# Those $8,000 Obama Bucks For New Homeowners....



## stonebroke (Dec 16, 2004)

My daughter is buying her first house and asked me for a loan for the downpayment until she gets her $8,000 Obama Bucks for First Time Homeowners......said she will pay me back when she gets her check from Barrack.....

I got to thinking about it...... If you really think about it, she's paying me back with my own money. I give Obama the money he needs to fund this program, he gives it to my daughter, and then she gives it back to me. We are headed down a very crooked road............. :eyeroll:


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## Chuck Smith (Feb 22, 2005)

stone...

One thing is make sure that your daughter knows it is a tax credit and she has to live in that home for three years.

If she has to pay in on taxes....she will not be getting $8000 back. People are mistaken and think they will get a check for $8000. It is all adjusted off your taxes. Also she either has to send in an adjusted tax form or wait until April.

I am sure you already know this. But I am a Realtor and about 80% of the people I have talked with about this have wrong information. They are getting this wrong information from lenders. Because they really don't know. One lender told one of my clients that at closing they would have the $8000 check and they could use it towards closing cost......what an idiot. I quickly advised my client to find a new lender.


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## driggy (Apr 26, 2005)

Heck, she might want to wait, as I heard today they may be renewing it and possibly raising it to $15,000. :eyeroll:


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## KEN W (Feb 22, 2002)

stonebroke said:


> My daughter is buying her first house and asked me for a loan for the downpayment until she gets her $8,000 Obama Bucks for First Time Homeowners......said she will pay me back when she gets her check from Barrack.....
> 
> I got to thinking about it...... If you really think about it, she's paying me back with my own money. I give Obama the money he needs to fund this program, he gives it to my daughter, and then she gives it back to me. We are headed down a very crooked road............. :eyeroll:


So you would rather she use her own savings to pay you back???If you are opposed to this......Then tell her not to take the money. 8)


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## specialpatrolgroup (Jan 16, 2009)

Its a tax credit, and you have to qualify for it, unless she makes a lot of money, chances are she will. I took advantage of the $7,500 tax credit, and got it all when I filed my taxes. Although with that one, I am responsible for paying it back $500 a year.


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## stonebroke (Dec 16, 2004)

KEN W said:


> stonebroke said:
> 
> 
> > My daughter is buying her first house and asked me for a loan for the downpayment until she gets her $8,000 Obama Bucks for First Time Homeowners......said she will pay me back when she gets her check from Barrack.....
> ...


I was trying to make a point...... She has no savings. If she did, she wouldn't be asking me for a loan until she gets the Obama bucks. And yes, if she did have the money in savings I'd prefer she use that than take taxpayer dollars for her downpayment. This $8,000 deal and the money for clunkers deal just burns my butt.......no one paid me $8,000 to help my buy my first house and I've certainly never had anyone give me $4500 toward a new vehicle. It's what's wrong with this country today..... Everyone wants everything NOW! Very few people save up to buy something and very few even have the mindset to put money in a savings account.


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## AdamFisk (Jan 30, 2005)

Early this year I was waffeling between buying a house or not. By the time this deal came out, my mind was already made up on purchasing a house. I will admit, it feels WRONG taking that money, but what do you do, refuse it? I put it to good use though. With that money I made a lot of updates prior to moving in that I would not have been able to make at that time. A small furniture store in Langdon sure appreciated it, as did Lifestyle Appliance in Jamestown. Isn't that why they offered this, so people would pump money back into the local economy?

I completely understand what you're saying though, Stonebroke, and agree with you. With this tax credit and cash for clunkers, I wonder how many people actually make poor decisions because of the "free money" and get into trouble because of it?


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## Plainsman (Jul 30, 2003)

To me it simply looks like another wealth redistribution scheme. Think about it. You pay taxes if you earn enough and those who don't make enough get an income tax credit. On top of that they get money for a new car, and now for their first house. All at the expense of those who pay taxes. 
I remember Clinton talking about the earned income tax credits. I was confused about how you EARNED them.
My problem isn't with helping those who need it, it's the liberal view of who needs it. I also don't like handouts called "earned" because some actually think they have earned it, or are entitled to it. If they feel entitled to it they don't appreciate the taxpayer. Worse, their conscience is entirely clear and they will likely continue to draw from the system rather than contribute.


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## Chuck Smith (Feb 22, 2005)

Here is my situation with it. I pay in taxes quarterly. I own my own business. So if I buy a home and get this $8000 all this does is get taken off the taxes I pay in. In reality I don't see one dime. All it does is not give the goverment $$ in taxes. So some program will get short changed. Or our nations debt just increased $8,000 because of me.

Now with all that being said.... I will take that $8000 if I find the right home with in a month. But it is not driving me to go buy a home. Like many it is driving them to go buy a home. Some people I have worked with are thinking they can afford a more expensive home because they are getting this $8,000. The cycle will just continue of over spending. One good thing is that the lenders are getting really tight on some of the pre-qualification and limits that people can spend.


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## ECassND (Dec 28, 2008)

All bammer needs to do to recover the economy is, LOWER ALL TAXES.

he doesn't want it to recover...that would cost him welfare votes.

BTW republicans are no better.

Scary stuff.


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## swampbuck (Sep 19, 2007)

i was waiting for some one to call out the republicans remember bush passed 800 billion $ bailout before he left office. i believe both parties want us reduced to an everyone plunders everyone society. then all the wealth goes through them and they make all the decisions. surprise surprise military enlistment is on the rise, in tough economic times and no where to turn people that otherwise wouldn't, are willing to sacrifice their principles and become property of the state killing machine. obama never intended to end the war!! all those liberal college pansies make me laugh!! now we have peace obama style expanding the war in Afghanistan, with all the warhawks saying he cant do it fast enough, woo hoo!!! war is peace slavery is freedom ignorance is strength!! all hail dear leader!! he will heal us with obama-care. !!what a crock!!

join the campaign for liberty if you wanna fight for your freedom


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