Another big opportunity for first-time homebuyers is on its way

Casey O.
Kerkhoven, MN     11/06/2009 12:56 PM

In Mn., the property taxes are higher if the property is not homesteaded.

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Denise S.
Atwater, MN     11/06/2009 12:23 PM

Kevin I get your stand on this, but I also understand the resoning behind the bill. They want to see more people owning their homes. Most assume if you can afford to buy a property for renting purposes you should be able to afford it on your own! It becomes a business then, not a home! Yes even gettting renters into a property would create the same trickle down effect on the utilities and such, but I understand their reasoning!

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Casey O.
Kerkhoven, MN     11/06/2009 12:17 PM

Kevin, you forgot something, you'll pay higher taxes because it is a rental and you should be paying more on your income taxes with this extra income, unless you can write most of it off with repairs and such. In the end, you'll have more money to spend else where which will create more demand and more jobs. I really like this trickle down when it starts with the average person, instead of the extreme wealthy and large businesses.

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Casey O.
Kerkhoven, MN     11/06/2009 12:06 PM

Kevin, when I first saw this, I thought of you because it is not just for first time buyers like it previously was, but then I read it must be your residence. I remember you were wanting to buy properties to rent. I suppose it is to get people to own, rather than rent. I do see what you want to do. If you own it, you'll have renters and money will be spent. Same thing, just the people living there won't be the owners. I do understand about all businesses needing help and how do you chose who to help and not help. I would probably call all this a trickle down. It will get banks lending again and collecting interest. People may need to do repairs to the home and may need new furnishings for their new home and all that will stimulate all these other businesses in time. If you move from a 500 sq. ft. apartment to a 1500 sq. ft. home, you will be buying more stuff. You go from no yard, to a yard, more stuff to buy. The more stuff you buy, the better the economy does and the more jobs that are needed. Trickle down.

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Denise S.
Atwater, MN     11/06/2009 11:58 AM

When I said second home I didn't mean a "second" home. I meant the second home you will own and live in! Not a vacation home. This credit is to help people get into homes and now it is to get them into a better situation! Not to get them a vacation home too!

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Denise S.
Atwater, MN     11/06/2009 11:18 AM

Kevin, maybe if you would have read the whole article you would have seen that they are extending it to people buying/selling their first home and second! And in my area $80,000 gets you one heck of a home...mine was much less than that! Getting vacant home occupied make sense in many ways. It helps curb crime while also providing income to many companies that were not there when the home was empty! I know I would rather see the income on a home with giving the occupier a tax credit (which would be paid back after a few years in them paying their taxes) than to see nothing being made on that home and it just sitting empty! There are more than one side to a coin, flip it over and see the heads up side too! Wouldn't it be nice if we didn't have to bail out all of these people and companies, yes. That is not the times we live in so we need to figure out a good way to get back on track so companies and people don't need help from the government!

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Casey O.
Kerkhoven, MN     11/06/2009 10:33 AM

Many people won't buy unless it's on sale. This is like putting something on sale. Yes, I know we are in debt. Yes, I know spending needs to be curbed, after all, I was saying that about the last person in offices spending but, that person was spending just because he could, this one is spending to try and fix our way of life. What do you think should be done with all these empty houses and tightened wallets? For every purchase a person makes, our governments(fed, state, county, city) get tax money on that purchase. If our governments are getting their much needed taxes from these "sales" then that's good.... I do remember many of you balking at me when I was complaining awhile back about all these taxes and all this spending and you were all for it. I am still not for all this taxing and spending, but I do see why it is being done..... This home credit is for 10% of the price, not a guaranteed $8,000.

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Matthew R.
New Market, MN     11/06/2009 10:23 AM

Of course the realtors are going to love this. Their business is being subsidized by the taxpayer. Let's say a person owns a hardware or electronics store. Hey cash for TV'S and other household items. Why should one business be subsidized and not another. The 'tax credit' is NOT a tax credit. It is a CHECK!!! for 8k!!! The government CAN NOT continue to 'pick and choose' which businesses to subsidize. They should not be subsidizing businesses at all. Did the feds learn their lesson with Fannie and Freddie? Apparently not! You have to let the market correct itself. Back then lenders WERE REQUIRED by the feds to make 'questionable' loans to those who could not afford them, it was written in the legistation. I am in the insurance field and work closely with lenders who told me this, it is not a farce! The government told the lenders 'dont worry' we will take them (or re-inusure) if you will if they default. Where did that get us? TRILLIONS in defaulted loans!!How else can you explain ZERO down payments on a house? Seriously? People were able to purchase homes they could not afford because the criteria for obtaining the loans were so easy. The government needs to GET OUT of the business of subsidizing, it does not work.

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Casey O.
Kerkhoven, MN     11/06/2009 9:52 AM

Who said the people can't afford these homes?.... The ones you're talking about bought their homes under anothers watch.

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Barb K.
Olivia, MN     11/06/2009 9:43 AM

Let's see - purchaser buys house - gets other's people's money - doesn't make payments - taxpayers bail out - still doesn't make payments - taxpayers bail out - still doesnt make payments ...

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