Hmmm... Mortgage Rates.

BamaTJ · Jan 26, 2009

Catch is if you sell the house you get hit up for the remaining amount I am sure. Sounds like a decent deal if it is truely interest free.

muchado · Jan 26, 2009

P said:
Thats still awesome, so the Gov sends a check out for the 7500 and your refund is -500 a year until its paid back ?

I'd love to use that to kill some higher interest debt and get the monthly in house cash money up !!!

EDIT: Wonder if I can just pay the 42 bux a month !

That's what I'm doing. Paying off my credit card, some misc. other personal debts I accrued to remodel my pad and putting a few G's towards anothurr bike :dblthumb:

As far as work goes, I'm having them deduct an extra $21 per paycheck so that I make sure I don't owe anything at the end of the year.

Matt O. said:
Catch is if you sell the house you get hit up for the remaining amount I am sure. Sounds like a decent deal if it is truely interest free.

Yes they do---BUT... only if you profit from your house..

Let's say you buy a house for $200k, take the $7500.. Now you go to sell tomarrow and get only $203k.. well govt. only takes the $3k that you made in profit and eats the difference.... They don't make you pay back out of equity.

But let's say you pay $200k for a house and sell it 6 months from now since the economy is all better due to CHANGE... Say you sell the house for $225k now... OK well govt. takes the full $7500 back and you still have the $12,500 on top...

There's no way to get ****ed on this deal is how I look at it. interest free money is better than 14%-21% on a credit card. If for nothing else, take it and put it in an interest bearing account and pay the $500 back yearly...

P · Jan 26, 2009

I agree its a win regardless I mean **** its a 7500 loan, one way or another its gotta be paid back if I sell the house ( dont have any plans to even consider that until HB graduates ) or not.

I can kill alot all our "bad debt" with that money and be better off every month to boot... sheeeiott sign me up sucka. Fug paying interest , thats why congress bailed the bank's out right ! laughing1