# New credit for homebuyers? **URL:** \ **Category:** Factual Questions\ **Created:** [February 5, 2009, 7:39pm UTC](https://boards.straightdope.com/t/new-credit-for-homebuyers/484608 "2009-02-05T19:39:36Z")\ **Posts on this page:** 7\ **Page:** 1
**Author:** ![Velma](https://avatars.discourse-cdn.com/v4/letter/v/85e7bf/32.png) [@Velma](https://boards.straightdope.com/u/Velma)\ **Post date:** [February 5, 2009, 7:39pm UTC](https://boards.straightdope.com/t/new-credit-for-homebuyers/484608/1 "2009-02-05T19:39:36Z")
[http://www.ajc.com/metro/content/metro/stories/2009/02/05/isakson\_stimulus\_homebuyer.html](http://www.ajc.com/metro/content/metro/stories/2009/02/05/isakson_stimulus_homebuyer.html) Am I understanding this correctly? If this passes, I can buy a house this year and get up to a $15,000 tax CREDIT? Not a tax deduction, this is money that I don’t have to pay back, I just get it as a credit? How would this work, we would get it with our 2009 tax refund? What are the odds that this will actually happen? This would be awesome for us - we were thinking about selling our house this year and moving into something new, this would definitely push us out the door! ---
**Author:** ![ivylass](https://avatars.discourse-cdn.com/v4/letter/i/9de053/32.png) [@ivylass](https://boards.straightdope.com/u/ivylass)\ **Post date:** [February 5, 2009, 8:11pm UTC](https://boards.straightdope.com/t/new-credit-for-homebuyers/484608/2 "2009-02-05T20:11:37Z")
Actually, I heard you do have to pay the money back. Do some research first. ---
**Author:** ![Bill\_Door](https://avatars.discourse-cdn.com/v4/letter/b/50afbb/32.png) [@Bill\_Door](https://boards.straightdope.com/u/Bill_Door)\ **Post date:** [February 5, 2009, 8:52pm UTC](https://boards.straightdope.com/t/new-credit-for-homebuyers/484608/3 "2009-02-05T20:52:20Z")
In the House bill the credit had to be paid back over a 15 year period commencing 2 years after the year the credit was taken, or upon the sale of the house and the credit was limited to 10% of the home price and was capped at $7,500 and was only for first time home buyers. The Senate bill is 10% of the home price, capped at $15,000, and for everyone, not just first time buyers, and if you stay in the home at least three years doesn’t have to be paid back. There are maximum income provisions in both of them above which the credits are phased out and requirements that the homes be primary residences, no summer homes allowed. Until these two versions are reconciled all provisions are subject to negotiation. Adopt a “wait and see” attitude. ---
**Author:** ![Velma](https://avatars.discourse-cdn.com/v4/letter/v/85e7bf/32.png) [@Velma](https://boards.straightdope.com/u/Velma)\ **Post date:** [February 5, 2009, 9:36pm UTC](https://boards.straightdope.com/t/new-credit-for-homebuyers/484608/4 "2009-02-05T21:36:54Z")
> [@ivylass](#): > > Actually, I heard you do have to pay the money back. Do some research first. In the version of the bill passed this morning, supposedly you do not have to pay it back. As long as you stay in the house 2 years. ---
**Author:** ![Sublight](https://avatars.discourse-cdn.com/v4/letter/s/439d5e/32.png) [@Sublight](https://boards.straightdope.com/u/Sublight)\ **Post date:** [February 6, 2009, 12:05am UTC](https://boards.straightdope.com/t/new-credit-for-homebuyers/484608/5 "2009-02-06T00:05:53Z")
So that means buying a house in the US for the purpose of renting it out wouldn’t qualify? ---
**Author:** ![Bill\_Door](https://avatars.discourse-cdn.com/v4/letter/b/50afbb/32.png) [@Bill\_Door](https://boards.straightdope.com/u/Bill_Door)\ **Post date:** [February 6, 2009, 12:18am UTC](https://boards.straightdope.com/t/new-credit-for-homebuyers/484608/6 "2009-02-06T00:18:47Z")
> [@Sublight](#): > > So that means buying a house in the US for the purpose of renting it out wouldn’t qualify? Exactly. It must be your principal residence. ---
**Author:** ![groo](https://avatars.discourse-cdn.com/v4/letter/g/ecd19e/32.png) [@groo](https://boards.straightdope.com/u/groo)\ **Post date:** [February 6, 2009, 1:25am UTC](https://boards.straightdope.com/t/new-credit-for-homebuyers/484608/7 "2009-02-06T01:25:04Z")
So … the day this goes into effect, won’t that motivate the sellers to raise their prices by $15,000?