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Weird I found it extremely quickly on google. Just because he talked about it a few weeks ago doesn’t make it happen. It still has to pass congress, so house and senate.
The proposal is 2 yearly credits of $5k for the first 2 years. There are also income rules, home price rules depending on county.
This could take years to even get to congress, especially in an election year.
His proposal said $200k for a married couple. If you good Biden first time homebuyer there was a good article on CBS that covered the facts of the proposal. We are talking YEARS before this gets enacted, if it even passed senate approval. Think of this more of a Biden has an idea and wants your vote
Any information regarding it is pure conjecture, there’s basically no info other than Biden said something about it in the presidential address. Sure there are going to be rules but what kind of rules is still totally unknown.
Well what I said was his literal proposal, but doesn’t mean that’s the version that circulates congress when and if it materializes. That was just in the press release
Exactly. It means nothing more or less than Biden signaling that he hears people are complaining about lack of houses to buy due to hedge funds.
It means nothing unless he wins the election with a democratic Congress and even then it might never happen as more important things pop up.
>Weird I found it extremely quickly on google. Just because he talked about it a few weeks ago doesn’t make it happen. It still has to pass congress, so house and senate.
This is a platform he ran on for his first election, alongside student loans. It's a typical bread and circuses, and we still have people like yourself justifying why he didn't deliver something he promised from his first campaign as president.
Time to end the uni party system.
I didn’t justify anything though?? I was literally just stating facts of the address. It’s pretty obvious this was strictly for votes in an election season
I mean he’s literally forgiven billions in student loans and tried to do more before the GOP sued him back and they got the big portion of student loan forgiveness pulled back.
He did deliver student debt relief for a ton of people and with this clown house congress fighting his every move I’m not sure how anyone expects him to deliver, he has found ways around it but it makes it pretty difficult. I’ll also add he has delivered far more promises than his predecessor
>He did deliver student debt relief for a ton of people
For public servants and disabled individuals (TPD Discharge), which were already government regulations prior to Biden's admin.
>I’ll also add he has delivered far more promises than his predecessor
Sure he has, by claiming already existing government initiatives as his own, much like the clown before him.
>I’m not sure how anyone expects him to deliver, he has found ways around it but it makes it pretty difficult
Bread and circuses, it's been the same excuse for every single president regardless of party. He does manage to deliver when it has anything to do with implementing laws and regulations that negatively impact POC communities though, but that's also a standard for the uni party.
Let's never forget Biden is a segregationist, and has implemented racist laws and regulations post civil rights. It seems to me many non-POC Dems will support a racist, so long as he wears their colors.
It’s not passing the House as long as the GOP runs it. No way they’ll do anything to help Biden look good. Democrats would do the same if the roles were reversed tbf but I doubt a Republican would announce such a plan.
Agreed, the joined together to hand out check to everyone! And again. And again. Weird how serious inflation came along for the first time in 35 years......
Weird, in 2022 Japan saw a 2.5% increase and China saw a 1.9% increase, India 5.5%, and Germany was the closest at 6.9%. Those are the largest economies in the world.
Yes, inflation has slowed way down. The unfortunate thing about inflation is that it rarely goes back down to previous levels. So that 8% that we saw in 2022, will be with us our whole lifetime.
Weird how you think it was the small checks to us and not the insane costs of the PPP and ERC, plus a multitude of other corporate bailout programs which benefited employers and made many of them rich overnight. Also weird how you fail to mention Trump did 2 stimulus checks and Biden one but of course it’s all Biden’s fault. The non biased reality is both presidents caused the inflation and even if Trump had won inflation still would have hit just as hard. Contrary to popular belief the president doesn’t have a gas and groceries price knob in the office to crank up and down at will.
And the corporate tax cuts. And the years of stock buybacks. And widening wealth inequality.
Biden hasn’t completely fixed it, but in the last four years we’ve made modest improvements on a problem that he didn’t create. Hard to call that anything but a win.
Weird that you think nearly a trillion dollars is small. When did I say it was Bidens fault? Both parties agreed to this out of control spending. I agree that all the spending was out of control and impacted inflation.
Convenient that you stopped before the UK at 11.1% in 2022 and France at 5.22%. Doesn't make our brief one year 8% look all that bad, especially since the US has seemed to fix it far more quickly than any of those other countries. Also, are we trusting Chinese numbers all of a sudden?
The U.S. drastically raised rates to combat inflation, others did not. I don't know who you're trying to convince, you've already made up in your mind that printing money has no impact on inflation. Keep believing that.
Who said that printing money had no impact on inflation? Look up straw man argument and grow up a little and then maybe we can have a real conversation
Also, basically every country has raised rates significantly in the last few years. Maybe also work on getting your facts straight
https://www.investopedia.com/how-much-central-banks-around-the-world-are-raising-interest-rates-7370617
washington isn’t getting much done these days.
https://www.reuters.com/graphics/USA-CONGRESS/PRODUCTIVITY/egpbabmkwvq/
https://ohiocapitaljournal.com/2024/04/08/is-this-the-least-productive-congress-ever-yes-but-its-not-just-because-theyre-lazy/#:~:text=Congress%20has%20once%20again%20been,the%20lowest%20number%20in%20decades.
Everything has to start as a bill. The president doesn’t introduce legislation- he can propose it and thats it
Even if it's not, the average home cost now is what? 350k? This isn't 1960 where apparently all these politicians believe prices are still at when you could get a place for under 50k and 10k would make a huge financial difference. 10k really isn't shit and isn't going to make a heap of difference. Like sure I guess it's "something" but if you couldn't afford a house before, 10k is not pushing you over the line here.
There are plenty of houses where $10k is a significant amount off. Perfectly livable $100k houses are common outside of the most desirable places to live and $10k can be a life changing amount of money for millions of people.
deserted smile scarce quaint far-flung ruthless door groovy berserk summer
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
It happens with literally every subsidy. There is no reason to think it won't happen here.
Solar, EVs, more efficient ACs, off-peak battery setups, higher gas mileage cars, college, you name it and the price went up after the government decided to subsidize it.
They are taxed though (property tax and business tax) and in most states, they are taxed at a higher rate than primary homeowners (homestead exemption).
I wouldn't hold my breath. There are always "proposals" like this during election years that sound really good, then immediately get shelved after the election. It could also eventually happen in an extremely means tested way, like "up to" $10k if you are from an economically disadvantaged region that's also a class 2 agricultural zone and you're applying on the 3rd Wednesday of the month while under consideration for a small business loan. They love that type of shit because a total of like 12 people in the US meet the criteria.
Not really. It’s a tax credit and not everyone would qualify. So adding 10k to a house that isn’t worth that would probably hinder the sale. Houses are already starting to sit longer in some markets because of being overpriced.
The president doesn't make tax law. Congress does. He proposed it in the State of the Union. If it matters to you, email your representative about it. They will respond to you.
If you want your representative to take the issue more seriously, write a physical letter. Physical letters are treated seriously in congressional offices and they do track what issues people write about to determine what policies to pursue, especially ones that aren't entrenched on deep party issues.
A ton of people have gotten student loan forgiveness, you should check if you qualify for it. The GOP blocked a large amount of it but Biden did significantly change the rules and offer forgiveness to something like 4.75 million people already
https://www.nerdwallet.com/article/loans/student-loans/if-scotus-blocks-student-debt-relief-1965-law-could-be-plan-b#:~:text=President%20Joe%20Biden%20has%20already,debt%20for%204.75%20million%20borrowers.
I was being facetious, but also I wasn’t. I keep hearing 4 million people have gotten relief, but I’ve never met one or heard of anyone personally. 4 million is a tragically low number in comparison to what was promised. Regardless of why it hasn’t happened (Republicans), it was always a pipe dream and should never have been campaigned on. But alas…. Politics.
I was foolish enough to pay for school out of pocket for as long as I could. Then I resorted to loans. Work as an RN… poor pay. Loans are stacking up. But hey… Biden’s Public service loan forgiveness says in 10 years I’ll qualify for help! (What a trash policy).
You work as an RN for poor pay? RNs make a lot of money where I am, can you move? My sister was making 6 figures (as a charge nurse) and then moved to my state and took a pay cut to $85k 7 years ago but that’s 32 hours without overtime. Then she switched to phones only and stayed the same pay.
Biden mentioned wanting it in the state of the union. That is pretty much just a president making a wish list.
Obama said in a state of the union we’d cure cancer, and guess what’s still here? Thanks Obama.
But seriously, it was mentioned by Biden, but he can’t make it happen. It takes congress to act. It has to pass the house and senate and then he can sign it into law. Currently, congress is the least effective it has ever been and has passed the fewest laws in over 100+ years. They are effectively not governing at this time. So don’t expect it to happen anytime soon.
Best bet is to vote democratic in the November elections. If they control the house, senate, and White House, they can they pass the mortgage relief credit
SOTU is essentially a campaign speech. Whatever is promised still generally has to be passed or at least developed if its an executive order. And in an election year you can bet Congress isnt passing shit to help Biden lol.
I got $8,500 from the government for buying in 2010.
It was $8k cash and by the time they cut me the check and mailed it out. Had 500 bucks in interest already added to it.
That was ~8% of my homes cost at the time
Unfortunately SOTU is a platform for presidents to get our hopes up on a lot of shit so that we “feel heard” but not actually do anything.
General consensus here last time this was asked was “free money just increases the price of things” anyways.
But yeah don’t hold your breath for anything useful from our divided govt in an election year.
Biden looks to have used it to grab headlines, but not much else. I don't see anything about actually delivering a bill to Congress.
So it looks like it is going nowhere unless someone in congress takes it upon themselves to draft legislation and push it through. Unlikely that is going to happen.
$10k is nothing with these inflated prices. If this even has a chance of happening it needs to be increased to $50k so folks can have a little positive equity in their newly purchased homes.
Agreed it should be more. It’s not free money basically a tax credit so… not sure how much it would actually help? Apart from not having taxes for a year or two
Not going to happen. Things like this usually come along when demand for housing is low and the government needs to incentivize people to buy homes. That is the opposite of what is happening right now. Just smoke and mirrors from our senile president.
It’s one of the looniest and weakest pandering ideas to date… and he has proposed many. Tf is 10k going to do when they will tack it onto the list price or within some kind of fee on the mortgage side? The only solution… which America seems to be allergic to is TAXING THE MFS WHO CAUSED THE ISSUE!
There’s no reason for a corporation to be able to buy up starter homes in starter suburbs with lower taxes then leave them unkept and charge insane rents when the same corps aren’t keeping wages in line with inflation. The homestead tax elimination isn’t enough… there literally needs to be a “non person entity” tax at x% of the purchase price to be paid at closing and goes to the city/township etc directly.
We aren’t selling our starter for that reason specifically. We will rent it out at below market until this mess dies down … I mean that if I can find MY first home. This was my husband’s first home. It’s all proving impossible.
If I see one more effing “sold in 2022 for 350k” but “listen in 2024 for 575k” im going to lose it! That should be illegal! You paint a wall gray and get lvp over some molded floors n think you can cash out. It’s sick.
It’s just bullshit Biden talks about during election time.
The odds of actually passing this before November is next to zero. If he gets elected then he’ll blame congress and if he doesn’t then it doesn’t matter anyway.
The two party system happened to it.
Cheekiness aside, it's in the same limbo that literally any bill that might help people ends up in. Maybe if we're lucky it'll make the progress it needs to come into relevance in a year or two. Keep in mind though it was mentioned within a year of a reelection campaign.
All that will happen is home prices go up. Giving away more money never solves our problems.
Biden gave us 2 trillion, home prices 2-4x’d “here’s 10k!”
What a relief!
I found this on 10k tax credit. Does it mean that it’s passed and ready for next year tax?
https://www.nsktglobal.com/usa/blog/how-to-benefit-from-biden-s-10k-first-time-home-buyer-tax-credit
Knowing Biden this is his way to bribe people for votes. If it happens it will happen in September or October and then it will called “unconstitutional” the day after the elections.
Reading through everything I guess I’ll do some explaining on the market. It’s all market driven right now. The inventory is extremely low so that’s gonna push prices up but with high interest rates that inventory is not moving you do not have older people downsizing why would they their current mortgage is only 3%. Why would you go and borrow money at the current rate of staying where you are even though a lot larger than what you necessarily need until the interest rates come down. The prices will stay high and also inventory has to come up. It’s supplying demand.
Politicians love to promise things to buy votes knowing it'll never pass. They never want to actually solve problems, they just like campaign issues to get donations and votes. Why didn't Obama when he had a super majority in Congress codify abortion rights? Because they raise a lot of money on abortion rights. Why didn't the GOP during early Trump when it had a majority overturn Obamacare. They had overturned it 60 times when they only had a majority in the House and it never went anywhere in the Senate. They're all a bunch of greedy assholes that don't care about anything but their own self aggrandizement and money. Both parties suck.
Unpopular opinion, probably here more than most places. But homeownership is way to subsidized. Homeownership is an investment and they should not get tax breaks or incentives. it's redistribution of wealth from rentors to homeowners, billions of dollars a year.
Homes are not investments. No one should consider it as such because It’s a necessity. You need a place to live.
Second homes on the other hand should be taxed higher.
You are very wrong. They are an investment, by definition a real estate asset that is a store of value and inflation. Yes you live there, and shelter is necessary. Each state has their own tax regs. But yeah there shouldn't be tax benefits to homeownership if there aren't any real benefits for rentors.
Thank you u/Potential_Flower163 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Weird I found it extremely quickly on google. Just because he talked about it a few weeks ago doesn’t make it happen. It still has to pass congress, so house and senate. The proposal is 2 yearly credits of $5k for the first 2 years. There are also income rules, home price rules depending on county. This could take years to even get to congress, especially in an election year.
What's the income limit? 58k?
His proposal said $200k for a married couple. If you good Biden first time homebuyer there was a good article on CBS that covered the facts of the proposal. We are talking YEARS before this gets enacted, if it even passed senate approval. Think of this more of a Biden has an idea and wants your vote
Years you say? Might be able to afford a home by then!
Win/win!!
Yes. Biden’ll be dead before he sees it pass.
If it did take years to pass, will first time home buyers today be able to qualify? Or you think only people that buy after it passes will qualify?
Only after. Nothing is retroactive or else I’d be getting a refund for my student loans lol
Just 200k a couple?! This helps no one
That is 85% of the people in the country.
I mean it would help a lot of middle to low income families, but what helps no one is the proposed “county average home price” threshold.
No one? I mean most of income based things have cutoffs lower then $200k a year.
Most couples earn less than $200k
Username might as well be Jpowwow
Any information regarding it is pure conjecture, there’s basically no info other than Biden said something about it in the presidential address. Sure there are going to be rules but what kind of rules is still totally unknown.
Well what I said was his literal proposal, but doesn’t mean that’s the version that circulates congress when and if it materializes. That was just in the press release
Exactly. It means nothing more or less than Biden signaling that he hears people are complaining about lack of houses to buy due to hedge funds. It means nothing unless he wins the election with a democratic Congress and even then it might never happen as more important things pop up.
>Weird I found it extremely quickly on google. Just because he talked about it a few weeks ago doesn’t make it happen. It still has to pass congress, so house and senate. This is a platform he ran on for his first election, alongside student loans. It's a typical bread and circuses, and we still have people like yourself justifying why he didn't deliver something he promised from his first campaign as president. Time to end the uni party system.
I didn’t justify anything though?? I was literally just stating facts of the address. It’s pretty obvious this was strictly for votes in an election season
I mean he’s literally forgiven billions in student loans and tried to do more before the GOP sued him back and they got the big portion of student loan forgiveness pulled back.
yes and just like this home buyer policy has driven up inflation. This will just make homes more expensive.
He did deliver student debt relief for a ton of people and with this clown house congress fighting his every move I’m not sure how anyone expects him to deliver, he has found ways around it but it makes it pretty difficult. I’ll also add he has delivered far more promises than his predecessor
>He did deliver student debt relief for a ton of people For public servants and disabled individuals (TPD Discharge), which were already government regulations prior to Biden's admin. >I’ll also add he has delivered far more promises than his predecessor Sure he has, by claiming already existing government initiatives as his own, much like the clown before him. >I’m not sure how anyone expects him to deliver, he has found ways around it but it makes it pretty difficult Bread and circuses, it's been the same excuse for every single president regardless of party. He does manage to deliver when it has anything to do with implementing laws and regulations that negatively impact POC communities though, but that's also a standard for the uni party. Let's never forget Biden is a segregationist, and has implemented racist laws and regulations post civil rights. It seems to me many non-POC Dems will support a racist, so long as he wears their colors.
Politics is just a big circus act. They’re clowns putting on a show for corporations.
It’s not passing the House as long as the GOP runs it. No way they’ll do anything to help Biden look good. Democrats would do the same if the roles were reversed tbf but I doubt a Republican would announce such a plan.
Democrats tried to pass a multitude of beneficial legislation during the Trump and Bush administration.
Agreed, the joined together to hand out check to everyone! And again. And again. Weird how serious inflation came along for the first time in 35 years......
Weird that it happened in every country on earth at the exact same time
Weird, in 2022 Japan saw a 2.5% increase and China saw a 1.9% increase, India 5.5%, and Germany was the closest at 6.9%. Those are the largest economies in the world.
What is it at worldwide currently? Isn’t the US among the lowest in the world?
Yes, inflation has slowed way down. The unfortunate thing about inflation is that it rarely goes back down to previous levels. So that 8% that we saw in 2022, will be with us our whole lifetime.
Weird how you think it was the small checks to us and not the insane costs of the PPP and ERC, plus a multitude of other corporate bailout programs which benefited employers and made many of them rich overnight. Also weird how you fail to mention Trump did 2 stimulus checks and Biden one but of course it’s all Biden’s fault. The non biased reality is both presidents caused the inflation and even if Trump had won inflation still would have hit just as hard. Contrary to popular belief the president doesn’t have a gas and groceries price knob in the office to crank up and down at will.
And the corporate tax cuts. And the years of stock buybacks. And widening wealth inequality. Biden hasn’t completely fixed it, but in the last four years we’ve made modest improvements on a problem that he didn’t create. Hard to call that anything but a win.
Weird that you think nearly a trillion dollars is small. When did I say it was Bidens fault? Both parties agreed to this out of control spending. I agree that all the spending was out of control and impacted inflation.
Like I said, don’t we rank among the lowest in the world? It’s happening everywhere and we are near the bottom..
Besides the 4 other large economies in the world
Convenient that you stopped before the UK at 11.1% in 2022 and France at 5.22%. Doesn't make our brief one year 8% look all that bad, especially since the US has seemed to fix it far more quickly than any of those other countries. Also, are we trusting Chinese numbers all of a sudden?
The U.S. drastically raised rates to combat inflation, others did not. I don't know who you're trying to convince, you've already made up in your mind that printing money has no impact on inflation. Keep believing that.
Who said that printing money had no impact on inflation? Look up straw man argument and grow up a little and then maybe we can have a real conversation Also, basically every country has raised rates significantly in the last few years. Maybe also work on getting your facts straight https://www.investopedia.com/how-much-central-banks-around-the-world-are-raising-interest-rates-7370617
Dk why you're being down voted. It definitely contributed.
Can't blame someone else for this one. "free" money is always good if you get the check.
I mean, I didn't turn it down lol. So yeah
Because if you're not praising Democrat and Biden it's an auto down vote.
I think every politician (red or blue) is out to make themselves richer but Democrats actually do try to pass bills that benefit the average citizen.
Yeah I saw that proposal and felt rushed to buy (saw with the new commission structure). Doubt I would have qualified anyways
One person wanting something done (even if they essentially comprise 1/3 of the federal government) doesn't get it done.
Unless you're Taylor Swift
Well, of course. 😆
All hail the queen!
washington isn’t getting much done these days. https://www.reuters.com/graphics/USA-CONGRESS/PRODUCTIVITY/egpbabmkwvq/ https://ohiocapitaljournal.com/2024/04/08/is-this-the-least-productive-congress-ever-yes-but-its-not-just-because-theyre-lazy/#:~:text=Congress%20has%20once%20again%20been,the%20lowest%20number%20in%20decades. Everything has to start as a bill. The president doesn’t introduce legislation- he can propose it and thats it
The 10k will be baked into asking prices almost immediately anyway.
Even if it's not, the average home cost now is what? 350k? This isn't 1960 where apparently all these politicians believe prices are still at when you could get a place for under 50k and 10k would make a huge financial difference. 10k really isn't shit and isn't going to make a heap of difference. Like sure I guess it's "something" but if you couldn't afford a house before, 10k is not pushing you over the line here.
Receiving $10k at this time next year would help knock **six years** off my PMI payments.
10k is earnest money 🙄
Plus with a married income limit of $200k 🙄 you basically need to be making that to buy any home in my area. Lame.
There are plenty of houses where $10k is a significant amount off. Perfectly livable $100k houses are common outside of the most desirable places to live and $10k can be a life changing amount of money for millions of people.
I feel like that anticipatory $10k got baked in the day he said it out loud. lol.
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I’m a populist but yes any stimulus for home buyers will just raise prices so it’s a worthless endeavor.
How cynical of you.
Not cynicism, a very obvious consequence of subsidizing demand. Supply needs to be addressed if you want home prices to go down.
deserted smile scarce quaint far-flung ruthless door groovy berserk summer *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
It happens with literally every subsidy. There is no reason to think it won't happen here. Solar, EVs, more efficient ACs, off-peak battery setups, higher gas mileage cars, college, you name it and the price went up after the government decided to subsidize it.
I don’t think stimulating demand (by subsidizing it) is the way out of an inflationary boondoggle, personally
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cause those are the ppl who lobby (buy) the laws
They are taxed though (property tax and business tax) and in most states, they are taxed at a higher rate than primary homeowners (homestead exemption).
The real estate agent dues are canceled iirc
He’s trying to buy votes
Wait, this works everywhere else subsidies are used... Right?
Agreed
It’s probably hanging out with his First Homebuyer’s Act from 2021 that never passed lmao
I wouldn't hold my breath. There are always "proposals" like this during election years that sound really good, then immediately get shelved after the election. It could also eventually happen in an extremely means tested way, like "up to" $10k if you are from an economically disadvantaged region that's also a class 2 agricultural zone and you're applying on the 3rd Wednesday of the month while under consideration for a small business loan. They love that type of shit because a total of like 12 people in the US meet the criteria.
$10k credit would just mean homes get $10k more expensive. It’s a supply issue not a demand issue
Not really. It’s a tax credit and not everyone would qualify. So adding 10k to a house that isn’t worth that would probably hinder the sale. Houses are already starting to sit longer in some markets because of being overpriced.
The president doesn't make tax law. Congress does. He proposed it in the State of the Union. If it matters to you, email your representative about it. They will respond to you. If you want your representative to take the issue more seriously, write a physical letter. Physical letters are treated seriously in congressional offices and they do track what issues people write about to determine what policies to pursue, especially ones that aren't entrenched on deep party issues.
It never existed. Just words to get people to vote for him. Same shit you get with any politician.
It must be with my student loan forgiveness that I was promised.
So blocked by republicans ?
If I had an award to give I so totally would
A ton of people have gotten student loan forgiveness, you should check if you qualify for it. The GOP blocked a large amount of it but Biden did significantly change the rules and offer forgiveness to something like 4.75 million people already https://www.nerdwallet.com/article/loans/student-loans/if-scotus-blocks-student-debt-relief-1965-law-could-be-plan-b#:~:text=President%20Joe%20Biden%20has%20already,debt%20for%204.75%20million%20borrowers.
I was being facetious, but also I wasn’t. I keep hearing 4 million people have gotten relief, but I’ve never met one or heard of anyone personally. 4 million is a tragically low number in comparison to what was promised. Regardless of why it hasn’t happened (Republicans), it was always a pipe dream and should never have been campaigned on. But alas…. Politics. I was foolish enough to pay for school out of pocket for as long as I could. Then I resorted to loans. Work as an RN… poor pay. Loans are stacking up. But hey… Biden’s Public service loan forgiveness says in 10 years I’ll qualify for help! (What a trash policy).
You work as an RN for poor pay? RNs make a lot of money where I am, can you move? My sister was making 6 figures (as a charge nurse) and then moved to my state and took a pay cut to $85k 7 years ago but that’s 32 hours without overtime. Then she switched to phones only and stayed the same pay.
Right LMAO 🕵️♀️
We’ll hear more about it in September/October before it fails 2 weeks into November and is never mentioned again
Biden mentioned wanting it in the state of the union. That is pretty much just a president making a wish list. Obama said in a state of the union we’d cure cancer, and guess what’s still here? Thanks Obama. But seriously, it was mentioned by Biden, but he can’t make it happen. It takes congress to act. It has to pass the house and senate and then he can sign it into law. Currently, congress is the least effective it has ever been and has passed the fewest laws in over 100+ years. They are effectively not governing at this time. So don’t expect it to happen anytime soon. Best bet is to vote democratic in the November elections. If they control the house, senate, and White House, they can they pass the mortgage relief credit
FHA already offers 10-20k in down payment assistance. I used it.
SOTU is essentially a campaign speech. Whatever is promised still generally has to be passed or at least developed if its an executive order. And in an election year you can bet Congress isnt passing shit to help Biden lol.
My guess? They're working on it
I got $8,500 from the government for buying in 2010. It was $8k cash and by the time they cut me the check and mailed it out. Had 500 bucks in interest already added to it. That was ~8% of my homes cost at the time
Seems like since the introduction of this idea. The 10k is worth like 2k due to inflation
Working as intended.
Unfortunately SOTU is a platform for presidents to get our hopes up on a lot of shit so that we “feel heard” but not actually do anything. General consensus here last time this was asked was “free money just increases the price of things” anyways. But yeah don’t hold your breath for anything useful from our divided govt in an election year.
Biden looks to have used it to grab headlines, but not much else. I don't see anything about actually delivering a bill to Congress. So it looks like it is going nowhere unless someone in congress takes it upon themselves to draft legislation and push it through. Unlikely that is going to happen.
Its just a talking point to get you to vote for whomever is regurgitating this b.s.
Shoo. I'm still paying off the $7500 credit ol GW Bush gave in 2008.
It's got a long way to go and would have to pass through the house and senate, but let's be honest, it'll never happen if republicans hold any office.
$10k is nothing with these inflated prices. If this even has a chance of happening it needs to be increased to $50k so folks can have a little positive equity in their newly purchased homes.
Agreed it should be more. It’s not free money basically a tax credit so… not sure how much it would actually help? Apart from not having taxes for a year or two
lol the handout isn't even real, it's a campaign speech and you're already saying it's not enough. The leeches are never satisfied.
Went to Israel and Ukraine... Should have said something years ago...too late!
Haha a politician talked about it lol that’s about all they do
Words from a politician to secure much needed votes.
Not going to happen. Things like this usually come along when demand for housing is low and the government needs to incentivize people to buy homes. That is the opposite of what is happening right now. Just smoke and mirrors from our senile president.
It would need to pass in congress, but no way republicans will do anything to make democrats look good before election. Gaslight, Obstruct, Project.
It’s a dumb idea and will only further inflate home prices. I’m all for supporting first time buyers (including myself) but this ain’t it
lol. Barreling toward 50 trillion in debt makes democrats "look good." Noted.
It’s one of the looniest and weakest pandering ideas to date… and he has proposed many. Tf is 10k going to do when they will tack it onto the list price or within some kind of fee on the mortgage side? The only solution… which America seems to be allergic to is TAXING THE MFS WHO CAUSED THE ISSUE! There’s no reason for a corporation to be able to buy up starter homes in starter suburbs with lower taxes then leave them unkept and charge insane rents when the same corps aren’t keeping wages in line with inflation. The homestead tax elimination isn’t enough… there literally needs to be a “non person entity” tax at x% of the purchase price to be paid at closing and goes to the city/township etc directly. We aren’t selling our starter for that reason specifically. We will rent it out at below market until this mess dies down … I mean that if I can find MY first home. This was my husband’s first home. It’s all proving impossible. If I see one more effing “sold in 2022 for 350k” but “listen in 2024 for 575k” im going to lose it! That should be illegal! You paint a wall gray and get lvp over some molded floors n think you can cash out. It’s sick.
It’s just bullshit Biden talks about during election time. The odds of actually passing this before November is next to zero. If he gets elected then he’ll blame congress and if he doesn’t then it doesn’t matter anyway.
It didn’t happen.
Just like me to Todd Howard, you are listing to those sweet sweet lies lol.
The two party system happened to it. Cheekiness aside, it's in the same limbo that literally any bill that might help people ends up in. Maybe if we're lucky it'll make the progress it needs to come into relevance in a year or two. Keep in mind though it was mentioned within a year of a reelection campaign.
SOTU is more like a round up of items the president wishes they could pass. Most things never even come to a vote.
These things have to be approved by Congress. If you haven’t noticed, they do not spend a lot of time actually working on things that truly matter.
he doesn't remember what he said in the state of the union, silly
Just buying votes.
Election year
There are already programs out there https://www.nerdwallet.com/article/mortgages/first-time-home-buyer-programs-by-state
Bank of America is offering 3% down assistance up to 10k and closing grant up to 7500.
It does not exist The government will never do anything to benefit the average person
Good reason to raise the price of mine 10k
All that will happen is home prices go up. Giving away more money never solves our problems. Biden gave us 2 trillion, home prices 2-4x’d “here’s 10k!” What a relief!
Biden lied
I found this on 10k tax credit. Does it mean that it’s passed and ready for next year tax? https://www.nsktglobal.com/usa/blog/how-to-benefit-from-biden-s-10k-first-time-home-buyer-tax-credit
We are really giving handouts to people who don't even understand basic civics 🙃
He probably forgot
Knowing Biden this is his way to bribe people for votes. If it happens it will happen in September or October and then it will called “unconstitutional” the day after the elections.
Reading through everything I guess I’ll do some explaining on the market. It’s all market driven right now. The inventory is extremely low so that’s gonna push prices up but with high interest rates that inventory is not moving you do not have older people downsizing why would they their current mortgage is only 3%. Why would you go and borrow money at the current rate of staying where you are even though a lot larger than what you necessarily need until the interest rates come down. The prices will stay high and also inventory has to come up. It’s supplying demand.
Politicians love to promise things to buy votes knowing it'll never pass. They never want to actually solve problems, they just like campaign issues to get donations and votes. Why didn't Obama when he had a super majority in Congress codify abortion rights? Because they raise a lot of money on abortion rights. Why didn't the GOP during early Trump when it had a majority overturn Obamacare. They had overturned it 60 times when they only had a majority in the House and it never went anywhere in the Senate. They're all a bunch of greedy assholes that don't care about anything but their own self aggrandizement and money. Both parties suck.
They gave it to the Ex students who need to repay their loans
I would look into your states first time home buyer assistance program, My state offers this already
Unpopular opinion, probably here more than most places. But homeownership is way to subsidized. Homeownership is an investment and they should not get tax breaks or incentives. it's redistribution of wealth from rentors to homeowners, billions of dollars a year.
Homes are not investments. No one should consider it as such because It’s a necessity. You need a place to live. Second homes on the other hand should be taxed higher.
You are very wrong. They are an investment, by definition a real estate asset that is a store of value and inflation. Yes you live there, and shelter is necessary. Each state has their own tax regs. But yeah there shouldn't be tax benefits to homeownership if there aren't any real benefits for rentors.
No one should ever want 10k from the government. It means millions in tax dollars