Home Buying in Augusta>Question Details

Latoya Smalls, Home Buyer in 30909

Does anyone know if the tax credit has been extended for individuals other than the military?

Asked by Latoya Smalls, 30909 Wed Jun 23, 2010

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9
Latoya,

There is another option available for a limited time (while the funds last). Credit and income eligible first time home buyers may qualify for up to $7,500 in federal down payment assistance through an interest and monthly payment free second mortgage that is forgiven in five years. It's a five-to-one match program, meaning your contribution toward the transaction of up to $1,500 (includes earnest money, appraisal fee, etc.) would be multiplied by five to arrive at $7,500 in an interest and monthly payment free loan to help pay your down payment and closing costs.

Read more about it at the link below and then call me for a list of participating lenders and an agent in your area.

Thanks
Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677
1 vote Thank Flag Link Thu Jun 24, 2010
Latoya,

I see you are looking for a home in the Augusta area. I was just there last week for Fathers day.
Augusta is my hometown.

To my knowledge the only talk of extension currently being discussed is for the closing date deadline which is June 30. That is to be voted on today for people already under contract who met the April 30 deadline, but are having issues with lenders processing loans due to the high volume and rush to meet the June 30 closing date.

After the vote to extend the closing period for the homebuyer credit, the Senate voted to defeat an attempt by Republican Sen. Johnny Isakson (R., Ga.) to modify it by using unspent money from the $862 billion economic recovery fund to pay for it. That vote was 52-45 against approving Isakson's proposal.

Regardless of the tax credit there are still great deals on homes in the Augusta and surrounding areas. If you would like a referral for a great agent in the area be sure to contact me and I can get you connected with a good agent there.

James Dudley
ERA Sunrise Realty
jamesdudleyera@gmail.com
Office: 678-781-7418
1 vote Thank Flag Link Wed Jun 23, 2010
Check with your local government - I have heard of many new programs coming out. Focus on city and county offices.
0 votes Thank Flag Link Thu Jun 24, 2010
Not extended so far.

However, one property had 67 people claim it for the tax credit. over 200 inmates serving life sentences claimed the house credit and over $8 million went to inmates who obviously could not buy a house from where they were.

It is a good thing it is going away.
0 votes Thank Flag Link Thu Jun 24, 2010
The tax credit has not been extended to anyone except the military that were serving out of the country while
the tax credit was going on here in the states. It was extended for them for one year. There is a talk going
around about extending but it is a purposed extension to help those under contract get their loan closed since the mortgage co. have been working overtime to beat the June deadline. The purposed extension
has been through the Senate but not through the house as yet. They are talking about extdending it until
until Set. 2010. Again it is just for buyers already under contract for that June 30th deadline.
0 votes Thank Flag Link Thu Jun 24, 2010
The House and Senate have extended it for any buyers who signed a contract BEFORE April 30, but still won't be closed by JUNE 30th. This extension (until end of Sept.) is really for those buyers who bought a short sale and still aren't close to getting bank approval.

There is one more step until it is official and that is that Obama has to sign it into law. I don't that has happened, but it is expected. If you have a contract being considered by a bank for a short sale...you might just be in luck and still get that 8K/6500K.

Good luck!

Leslie
0 votes Thank Flag Link Wed Jun 23, 2010
The only extension as of now is for military. However they did extend the close by date yesterday, if you are already under contract to buy a home.
0 votes Thank Flag Link Wed Jun 23, 2010
There has been talk about it in the news, but I don't believe that anything has passed yet. Here is a recent news story.

http://www.inman.com/news/2010/06/16/senate-oks-new-tax-cred…
Web Reference: http://teamlefebvre.net
0 votes Thank Flag Link Wed Jun 23, 2010
Dear Latoya,
I am onlyf amiliar with the military extension.
However, by connecting with a local mortgage loan professional as well as a licensed Realtor - this team could help you stay abreast of loan opportunities.

Best Regards,
Maureen
0 votes Thank Flag Link Wed Jun 23, 2010
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