Extension of First Time Homebuyer’s Credit

A one year extension of the first time home buyer tax credit bill has been passed by the House of Representatives unanimously, for service members serving overseas.
This will apply for men, women and their spouses of the Foreign Service and intelligence who served outside the US for at least 90 days in 2009 and served an official extended duty.
Another benefit to this bill is that if the service member sells their home within three years of purchase because of deployment, it will eliminate the repayment penalty for firt time home buyers. It is now in the Senate for consideration after passing 416-0.

Updates on the first time home buyers credit does not stop there though. There has been a call from Realtors, bankers and home builders, starting a campaign for an extension and expanion of the $8,000 tax credit that is set to expire November 30th of this year.

This is what they are asking for:
$8000 tax credit might be nearly doubled to $15,000
November 30, 2009 is when the current tax incentive ends, may extend to the end of 2010
Restrictions will be removed for those who currently already have a home or earn $75k per year

The current tax credit has helped to save over 1.2 million home buyers who entered the market since February of 2009 and of that 1.2 million home buyers, according to a study by the National Association of Realtors, 350,000 wouldn’t have bought a home at all.

The tax credit is having an impact in lifting sales, and now is the best time to be out there doing Short Sales.


To Your Success,
Hunter
407-772-2274

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