Home Buying in 55066>Question Details

Ilbcnux2, Home Buyer in 55066

Has the First Time Home Buyer Credit time frame been extended past Nov. 30th,09?

Asked by Ilbcnux2, 55066 Mon Nov 2, 2009

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9
sadly yes

It is set to expire before (having signed contract) 4-30 as long as you close (sign buying papers) before 6-30

$8k for first time buyers ( 3 years or more no house)
$6.5k for homeowners for 5 or more years when they move into another house.

$0 for those who got screwed being owners between 3-5 years. Makes you proud to be an american doesn't it?

That means I have to wait even longer to buy. Once it dies again prices will drop by even more. Add in interest rate increase that have to come in the next 3 years, likely much shorter term and prices will drop.
0 votes Thank Flag Link Sat Nov 7, 2009
Yep it has now been sent to the president to sign! You can read all the details on my blog at
http://seanwaithomemortgageminnesota.wordpress.com/
0 votes Thank Flag Link Sat Nov 7, 2009
As Elizabeth said it hasn't as of yet, but the insiders of the industry I have talked to say it looks pretty certain. There has been an extension already approved for a full year for active duty military and intelligence officers who are purchasing a first home and the requirement to live in it for 3 years has also been waved for those people.

In addition to extending the tax break for first-time homebuyers, the measure would let more people qualify for the credit, including some who already own homes and those with higher incomes.

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.
Feel free to contact me with any questions at Sean@Spectrafinancial.com
0 votes Thank Flag Link Mon Nov 2, 2009
It does appear that this legislation will pass; the bill also is tied to extending unemployment and always is said to have a provision for move-up buyers. Let's hope this bill helps housing for buyers, sellers, and those who have been wanting to move! Liz, 612-986-4105
0 votes Thank Flag Link Mon Nov 2, 2009
No. It has not been extended but many believe it will be extended. Nothing is official yet.
0 votes Thank Flag Link Mon Nov 2, 2009
No. and I have been reeading that if extented, it would be a little bit less than the current UP TO 8,000.
I read about up tp $6,500.
0 votes Thank Flag Link Mon Nov 2, 2009
Not yet. Most are very confident that it will be with the most likely version going at least until April, 2010. But at this time there are several version in both the House and the Senate that need to be reconciled into one version.

It appears 99% certain it will go through. But not until single versionis voted in by both Houses and signed by the President.

Steele V. Propp
Schatz Group Real Estate
0 votes Thank Flag Link Mon Nov 2, 2009
It will definitely be extended. They are just working on some details before final approval.
0 votes Thank Flag Link Mon Nov 2, 2009
Not yet, they are still working on getting it passed through the legislation. Should know within the next week or two.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Mon Nov 2, 2009
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