I have seen a blog post and it has been reposted that gives the impression the federal First Time Home Buyer's Tax Credit has been extended for 12 months. Actually it has not yet been extended. Only the house has voted on a resolution titled "The Service Members Home Ownership Tax Act of 2009" which does provide for an extension of 12 months for veterans or service members who spent 90 or more overseas during calendar year 2009.
As everyone knows for a resolution to become a law it must also be passed by the Senate which sometimes adopts the House Resolution as their Senate Bill. I have not seen the Senate Bill which echoes this but I have heard it calls for an extension of 6 months, not 12 months.
I just wanted to make sure you realize this is not a done deal and could face changes or not make it through the Senate. Guessing it will make it through the Senate with that modification is what most industry pundits are indicating.
Meanwhile if your buyer's are not already loan qualified and have made and had an offer accepted you're headed for a very bumpy ride at best.
Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683
5 Comments on The First Time Buyer's Credit Has NOT Been Extended (yet)
OCT
14
2009
Great post, Ken, as it helps clarify where things are at with this credit. I subscribe to your blog so will check in often to find the latest status. Thanks for sharing.
Ken - thanks for the info. I would actually feel alot more comfortable with a 6 month extension than a 12 month extension. I don't think the buying public should get hooked on these incentives. Additionally, the jobs picture needs to improve before any industry can see a real turn around.
Good job sharing the RIGHT news. I have first time buyers bouncing along trying to get an accepted offer on a house - I hope for their sake it works out.
Unlike the current tax credit, I would fully support giving military families an extra year or three to take advantage of the tax credit... even if they aren't first timers.
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Great post, Ken, as it helps clarify where things are at with this credit. I subscribe to your blog so will check in often to find the latest status. Thanks for sharing.
Kathy