First Time Homebuyer Tax Credit Extension Update

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

Quik update First Time Homebuyer Tax Credit Extension.

  1. The House today passed HR 5623 to extend the closing date deadline for First Time Homebuyer Tax Credit September 30, 2010. Our lobbyists in Washington have advise us that there is a chance that the Senate will pass this bill today or tomorrow.
  2. The Conference Committee on the Dodd-Frank Financial Reform Bill reconvened today to address a bank fee provision.  This is an effort to gain the 60 votes needed in the Senate to pass the Bill that the First Time Homebuyer Tax Credit is attached to. The bank fee provision is an important provision to Senator Scott Brown (R-MA).  The plan is to have the House vote on the revised Bill tomorrow and the Senate to vote on it on Thursday, if they are able to determined that they have secured the 60 votes they need. If they can't secure the 60 votes then the Senate vote will most likely be postponed until after the July 4th recess.

Hope this helps to shed some light on what is going on whit the First Time Homebuyer Tax Credit Extension.

 

******************************************************************************************************************

Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

Posted by

******************************************************************************

 

 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & #FL and can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Mortgage / Finance
Location:
Connecticut Middlesex County Middletown
Groups:
Realtors®
Mortgages
What is New in Loan Products
1st Time Buyers
Real Estate Rookie
Tags:
first time homebuyer tax credit extention

Spam prevention
Show All Comments
Rainmaker
497,848
Philip Turner
MCCUE MORTGAGE COMPANY - New London, CT
Mortgage Banker Since 1980

Hi George - I hope that the Senate approves the bill also.  As long as people met the first deadline of April 30th, I hate to see a client lose out due to short sales not getting approved in time or someone being held up due to the Flood Insurance program not being extended.  It seems like whether you close on June 30th or September 30th it does not really matter in the whole scheme of things.

Jun 29, 2010 02:32 PM #1
Ambassador
1,042,681
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

George, thank you for the update! The truth is often hard to get these days.

Jun 29, 2010 02:39 PM #2
Ambassador
3,911,191
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Phil, I have a short sale that is going on 100 days, so they are going to need this extension.

Andrea, your right there is a lot of rumors out there, so we have to be careful as where the information is coming from.

Jun 29, 2010 02:48 PM #3
Rainmaker
1,317,651
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

George -- Thanks for getting that accurate information out.  I had 2 lenders who sent mass emails out the first time around based on erroneous information.  I let them know right away that this had not yet passed ... at least they could make a correction in a timely fashion.  This time everyone is a little more cautious... It is not done yet.

Jun 29, 2010 03:32 PM #5
Ambassador
2,303,844
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

It definitely helps.  Thanks for posting this.  In fact, it's on the news right now as I type and they have it wrong ....

Jun 29, 2010 04:03 PM #6
Rainmaker
643,195
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

George, I don't understand why this could not be a stand alone bill.  Why did they attach it to a bill dealing with unemployment benefits??

Jun 29, 2010 04:09 PM #7
Rainmaker
1,064,799
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

I guess quite a few folks can breath a sy of relief. I am sure the registries are happy!

Jun 30, 2010 01:09 AM #8
Rainmaker
1,267,908
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

What great news for everyone down there!! We are sure there are a few sighs of relief especially for you! Thanks for the update.

Jun 30, 2010 01:57 AM #9
Ambassador
3,911,191
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Joan, it is to bad that we are not cautious about information like this from the start.

Marchel, this is the game they play all the time.  They attach a Bill that has support onto a Bill that they want to pass, but does not have the needed support.  The they point fingers at those who vote against it, but don't say that those people would have voted for if it was presented on its own.

Bill it isn't a done deal yet, but it is looking a whole lot better than it it a couple of days ago.

Al and Peggy as I commented to Bill it hasn't completely passed yet, and the President will still have to sign it if it passes, but it does look like it stands a good chance of seeing the light of day :)

Jun 30, 2010 02:50 AM #10
Ambassador
3,911,191
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Judi, what did they report on the news about it?

Jun 30, 2010 02:52 AM #11
Rainmaker
894,668
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

George - I've been hearing that this bill passed so many times over the past few days from different sources.  I trust you to get the facts straight.  I'll keep checking back with you.  Thanks for being so accurate.

Jun 30, 2010 08:03 AM #12
Rainmaker
325,871
Esko Kiuru
Bethesda, MD

George,

Passing the extension bill would keep some momentum on the sales front that is otherwise showing signs of softening again. I'm all for it.

Jun 30, 2010 11:08 AM #13
Ambassador
3,911,191
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gail, I will post it if they pass it.  There is talk that they will vote on it as a stand alone Bill, which is what it should be.  If that happens then we could see it passing tonight.

Esko, I don't know if we will get much momentum from the passage of the Bill since it only extends the Closing time period.  But it would be good news for those that are in Short Sales and have not been able to get bank approval yet.

Jun 30, 2010 02:58 PM #14
Rainmaker
1,332,035
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

George, I hope the extension passes because I have a couple of clients that absolutely need it to.

Yes, I know it's the game that's played attaching a weaker or stronger bill to another...it stinks, but still I hope the the June 30th deadline is extended.  My clients aren't involved in short sales...just glitches that happened in the process before closing.

Jun 30, 2010 03:25 PM #15
Rainmaker
225,658
Tim Bradford
Cleveland, OH
NMLS 250013

From the NAR site   and can be confirmed here http://thomas.loc.gov/cgi-bin/bdquery/z?d111:H.R.5623:

Tax Credit Extension and Flood Insurance Program Pass Congress.
Right-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet.




Right-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet. US CapitolAfter a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed.  The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010.  There is will be no gap between June 30 and the date the President signs the bill into law.

 

  NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.  

For additional information on the extension visit www.realtor.org/government_affairs

Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010.  This will allow transactions to move forward.  The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

For more information on the flood insurance program visit www.realtor.org/government_affairs

 

Jul 01, 2010 02:34 AM #16
Ambassador
3,911,191
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nick it is now passed, so even though the games caused some stress, it is over and now everyone that qualified for the Tax Credit has plenty of time to Close.

Tim, thank you for the update on the Flood Insurance, that is huge, and it is about time they passed that.

Jul 02, 2010 03:24 AM #17
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
3,911,191

George Souto

Your Connecticut Mortgage Expert
Call Me With All Mortgage Questions
*
*
*
*
Spam prevention