I'm buying my first house soon and trying to decide whether or not to wait before this brittle man is sworn in.
>Help families buy their first homes and build wealth by creating a new refundable, advanceable tax credit of up to $15,000. -joebiden.com
Does this mean you would have to pay back the $15,000 if you took advantage of this program?
>inb4 Trump will win
Sure, that would be ideal but I'm preparing for the worst and trying to make the best out of the situation.
Bumping, in need for actual Zig Forums advice that's not a pajeet rug pull
Bump
Jesus christ you trumptards are so low iq, its sad
I wasn't smart enough to vote for Biden, sorry bro
if i were you i'd stop believing politicians and buy some land asap
how some current down payment assistance plans work is they will lend you money for your downpayment or closing costs, but then they put a second mortgage on your property for the amount they lent out. They usually have an interest rate of 0% so you dont have to make payments on the second mortgage, but they do have to be paid back if you were to sell your house in the future. Im not sure how this program will work, but it seems like it will be similar to that style of assistance. There are forgivable down payment assistance programs, but they are less common.
>t. loan officer
I'm ready to do it but would feel salty if I missed out on $15k by a few months since I bought too quickly.
I have enough for a 20% down payment and am looking at a 30-year mortgage. I don't need down payment assistance to buy the house but I also don't want to miss out on 15k off my taxes.
The tax obligation will probably have to be repaid on sale, thats what I am assuming at least. At this point is it just a gamble. Housing inventory is already limited, so if this does pass and millions more come flooding into the housing market with their newfound money, prices will probably go up by more than the 15k will offset. Also when you factor in how much your home would appreciate while you are waiting for this bill to pass it may not be worth it. Just some things for you to consider
If you want to talk one on one or want to shop me for a rate shoot me an email at [email protected] ill help you out
Free money?
Respect, Thanks for your insight that's a great point.
nothing is really free, I'm just trying to figure out the catch
It may also be some kind of program that only applies to people under a certain income threshold, which if you have 20% saved for a down payment, doesn't sound like you.
The website says first time home buyers though, I've never bought a house
I havent looked too much into the program. Can you send the website link?
If you have 20% then why go for a thirty year mortgage instead of a fifteen?
just wait for the housing market to crash.
I dont know why I see rocket mortgage peddling 15 yr mortgages so aggressively. I understand people want to pay their mortgages off quicker, or pay less in interest, but you can always get a 30 year and pay it off as if it was a 15 year. You will build equity in the home faster this way, and pay less in interest as more of your money is going to principal every month
Hey mortgageanon, why would anybody want to buy a home when rates are this low? Considering the lower rates are factored into the price, unless rates go negative there's never been a more expensive time to buy a house.
Curious about this too. In the market but feel like it might be worth waiting
Chain.link
Just buy the house goy. Nevermind that you could put that money into literally any stock right now and make more return in one month than you would in 2 years of appreciation on your house.
Is getting a mortgage even possible as a NEET with no income but many dollars in shitcoin?
What do you mean the rates are factored into the price? And it is a good time to buy because a lower rate means you can get into a house with a cheaper monthly payment. even though prices have gone up, houses have actually become more affordable as far as debt to income considerations are concerned.
That may be true, but a house doesnt carry the same amount of risk as a stock does. Also, when you buy a house you get to keep some of the money you would normally be throwing away in rent, so there is some security in that that stocks dont offer. It isnt perfect for everyone, but for people who want families, or are trying to start building a life homes are always a good investment.
Maybe, it depends on your specific situation. If you have documented your trades and have an LLC I can do a stated income loan, which qualifies you based on your profit and loss. If you withdraw all of your crypto into a traditional bank I may be able to do an asset-backed loan. Email me and I can work more with you on your specific situation
Also just so you know, if this is your first home purchase you only have to put 3 to 3.5% down depending if you go FHA or Conventional. These numbers also apply to duplex purchases as well
Don't you work in the industry? This should be 101. Rates go lower = price goes higher. There is a direct correlation for this.
Family A can pay 40k a year towards their house. Rates are at 0%. On a 30 year mortgage, Family A obtains finance to buy a $1.2m house. Houses go up in value because buyers can pay more, because the banks have given them more money to play with.
Family B can pay 40k a year towards their house. However, rates are at 5%. Now on a 30 year mortgage, they can only buy a ~800k house. Even though they would be putting away the same amount of money each year to pay for their mortgage. So house prices go down because buyers aren't given as much money from their lenders.
In the best case scenario, Family A would save their money and *not* buy a house when rates are low. They would invest, and wait until rates are at 5%, then buy the same house for 800k, but in cash.
>Does this mean you would have to pay back the $15,000 if you took advantage of this program?
If you cared to read the page you linked you would be aware he is giving 640 Billion in tax relief over a 10 year period so LBGTQ individuals in homeless shelters don't have to share bathrooms with those of the same biological gender.
Yeah but my family has a large chunk ready for me to make a down payment
Putting 20% down would be preferable, I was jut giving a little more information in case lurkers found that valuable
>That may be true, but a house doesnt carry the same amount of risk as a stock does
You're right, it carries more. Historically the stock market destroys real estate. SPY is far less risky long-term than a particular piece of property.
That is incorrect. Rates are determined by bond market yields and inflation. Home prices are related to demand in the housing market
This is assuming that you have an equal amount of capital to invest in the stock market that you will be granted in a mortgage. If you had 300K in each asset I could see how the market would make you more, but unless your account is that valuable you will still make more money through home appreciation. There are also more tax advantages to having a mortgage, and you will save money on housing expense.
Home prices are much more related to the amount of money people can pay.
People can pay more money for a house, on the same amount of income put aside each week, when rates are low, because more of that money is going to pay off the principal. Rates go down = values go up. Rates go up = values go down.
I don't know what broker you work for but if you haven't learnt this, then you're not seeing the bigger picture of the industry you're in. Just go back through the historical trend and see for yourself.