to the exact day?

Cindy

April 14, 2010 1:59 PM

I lived in my primary address from 1994 to April 2009. Now I am in my new home that we closed on in April 28, 2009. so do we qualify?

Tammy

April 22, 2010 4:18 PM

If a lot is gifted from a parent to a daughter and she then builds her house and takes occupancy before April 30, 2010 and goes to closing by June 30, 2010, does she qualify for the $8,000 credit? She has a building occupancy Certificate dated 4/22/10. She has a copy of the permit showing a permit start date of 11/13/2009 with the final inspection on 4/21/2010. The construction of the house was paid for solely by the daughter and small portion of dividends she receives from a 49% ownership in a partnership which a brother also owns 49% and parents 2%. Thanks so much for your help in the matter.

Sandy

April 23, 2010 10:16 AM

I owend a home from 1992 to 2005, sold it, and pucchased a home from 2005-2007. I have owned 2 homes in the last 5 out of 8 years, however they are two seperate homes. Does this disqualify me?

Sandy

April 23, 2010 10:19 AM

I owned my first home from September 1992 thru September 2005, sold it, and purchased a home from September 2005 thru July 2007. I sold that home, and mover to an apartment for the last three years diue to family medical crisis. I have owned a home for 5 out of the last 8 years, it was just 2 different homes. Does this disqualify me from the $6,500.00 Homebuyers credit?

Sandy

April 23, 2010 10:22 AM

I owned my first home from September 1992 thru September 2005, sold it, and purchased a home from September 2005 thru July 2007. I sold that home, and mover to an apartment for the last three years diue to family medical crisis. I have owned a home for 5 out of the last 8 years, it was just 2 different homes. Does this disqualify me from the $6,500.00 Homebuyers credit?

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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