Comments on: The Housing and Economic Recovery Act: To Take the First Time Home Buyer’s Tax Credit, or Not?

By: Conor

Conor — Mon, 09 Feb 2009 04:15:47 +0000

You need some education on finance. Leverage! You have qualms about taking an interest free loan? Just put the darn thing in a CD! You have nothing to loose! Moreover, if you student loan interest is low enough, you may be better off using those funds you’re throwing at them to actually earn money. Debt is not bad, too much unnamable debt is bad… LEARN THE DIFFERENCE! For those of you who have a backbone…Bankruptcy is a tool, it has been given a bad name. Why do you think Don Trump files for bankruptcy every 7 years? It makes sense. It makes you money.

By: Brien

Brien — Wed, 03 Sep 2008 19:43:42 +0000

If you use the mortgage backed bonds of a state funded loweer interest rate program you do not get the credit. Repeat. YOU DO NOT GET THE TAX CREDIT.

By: Chris

Chris — Tue, 02 Sep 2008 00:54:49 +0000

I have a question that nobody seems to be able to answer. If I take the tax credit, will I also be able to use the state’s first-time home buyer program to get a lower interest rate?

By: How a frugalist bought her first home - Smart Spending Blog: Money saving tips from around the web – MSN Money

Fri, 29 Aug 2008 18:40:56 +0000

[...] considering taking advantage of the first-time homebuyers tax credit that’s part of the federal government’s housing bailout [...]

By: Brad

Brad — Thu, 28 Aug 2008 20:45:52 +0000

Paying the student loans is a BAD IDEA!

If you move the whole balance is due! Because of this your increasing your risk. I would suggest Investing the money into US bonds or FDIC back CDs.

This way if you sell the house you have the money to pay back the loan, and you have money for a new down payment.

Lock the money away so that you can’t spend it!

By: Lynnae

Lynnae — Tue, 12 Aug 2008 19:28:14 +0000

Our monthly payment on the student loan is $135 and on the credit it would be about $42. So it having a lower monthly payment would definitely help. Though I’d probably still try to pay it off early, if possible.

By: Bonnie

Bonnie — Tue, 12 Aug 2008 18:43:59 +0000

One thing you didn’t say is how much your monthly payment on the student loan is vs the monthly payment on the interest free loan. That makes a big difference in terms of evaluating the two different options.

By: Financial Planners at Respond

Financial Planners at Respond — Tue, 12 Aug 2008 09:50:23 +0000

Not an bad idea.

I would recommend you to go for it.

By: Investing For Beginners

Investing For Beginners — Mon, 11 Aug 2008 23:06:07 +0000

dont be afraid of debt. debt is necessary to advance wealth faster than through savings and low return investments like CDs.

think about it like the leverage it is. 20% down gets the ability to get 5x the ROI from the total investment.

By: Squawkfox

Squawkfox — Mon, 11 Aug 2008 22:48:31 +0000

Only to pay down the student loan debt…otherwise you’re just deeper in debt…and that’s not fun.