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Vicious Rumors of The Tax Credit Being Extended?

I'm going to give you a link. However, you have to promise to come back and visit after you've clicked on it and read it.

Scout's honor? Okay, I'll trust you for now.

Here it is.

If you comprehend the written word the way I do, you're screwed. I'm kidding. It's pretty evident that there is a more than decent chance that the Tax Credit for folks buying a home is going to be extended.

What does this mean?

I'll tuck away any politics, agendas, opinions, or anything (though theoretically I hate not to expound my own beliefs;) dealing with nothing about YOU right now. Here's what it may mean:

The Tax Credit may be extended, which is $8,000 for the good guys (You).
Legitamate Home Prices continue to be in the buyer's favor (You).
Interest Rates are still amazingly low, which make payments on such collateral much lower for (You).

And now ends the facts and enters my opinion. If you can qualify and are ready, buy a freaking home. In an age where all the above exist, there's not too many better times to do so.

Scout's honor.

About The Author: Jason Sardi is human. He's been in the Mortgage Industry since 2001 and he kind of knows what he speaks about. He doesn't endorse anything, especially those Velcro Flip-Flops that Jennifer bought for me on the celebration of the day that I was born. Though they were much appreciated, sweetheart. The guy is a scout.

Posted by Jason Sardi, Mortgage Banker on 10/10/2009 06:36 PM

Comments (38)

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38 Comments on Vicious Rumors of The Tax Credit Being Extended?

OCT

Jason's right girls and boys, learn to play nice and earn your badges fairly, grow up to be productive citizens and then...by the gift of government interventions and the good luck of living in the good old U.S.of A. you can own a home...SO BUY A FREAKING HOME ALREADY!!

Jason,

I will believe this when I see it. I have learned that talk is cheap and the devil will be in the details on this next round. I will give you this, it does look promising.

Hi Jason,

Thank you for sharing this article. I think, extending tax credit will be helpful to the real estate industry.

John Pusa

Jason - I am certain that it wil be extending. We're going into an election year and politicians love to try to buy votes.

Jason - Ok, I read the link you provided and it sounded like it was only being extended to service members. Did I not read it right?

I have no issue with supporting the tax credit extension for military families... In fact, I support doing everything we can for those that serve in the military. And I don't know that the same level of support exists for the FTHBTC in general.

Jason: We should get together and send out a mailer that says: Thinking about a home? Could you use a free eight thousand bucks? Just not sure? Look you sissy act like you have a spine and get moving because this isn't going to last forever. To not be a sissy call (then we put your number there) make sure you answer the phone: Sissies anonymous, how may I help you help yourself?

Jason, I don't know why more first time home buyers are not getting on the bank wagon. I think if the government extends to tax credit, we'll just have another waiting period for the market to come back.

Yeah! Buy a freaking home! Thanks so much for bringing the new legislation to my attention!

Hi Jason...I looked at H.R.3590 and it seems to be dealing with the military serving overseas. The extension expires December 1, 2010 instead of December 1, 2009. What am I missing?

Kate

Dude.....home run here. Now is the time.....gamble with that big of money???? No thanks J-bird!

Buy a freaking home.....Yup!! Please do!! :)

Thanks for sharing this info!

Steve - You're a natural born smart ass, aren't you;)

Don - Your second sentence is the way I feel on most days.

John - We shall see. I liked the idea from the start, but I thought it would be a low/or no interest loan to be paid back. Time will tell.

Syeeta - Cynical viewpoint, but probably the appropriate one. Sometimes I daydream that I could give all of those folks all the money they would ever need... but then comes greed.

Donne - You read it as I read it, I'm quite certain. But I'll bet my left nostril that this will play out the same way the current one stands.

Lane - On your last sentence, many may agree. Personally, I'm not an economist and my ideas on FTHBC probably aren't much different than yours. As far as your first sentence, I don't have an issue with that either.

Nevin - Start the Marketing Campaign. I'll follow up via phone:)

Kay - My guess is that there is an abundance of folks out there who fear owning a home due to the economy. My better guess is that the answer to your question is that their personal situation has them hanging on the edge. When you hang on the edge, it's not easy to take that leap.

Krista - No problem. A peer of mine brought it to my attention.

Kate - You're reading correctly. My guess is the Tax Credit will be extended to all individuals (who haven't owned a home in the past three years). That's my guess.

Bettag - If I was in the market, I'd buy.

Colleen - Thanks for stopping by.

OCT

Christ I just learned something about you I didn't know before...You are Human??? This is a shocker!

Bill... Don't let him fool you :)

Jason - Rock on ! Even if the tax credit is extended, I doubt mortgage rates will be this low next year as well and could be much higher. We tell the fence-sitters that now is the time !!! Just do it !!! LOL

Gassett - Gene Roddenberry's creations have nothing on me:)

MJ - I was just looking at a picture of myself when I was a toddler, downstairs. I used to be such a cute alien.

Chris - I say if you can pounce, then pounce!

I fully agree that even if we don't all agree on the tax credit, if you are willing and able, its time to buy now! 8000.00 Makes quite a few mortgage payments for the average person.

Jason: Thank you. I think you're right. We still need some kind of incentive to keep the market going. In my opinion, we're still on pretty fragile ground; anything will help! Thanks again!

Jason... I am semi against this for people in general. For service people, I have no problem because of their sacrifices. Overall, Matt S. said it well on his blog... why do people need this kind of incentive to buy. Home prices are down and so are interest rates. Besides, what ticks me off are many of these realtors and loan officers don't realize that this kind of hand out will hurt us in the near future. Who pays for this? Us, the tax payers. This is a band aide. I wouldn't be as bothered by this if it was to be paid back. What is so difficult on that? A $8,000 loan and to pay back $45 a month for 15 years? Come on people.. this is particularly another gov't ploy to look good in the publics eye, because those in congress are set for life. They have their health care set and their pensions. The rest of us?

Overall, I am getting tired of people thinking that this is okay. Sure, it helps the market some. But it's a band aide. Besides, buyers have had almost 2 years to take advantage of this tax credit. When does it end? The market will be more fragile when we have to find a way to pay all of this money back. But no, our gov't doesn't think about this now. What are we on, our 4th printing press of 2009, because we are printing money at a record clip? lol Let's worry about jobs, that allow you to keep your house.

jeff belonger

I'm not getting into this one ... except to say that I think, in the long run, giving out more (borrowed) money leaves the market 'fluffed' and based on a false economy.

The way the market is here, if I had the money to buy a second home I'd have snapped one up by now. Every time I see an affordable home in San Francisco I sigh. I would love to have a place in the city.

OCT

The way I see this bill Jason is twofold. The part that exempts Service personnel from paying back the tax credit because the home is no longer their primary residence- when it's their employer, our government, that's making them move- that's a no-brainer. This needed to happen.

The other part- the extension of the tax credit- is going to be real hard to justify without extending it for everyone else too. This didn't need to happen, and as such it gives us an idea where our Representatives sit on the issue.

Still has to pass the Senate though, and get signed by the man so let's see what happens. Thanks for spreading the word!

Gerry Suarez, Jr.

Your FHA Loan Pro!

In my never too humble opinion, I must say that I agree with you. Buying a home right now is a great decision! Even aside from the tax credit (which has completely mixed reviews and emotions).

OCT

I bet the flip flops were cute :)

What a great way to get the positive out there for buyers. Bottom line...it's a great time to buy (if circumstances allow) anyway.

OCT

David - True that. And if I were a betting man, I'd wager that the Tax Credit is extended (as the terms sit right now).

Paul - There are of course differing views on that, however I think it should be extended. At the same time, I was all about it being paid back over a set amount of time (kind of like a low/no interest loan). It didn't turn out that way.

Belonger - We are in full agreement on the repayment of such a Tax Credit. And I'd be right behind it being extended if those were part of the terms. I don't think that will be the case, though.

Susie - I by no means want to see the market "fluffed" in any regard. But my expertise is in financing, not the economy as a whole.

Chris - Before my dying breath, I gotta go out west.

Gerry - Thanks for the heads up:)

Sarah - Understood. Hope all is well over there.

Sis- They do look dapper, but the darn Velcro can be a tad annoying;)

I for one demand an extension on velcro flip flops.

Then you wear them, Kate;)

Are you saying no one likes them? I propose that The Henderson Hopper should wear them.

Jasonn..I really hope you are right... ..it sure will be a boost to my market ..velcro or not to velcro ..is that the question???

HelpfulHannah

OCT

Hi Jason! As others have said, the bottom line is NOW is the time--only 40'ish days left! Get 'er DONE--what are you waiting for?!

Have a great weekend...

Please allow me voice my freaking opinion. Buy as soon as possible before it's too late and.................

Debe - If that is one's motive, by all means...

Cameron - What is this? Do you relish in leaving the reader to just wonder? You can voice your freaking opinion any day of the year around here. I would just prefer not to see animated pictures of your buttox;)

Kate - I'm not saying that nobody likes them; I'm saying I don't. And I will challenge that guy with the verticle leap on any day. Just give me a week's notice to get my physical stock in order.

Hannah - From what I've heard, I'm not right. But that's okay. If dirt low interest rates and reduced pricing on homes aren't enough to tickle the fancy of folks, rent away. Besides, seems to me that no matter how cheap the market, you need a job to afford being a part of it. ~Sigh~

OCT

I, like many people, have mixed emotions (if emotions are allowed in this business) about whether we should extend the tax credit....

Never mind that statement.

Let me back up.

I really don't care whether they extend the tax credit BECAUSE I believe that the dummies that are making all of these decisions are just like kids with money burning a whole in their pockets and they are going to spend it one way or another so why not spend in on tax credits to buy a home.

Now the reason that I don't care personally is because it has not made a "hill of beans" difference in my business. All but one of my buyers this year were NOT "first time home buyers" and that one person would have puchased anyway. He only decided to take advantage of the tax credit AFTER buying the house.

So if it's made a difference in any of yours businesses, I hope they approve the extension to help your business. BUT for my business, I really don't care. If I thought that it would reduce the deficit or would reduce my taxes I'd be against it but don't see either one of those things happening.

Judi - That's extremely well put. I actually agree with you.

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