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First Time Home Buyers Tax Credit To Be Extended

The U.S. Senate worked on working out a vote on Tuesday to extend a popular tax break for home buyers that has helped lift the housing market out of its worst slump since the Great Depression,

At day's end there were a few different idea's/plans on the table. "We're close to being able to finish things up," Johnny Isakson, R-Ga., the leading Senate advocate of the home buying credit, said early Tuesday afternoon. "I think we've got a good solution."

This is great news for the housing market which has been on an upswing the past few months.

Those of you who missed the boat may have an opportunity to still take advantage of a Federal Tax Credit if the U.S. Senate could come to an agreement.

Stay tuned in for updates as they become available.

Apply now for a Free Mortgage Pre-Approval www.LeoLends.com

Leo Namiot

Connecticut First Time Home Buyer Mortgage Specialist

CT FHA Loans

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Posted by Connecticut FHA LOANS,CT VA Loans, CHFA CT First Time Home Buyer:CT CHFA Loan on 10/27/2009 08:32 PM

Comments (7)

First Time Home Buyers Tax Credit in the Mortgage / Finance Channel

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7 Comments on First Time Home Buyers Tax Credit To Be Extended

OCT

It will be very interesting to see how the actual bill turns out.

Yes it will be interesting there is nothing set in stone. So many variations are possible

If this doesn't pass, perhaps there could be some sort of "bail-out" for agents.

That is Funny Larry..... I think we all deserve a Bailout!

Leo, Can you tell me what bill this is? I'd like to track it, but this info isn't coming up when I search the gov site. Any insight you could give would be appreciated.

Ruth , this is the one created in the stimulus law enacted early this year (PL 111-5), expires Nov. 30.

Leo - what I was really curious about is what bill has been proposed to EXTEND 111-5 which is due to expire Nov 30th? Or are you saying that an existing bill can be extended? I've gone into govtrack.us and put in a search for activity either proposed or regarding current action on 111-5 and can't find anything??? Thank you for helping with the clarification.

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