Well...it's almost here.  According to Bloomberg, it appears likely that Obama will have the bill on his desk next week to extend the first time home buyer tax credit.  Needless to say, this bill, in it's current form extends the tax credit to:

 Non-First Time Homebuyers can get a $6,500 tax credit as well!!!!

 Check out the article from Bloomberg since it was released last evening.  Homebuyer Tax Credit, Unemployment Bill Advances in Senate

Lawmakers voted 85-2 to move closer to a final vote on the bill, which would extend until April 30 the $8,000 homebuyer credit that otherwise would expire at the end of this month.  Homebuyers who have lived in their prior residence for at least five years could receive a credit of $6,500. Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify. That's up from the current $75,000 limit for individuals and $150,000 for couples.

It'll be interesting to see how the final version of this bill looks when it's finally signed into law.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

 Cherry Creek Mortgage Company - Saint Charles, Illinois 

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8 Comments on First Time Homebuyer Tax Credit Passes the Senate 85-2!!!!!

NOV
03
Outside Blog

Larry, sounds like good news....I think.

Boulder City Steve

11:58am • #1
263,257 Points 59 Featured Posts Outside Blog

Bettag - Talk about a landslide victory.  I support the extension, though I also believe there should be a re-payment provision.  Whatever the case, let's hope this helps get this economy back in a state of good health.

 

12:14pm • #2

Larry,

Good news for everyone! We should see a release of bank owned properties to accommodate the tax credit extension. This will give qualified buyers more options and move those REOs off the books...

A win-win if you ask me!

12:49pm • #3

I like the idea of all this for the sake of the industry.  Hopefully the long-term impact of this stimulus won't have a negative affect.  I guess we'll know soon.

12:51pm • #4

What the hell are we doing? lets just keep printing money, yah good idea.

 

JP

1:15pm • #5
196,636 Points Outside Blog

Hi Larry, mixed emotions.  This is good for us and good for buyers but probably bad for the county as a whole.

1:59pm • #6
213,891 Points 3 Featured Posts Outside Blog

Anything that will help the economy,I am all for it. Hopefully this would help the economy and not the opposite. Great post.

3:26pm • #7
NOV
04
351,003 Points 22 Featured Posts Localism Sponsor Outside Blog

I gotta tell you.....I have mixed feelings on this one as well.  The area that has gotten us out of trouble in the past has always been real estate.  However, printing money....I don't like it at all.  However, if the government should invest in anything....it should be in what takes us out of the recession....not cars for klunkers, et al.

8:58am • #8

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Larry Bettag Illinois FHA Specialist

Saint Charles, IL

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Larry Bettag - Cherry Creek Mortgage

Address: 40W310 LaFox Road, Saint Charles, IL, 60175

Office Phone: (630) 524-9677

Cell Phone: (630) 417-7172

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