Tuesday June 29th, the U.S. House of representatives passed a bill to extend the homebuyer tax credit by a vote of 409-5. Currently in the Senate, the homebuyer tax credit extension exists under the "Worker, Homeownership, and Business Assistance Act of 2009". The Senate version of this bill would allow borrowers who have gone under contract by April 30th, 2010 to be able to utilize the homebuyer tax credit as long as they close by October 1, 2010.
Most of us in the industry have already closed or sold to those who have gone under contract by the April 30th deadline. Aside from those purchasing short-sales or those who were caught in the crossfire of the USDA funding issues, there will likely be very few who will benefit from the extension.
Could this measure yield more corruption and fraud from the system?
I find it amazing what many are willing to do for money. Just like daddy always said, "People get funny bout' money".
Lately we have run into several purchase applicants who have been advised by (non-licensed) tax preparers to "state" to the IRS that they have purchased a home in order to benefit from the tax credit. When in fact, they don't qualify for a home purchase and the tax refund has already been spent. Pretty scary!!!
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Jeff Wilmoth | HomeStar Financial Corporation...Serving all of Georgia!
848 Jesse Jewell Parkway Gainesville, GA 30501
Cell 404.597.5662 | EFax 678.623.0444
Apply online: www.jeffwilmoth.com
Mortgage Loan Originator NMLS ID: 206798; HomeStar Financial Corporation, NMLS ID: 70864; Georgia Residential Mortgagee Licensee #17368; Nationally Approved USDA lender USDA GRH program; FHA Lender ID - 897400009; VA - 64103600000