Fred Glick

First, I am must state that I am in agreement that the Federal tax credit for purchasing a home should be continued.

But, I believe that the approached can be changed to benefit not only the buyers, but the government itself.

Currently as proposed, no one is required to pay the credit back.

Also, the credit comes back to people after they have bought and the problem most people have is to acquire the funds to buy.

My solution is that you give the people the funds directly for closing and that they pay the money back over a 10 year period, WITH interest so that the Treasury receives a "profit."

So, we don't have to raise taxes, people become more responsible more homes get sold, more jobs get created.

Anybody have a problem with that?

First, I am must state that I am in agreement that the Federal tax credit for purchasing a home should be continued.

But, I believe that the approached can be changed to benefit not only the buyers, but the government itself.

Currently as proposed, no one is required to pay the credit back.

Also, the credit comes back to people after they have bought and the problem most people have is to acquire the funds to buy.

My solution is that you give the people the funds directly for closing and that they pay the money back over a 10 year period, WITH interest so that the Treasury receives a "profit."

So, we don't have to raise taxes, people become more responsible more homes get sold, more jobs get created.

Anybody have a problem with that?

Harry Reid's office just confirmed these details:

1) Sen Isakson, Dodd, Lieberman have agreed, and Senate Finance
[Baucus and tax staff] have agreed to this credit extension and
expansion:
2) For first time homebuyers, the income level to qualify is $
75,000/150,000
3) For step up buyers the income level to qualify is $ 125,000/250,000
4) For step up buyers, they must have been residing in their primary
residence for 5 years
5) The credit is 10% of the sales price, with a maximum of $ 7290.
6) The credit runs from Dec. 1, 2009 to April 30, 2010.
7) For legitimate sales contracts as of April 30, 2010 you have 60
days to close.
8) There is a waiver for military.
9) This will be added to the Unemployment Insurance bill. It will
then go to the House.

I met with a journalist that had a conversation with one of the mega-mortgage banks who told her that if you did not put in your full application by October 1st, they could not guarantee a closing by 11-30-09.

What are they smoking?

Are buyers and real estate agents going to stand for this?

Of course not.

They are going to find a mortgage broker that gives a darn (or you can replace that with any other 4 letter word of your liking.

The hard working pros that are on the ground will be the ones to push the deal through but don't wait until November.

The final day to really start a mortgage is October 31st. Happy Halloween!

Now, what will happen after this date? I foresee that is when there will be an extension of the credit. It will not be what it is now because the CBO has said it will cost between $16 and $20B.

My answer? Give us the credit but under three conditions:

1. Have it paid back over 10 years at 3.5%. This way people have "skin in the game"
2. Give it directly to the consumer for a down payment so they can actually buy the house!
3. Give it to everyone. First-timers, second home buyers, foreclosure investor buyers too.

Let's not forget, all the buying will still depend on one thing- J-O-B-S! Duh!

Everybody should stop watching Jon & Kate, the balloon boy (who names their kid after a bird?) and concentrate on how we can manufacture long-term, real, good paying jobs in America.

Unemployed now? Try volunteering for a non-profit that deals with companies you want to work for, take a commission only job, intern somewhere for free. One never knows what might come out of all that, but it is different and it will give you a better chance of success.