To Wait on the Government or Not? That is the Question!
Posted on | February 17, 2009 | No Comments
Over the last two weeks I have been asked my opinion more than I can remember about two things; should I wait until I know we get the $15,000 tax credit to purchase a home and; when will we see the government give us the 4.5% interest rate so I can either buy a house or refinance my current mortgage? The answer is in the question; how many times has the government ever followed through on the rumors heard before a bill is actually passed? The answer to that question is not very many!
The $15,000 tax credit was reduced to $7,500, which is not exactly true since we already have a $7,500 tax credit for those that fall within a certain income level that have bought a house within the last year or so (check with your accountant to see if you qualify) and it’s the same one. No one can tell me where this 4.5% money is coming from or if it really exists. Down payment assistance programs from non profits are supposed to be allowed again, however, no one can tell me if that is true or not or where it’s coming from? So, if I could buy or refinance a property today for 5% for sure or wait until all these other things materialize from the government, I would do it in a heartbeat! It is a difference of about $30.13 a month in payment but if you are saving much more than that it is worth it!
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