Petition to Extend the First Time Home Buyer Credit

Petition to Extend the First Time Home Buyer Credit at www.HomeLoanKC.com. There is less than 6 weeks remaining to get your home loan closed.

The First Time Homebuyer Tax Credit has proven to be a strong stimulus to our country's economic recovery which has helped to boost sales by more than 1 million this year. According to the Home Builders Association, extending the tax incentive through November 2010 and making it available to all income-qualified purchasers could result in an additional 383-thousand home sales and 347-thousand new jobs.

When consumers buy homes, they also buy a lot of other goods and services with it. For example, most people would spend some money on furniture and home improvements after they buy a new home. Those who are arguing for the extension say that the tax credit encourages new homeowners to spend more elsewhere, and that provides jobs.

It is critical that we do not stop this movement in mid-stream. This needs to be extended past the current deadline until the end of 2010 and, further, this tax credit needs to be extended to all homebuyers, not just first-time homebuyers. Also, to eliminate the limitation on the credit being based upon modified adjusted gross income.

If the Tax Credit is not extended past Novemner 30th, the upward trend in housing sales will be reversed! Bringing the move-up buyers back into the market is a key for our housing recovery. There are so many people out there that have had a lifestyle change that has taken place in their families in the last three or four years-whether it is a birth, multiple births, a marriage, a job promotion-and they are either still in their apartment or they are in their starter home or their second home, knowing that they should be moving up. We still have a recession in the move-up market.

I have been back and forth on this topic but beleive that if The First Time Homebuyer Tax Credit is not modified and extended we will be drowing in inventory and our housing industry will be a TOTAL disaster!

I hope that all in favor will go to www.HomeLoanKC.com and sign the petition.