Bush's bailout ! ! !?

Question

Bush's bailout contains a tax credit of $7,500 or 10% of your purchase price (whichever is less) for first time homebuyers.This is for purchases April 9 2008 to July I 2009.What if your purchase was April 8 2008 ???

Answer 1

What do YOU think?  The last time I checked a calendar, April 8th came before April 9th.  That really ought to answer your question!

FYI, it's not a true tax credit.  It has to be repaid over a 15 year period at $500 per year.  There's no interest on the loan so it's still a pretty good deal but it's NOT free money.  Unfortunately it is being handed out in cash as a refundable credit next year which basically means that most folks receiving it will just blow it on something unrelated to the home purchase.  Some "bailout" plan!  Congress is getting dumber by the day!

Answer 2

Bad News:  You don't qualify.

Good News:  The "credit" has to be paid back anyway so, in the long run, it is a moot point.