Home > Blogs > Dennis Sanchez > Dennis Sanchez's (dsperu01) Blog

$7000 TAX CREDIT FOR FIRST TIME HOMEBUYERS!

By Dennis Sanchez

Real Estate Agent with Coldwell Banker Tenafly 0456250

May 23, 2008 03:26 AM

Stimulus Clears Hurdle with Senate Committee Passage

Legislation to stimulate the national economy through an expanded use of Federal Housing Administration (FHA) mortgage insurance, a new tax credit for home buyers, and reform of FHA and the secondary mortgage market companies' oversight has passed the U.S. Senate Finance Committee, positioning the bill for consideration on that chamber's floor. The U.S. House passed its version of the bill earlier. Should the legislation pass the Senate, the two versions will have to be reconciled.

Among the differences: the Senate tax credit is for $7,000 and applies to foreclosed property purchases (for principal residence only, not investment), and the House version is for $7,500 and applies to all properties (as principal residence) but buyers must be first-timers. Read the May 20 statement from NATIONAL ASSOCIATION OF REALTORS^® President Richard Gaylord in support of the measures.

Comments(6)

Comment

Show All Comments

Sort:

Holly Weatherwax

Associate Broker, Momentum Realty - Reston, VA

A Great Real Estate Experience

This would be great news for all of us...particularly the credit for primary home purchases of foreclosed properties. It might help clear out some of that inventory.

May 23, 2008 03:32 AM

Cape Coral Florida Golf Course and Waterfront Homes

Gulf Coast Realty Network, Inc. - Cape Coral, FL

Dennis, thanks for the update on the Congressional activity. Better Late than Never! I hope this does not evaparaote as we approach the elections. Best Regards, keep up the good postings...
JimG

Kent Simpson

Realty One Group Mountain Desert - Tucson, AZ

Real Estate Is About People

I hope that this measure comes to fruition - thanks for the post, Dennis.

May 23, 2008 03:33 AM

Kirk Williams

Private Venture Capital - Everett, WA

The problem is confidence and the secondary markets. They are not playing well. PLUS the "management" of foreclosures (trying to get lenders to work with distressed borrowers) has failed miserably.

This is just another superficial non-consequential lazy effort by our government to make political points in hopes they get re-elected. It may have some modest benefit however let's be real here most experts will confirm this is just another non-solution solution.

I appreciate the post. It allows us to discuss what really is going on here.

Have a great year.

May 23, 2008 03:38 AM

Dennis Sanchez

Coldwell Banker Tenafly - Hackensack, NJ

Kirk- great insight. I always believe that something is better than nothing. With everything that's going on, we could use every type of help we can get

May 23, 2008 03:44 AM

Christopher Ohlsen

Credit Werx, LLC. - Malone, NY

This is very useful information. Thank you for sharing it with us... I know what most of the stimulus package is being used for but I did not know this. I will pass it along; Thank you.

Jun 04, 2008 02:35 PM

$7000 TAX CREDIT FOR FIRST TIME HOMEBUYERS!

Comments(6)

Dennis Sanchez

Service Areas

Real Estate Resources

Recent Posts