Thursday, February 26, 2009

My morals got me on my knees...

Dunno... I hang out with people just as snarky and vicious as I am.

So anyway... I've been thinking about home ownership lately. I'm making bank, getting stuff set aside, and need to start planning so I'll have what I need over the next 18 months or so to move outta the closet I currently live in.

A friend/coworker of mine is goin through this process now. I was asking him for some tips, and here's his response...

On a similar note, while I have not yet discovered a way to qualify as a first-time homebuyer, I have discovered a way to get $3000 towards remodeling my future home. I'm already predisposed to get a tankless water system and a new boiler. Conveniently, the "stimulus" plan increases the rebate for these energy-efficient appliances.

Furthermore, I'm heartened to learn that whilst PMI now costs 1.1% of loan value, I easily qualify for an FHA loan. Since the effective annual cost of FHA Insurance is 0.65%, I will receive a government subsidy of $1107 from the federal government (on top of the $620 subsidy from the state for living in Baltimore). This amount is actually a bit higher, because the 0.65% I do pay is tax-deductible. (Thank you, Congress)

I understand these developments will not be soothing to your ears. Considering the insane borrowing proposed in the federal budget, we will all be paying much higher taxes in the years to come. Unfortunately, as a responsible renter, you don't actually benefit from any of the government's largesse, and so are doubly screwed.

You have my sympathies. If it makes you any happier, I'll ask the IRS if you can just pay your federal taxes to me instead, since cutting out the middleman is sure to improve efficiency.


I so need to egg whatever he ends up buying...

1 comment:

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