See Ken's post below about First Time Buyer's Credit. Not extended (yet).
Via
Ken Cook, FHA Home Loans 678-439-8683:
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 - Nationwide Specialist - Information/Marketing - FHA Home Loans
678-439-8683
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Thanks for passing the First Time Home Buyer's Tax Credit information along Rita. I sure hope the extend it for those who are not quite ready / or unable to purchase now!