Austin Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Q about homebuyer tax credit
DH and I bought our first home in 2008, and got the $7500 tax credit-the one we're required to pay back, unlike the current credit. I think the terms of the credit required us to live in the home for at least three years. DH has started talking about selling our home earlier than that. Here's my question: if we sell early, do we just pay back the entire credit early?
One more question: qe bought this house with an FHA loan, which required only 3-4% down. What do other loans require down? 5, 10, 20%? We're trying to figure out what it might cost us to move vs improving our home to the point we'd want to stay.
One more question: qe bought this house with an FHA loan, which required only 3-4% down. What do other loans require down? 5, 10, 20%? We're trying to figure out what it might cost us to move vs improving our home to the point we'd want to stay.
Re: Q about homebuyer tax credit
I think they're requiring 5-7% down now for FHA loans. Conventional loans are 20%.
As for the payback loan, we're in the same boat. If you sell early it depends on how much profit you make on the house. If you make a profit of $7500 or more you must pay the entire $7500 back. If you don't make enough to pay back the credit, you don't have to. They haven't explained it fully yet, this is all the FAQ sites say.
"Does the credit have to be paid back to the government? If so, what are the payback provisions?
Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven."