It's the $8000 Tax Credit, for first time buyers AND anyone not owning a home in the past 3 years. I have full details about this on my website http://www.emilypeker.com then click on the $8000 TAX CREDIT tab.
They have to close by Nov 30th too!!!!

It's the $8000 Tax Credit, for first time buyers AND anyone not owning a home in the past 3 years. I have full details about this on my website http://www.emilypeker.com then click on the $8000 TAX CREDIT tab.
They have to close by Nov 30th too!!!!

I thought this was already discussed the last time around and they decided that $15k was out of the question. I am sure that there is some form of stimulus coming again when all they need to do is tweak what they already have. The FHA refinance program change to 125% was a start.

Jimmy Mulhern

Yeah, I think some extension of the tax credit was being worked on behind the scenes by industry experts, for the purpose of keeping the market moving after November 30th. Then a U.S. Senator Isakson (R-GA) an 9 co-sponsors introduced S1230 that would increase the tax credit to $1500 and extend to all purchasers.

I doubt it will pass for 2 reasons: one, it is a very pricey program at a time when the people are starting to take a hard look at the stimulus money already earmarked, and two, this will not have a good effect on housing stock. Yes, folks might move more, but move-up buyers will just be putting more houses into the inventory, keeping us where we are, and keeping value lower. IMO, the only consequence this move will have is to keep first time buyers on the fence, just like a rumor of lowering interest rates.

For some people, it's all about getting re-elected, you know? I say: thanks a whole heck of a lot :p

To the best of my understanding, that is the current legisation uner consideration. I think is tis going to have a impact on purchases till the legisation is voted on. People are going to WAIT and see, read another slow down.