Friday, February 12, 2010

I think I had mentioned several posts ago that my parents were once US migrants, they had been working there since I was two, they even asked me to live with them but as my grandma was still alive at that time, I just can't very well go, I can't leave grandma on her own not after she took care of me for years so I stayed until she passed away. I visited once in a while without the intention of staying for long, I just don't feel the pleasure other people have when they are in a different country, I do love the snow though and the street hotdogs are to die for. Though my parents love it there, I always have this childish idea that they would never stay there forever, but now, I don't think it's so childish anymore and I guess I always knew in my heart that they'll come home to me and they did, when father retired, mother took an early retirement and they went back to where they belong together with my then teenage brother. Anyway, enough digression, last night as I was preparing to watch my current favorite TV series in You Tube, my old college buddy called, she wanted to talk to the olds about the homebuyers tax credits, she and her partner had been renting for years, fearing that their combined salaries can't buy a decent house much more pay the monthly mortgage and she's been in a limbo ever since the housing stimulus took effect as she so wanted to have their own house and finally have the family that she's been craving for but at the same time she's scared to plunge in into something she may not be able to handle and at the moment her clock is ticking as it was just extended up to the 30th of April of the current year. Good thing, mom was still awake, doing some crocheting, so I put her on the speaker phone and told her to ramble away.

As far as I gather, the federal income tax credits for homebuyers was implemented to help in the recession that was at its peak last year which struck real estate to pulp. It was done to help people to acquire their own place or to have a new and more appropriate house if you had a current one already without the burden of heavy taxes, it was done to encourage Americans to invest in real estate and save it from its untimely downfall. The law actually solved more than one problem, when a house is bought and built, a person/family will gain their own abode, one to three persons more will be given a job in construction and the local government can get tens of thousands ($60,000 per $800,000 range, to be exact) in tax, so everybody happy. If you're a first time buyer, you will receive $8,000 in tax credit while $6,500 Tax Credit awaits people who had sold or will sold a property that they had as principal residence in five years, that's a decent amount of savings if you'll ask me. The limit on cost of home purchases is up to $800,000 as long as you have a $125,000 income limit should you be single and $225,000 if you're married. Come to think of it, my mother is right, it is a win-win battle, as of writing, my college bud is preparing the necessary documents to take the plunge, in a few months, she would be a proud owner of a lovely modern house in the suburbs of New Jersey and I can't help but be happy for her.

Not everyone can hear the wisdom from my mom but you can watch the video clip below to know and understand more -


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