Comments (scroll down to add your own):

1. Agree, it does not seem to make much sense at that point although if I was buying a house I would love that and to take advantage of it.

   Comment by Craig — Nov 6th 2009 @ 12:16 pm

2. I keep hearing different things about the effective date. Since it is primarily an extension, it leads one to think that it would take place December 1st since the prior credit expires Nov 30th. On the other hand, I’ve also read that it becomes effective the day Mr. Obama signs it.

   Does anyone know the answer to this? It actually matters to someone I know who is closing this month. His salary is above the current 75,000.00 limit, but below the new 125,000.00 limit. I told him he may want to push his closing back so that it falls after December 1st.

   Comment by kev — Nov 6th 2009 @ 2:06 pm

3. My question about the $6500 credit is how easy will it be to fleece this program for free money? What is to stop neighbors bob and doug from selling their houses to one another for no reason other than to pocket the $6500 each from the gov?

   Comment by John — Nov 6th 2009 @ 5:21 pm

4. “While this might not seem fair,…”

   The original tax credit for first time home buyers as well as the new one for existing homeowners are inherently unfair. There is nothing fair about giving money to a small subset of the population that is paid for by all taxpayers. It’s a simple transfer of wealth. Unfairness (or the perception thereof) is a natural motivation for people to cheat on their taxes.

   Of course, I find it particularly unfair since I bought a house less than three months ago, and would qualify for the $6500 credit if I was buying now instead of then. Oh well….

   Comment by Chris I. — Nov 6th 2009 @ 6:44 pm

5. They gotta RAISE the married couple income limit to at least $500,000. Why is it that only people $225,000 and under can get the free monay?

   Comment by Financial Samurai — Nov 6th 2009 @ 11:13 pm

6. Thanks for explaining the tax credit. Too bad for those who purchase in the gap.

   Comment by John DeFlumeri Jr — Nov 7th 2009 @ 10:44 am

7. My significant other and I bought a house in February 2009. My boyfriend is a first time homebuyer who makes over the $75,000 limit at around $90,000; and I have owned a house in the past three years. We don’t qualify for any credit at all. But under the new Obama rules, if we would have purchased after November 6th, he would have qualified for $8000, or I would have qualified for $6500. It’s not fair that the new rules aren’t retroactive for 2009! It’s disgusting that we get nothing for this and our neighbors down the street who make more than us get $8000 plus a better deal on their house. This is ASS!

   Comment by Greta — Nov 7th 2009 @ 2:36 pm

8. I’m just disgusted at the massive transfer of wealth between taxpayers who don’t want to buy a house to those who were in likely to buy one anyways.

   Comment by Mike — Nov 8th 2009 @ 8:24 pm

9. This is truly disgusting. I lost $30,000 on the house I sold 5 months ago as I had to move to stay employed. When I then buy a house, I didn’t get a tax credit because I wasn’t a first time homebuyer. Mean while, someone that never paid property taxes or took a loss on a property and who is buying when rates and prices are already low gets the $8,000. They are basically getting my tax money so they can compete with me for the best house and pay $8,000 more without it coming out of their pocket. Mr. Obama – Do you know what I would have done with my $8,000. I would’ve paid off the house I don’t own anymore but still owe $$$ on, you a$$. Now they extend the tax credit but not make it retroactive. I’ve lived in my house 6 weeks. All this is going to make people not want to buy anything until the gov’t gives them incentive to do so. I won’t buy a car, a house, a tv, anything until the next tax credit comes out.

   I bet 4 years from now there will be another waive of foreclosures from all the people that jumped at the chance for the money and bought a house when they weren’t ready to do so. I bet few spent the credit wisely. They don’t have to worry. I will bail them out again next time.

   I no longer support our gov’t or country as I am more American then they.

   Comment by Tom — Nov 10th 2009 @ 11:52 pm

10. I agree with Tom’s comment on Nov 10 2009. My wife and I lived in our prior home for 9 years. We never received any form of 1st time home buyers assistance/tax rebate when we bought that property. We were told “you make too much”. Hmmmm $70,000 household income is TOO much???? NOW my wife and I sold that house and moved into our new property on September 30, 2009. With this plan not being retroactive we are getting the shaft…again. I hope our government at least sends me a jar a Vasoline the next time they bend me over. Ridiculous!!!!

    Comment by Charles — Nov 13th 2009 @ 12:11 pm

11. I agree with Tom as well!!! I am outraged right now that this cannot be retroactive! I lived in a home for 6 years and recently moved to a new home. I did not qualify for the first time home buyer as it was my second home. Now I find out after I close on my new home I missed the $6500 tax credit be 1 WEEK!!! Yes 7 days…..not happy at all! My husband and I are in a higher tax bracket and never qualify for any government “handout” so to see I was so close I could spit nails!!!! Praying this tax credit will become retroactive for everyone who purchased a home prior to Nov 6th.

    Comment by Heather — Nov 13th 2009 @ 8:24 pm

12. Yes, I agree , all of us who bought in 2009, durign this entire act helped prop up the saggig economy. In our case we did Pay MORE as we had first tiem homebuyers biddig against us! They had the advantage in our economy-so the $6500 is not fair to withhold to all those who moved up in 2009 to as eocnd home-MAKE IT RETRO.We were responsible homeowners-working 12 + hours a day on salary-no overtime-no gravy train-just glad to be employed-but needed that extra bed or bath to give our family a little breathing room. We are the middle class-we don’t come near the income limit-we should all write our local rep’s. start petitions-maybe start an online petition! I think anyone who bought in 2009- and took a leap of faith should get a$6500 ;pat on the back for keeping things going in housing market -I was afraid we were doing the wrong thing despite low rates-jobs are disappearing in a scary economy and an unstable job market-C’mon-we all deserve a pat on the back-not just thise who buy from Nov-6 until April 2010. It really must hurt to close late October-C’mon!

    Comment by Kris — Nov 13th 2009 @ 10:33 pm

13. I agree with Tom also. My wifre and I are furious that this is not retroactive. We lived in our previous home for five years, closed on our new home in August 26th. Contrary to what we were told regarding the $8000, we found out recently that we did not qualify for the $8000 because our old home was bought by my wife prior to us getting married. I haven’t owned a home in over 20 years which qualified me as a first time home buyer but because of marriage I became disqualified. When we heard of the $6500 tax credit we were excited, only to find out that it is not retroactive…..the $6500 tax credit should be retroactive for purchases bought in 2009 as it is meant for us homeowners to invest this money back into our homes, as it is intended. That is true stimulas…We are very angry!!!!!!!!

    Comment by Rick — Nov 15th 2009 @ 8:48 pm

14. We are in the same boat! Lived in our previous home for 6.5 years, just closed on our current home on NOVEMBER 2nd! I can’t believe how many hard working American families are being screwed by our government. Obviously, if you were able to sell your home and/or purchase a home, you must be part of the small few that are employed and responsible with the upkeep of your previous home and your bills/credit! This is how we get rewarded! This $6500 should be attached to the original First-time home buyer credit and be retroactive for all of us that have been trying to stimulate the economy over the past year!

    Comment by Jessica — Nov 17th 2009 @ 4:24 am

15. I am in the same boat as Jessica, Rick, Kris, Tom, etc… Just closed on a house a little to soon.

    All I can suggest is that everyone that purchased in 2009 and does not qualify by this date should write their congress person.

    Comment by Jason — Nov 19th 2009 @ 7:38 pm

16. I did email my congressman. I, too, suggest everyone else should do the same. It was a piece of cake and only took a minute. We need to unit the masses to be heard! After all we are the ones contributing to stimulating this slow, dying economy!

    Comment by Jessica — Nov 20th 2009 @ 4:30 am

17. How do I e-mail my congressman? I live in Nevada. I have never done that before, but I will now!

    Comment by Greta — Nov 20th 2009 @ 10:29 am

18. Just do a google search and it should be pretty easy to find. The website I used just asked for your zip code and then it tells you who is your congressperson and a link for their page and then it was a form pretty much like this, email address and your email! It was really simple and only took a couple of minutes, hope others are joining the cause!

    Comment by Jessica — Nov 20th 2009 @ 2:16 pm

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