First Time Home Buyer Tax Credit Extension – April 2010 for Full $8000?

Posted on | October 27, 2009 | 100 Comments

The first time home buyer tax credit extension is definitely the talk of the real estate and mortgage industry at the present time. With the expiration on the tax credit looming, November 30th, many real estate agents, mortgage brokers and homebuilders are pushing lawmakers to send the credit before it expires on November 30th. The expiration date of November 30th is on the closing of a home so those first time home buyers starting the process now will not benefit from the tax credit.

Senator Bill Nelson of Florida feels that the tax credit should be able to be extended by the end of the week. He made the statement while with President Barack Obama so this is a very positive sign. Senator Majority Leader Harry Reid and Senate FInance Committee Chairman Max Baucus are hoping to add an extension of unemployment benefits along with the extension of the home buyers tax credit.

Baucus and Reid have proposed the extension of the home buyers tax credit through 2010 in which the full $8000 will be received. The tax credit would then be reduced by $2000 each quarter until expiring at the end of 2010. There is very little question as to whether the first time home buyers tax credit has helped the housing industry. For the last three months we have seen home prices stabilize or move higher which has been greatly aided by the tax credit. It will be interesting to see how the housing market reacts if the tax credit is not extended.

We have seen great interest in the idea of an extension of the tax credit on Subprime Blogger. We would like to thank all the readers who have read and responded to our articles. The goal is to get 10,000 votes in favor of an extension and possible expansion of the tax credit. If we get enough votes we can take this to government officials and let them know how the public feels. If you would like to help please vote at the following poll:

First Time Home Buyers Tax Credit Extension Poll.

Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below.

Current News

Author: Jesse Wojdylo

Category: Current News

Comments

100 Responses to “First Time Home Buyer Tax Credit Extension – April 2010 for Full $8000?”

A.J. Lombas
October 27th, 2009 @ 7:02 am

I signed a contract for a new home in June. I lost everything to Katrina. However, due to increased building in south LA and weather conditions I can not close before Dec. 1.

Some extra time should be allowed for completion if under contract withouot losing the tax credit. At 69 yrs. old I am again in the work force and this would be a big help.
A.J. Lombas
October 27th, 2009 @ 7:04 am

I signed a contract for a new home in June. I lost everything to Katrina. However, due to increased building in south LA and weather conditions I can not close before Dec. 1.

Some extra time should be allowed for completion, if under contract, withouot losing the tax credit. At 69 yrs. old I am again in the work force and this would be a big help.
Lorena
October 27th, 2009 @ 8:04 am

I’m waiting for my closing date. I’m working with NACA and it’s a really slow process. My closing date was supposed to be 10/30 but now the said it may take longer.
I am scared it will be after 11/30 because we are really counting with that money. It will really help us, young family (20-25years )with a small child.
I. Davis
October 27th, 2009 @ 8:11 am

If the credit is extended, I will defintely be a First Time Buyer Contender.
JEFFREY SAFADY
October 27th, 2009 @ 9:42 am

I AM A FIRST TIME BUYER I REALLY HOPE THEY CAN EXTEND THE TAX CREDIT FOR ANOTHER YEAR. IT WILL HELP PEOPLE LIKE ME TO BUY A HOUSE IN THIS ECONOMY. SO I’m FOR THE EXTENSION.
Lisa
October 27th, 2009 @ 9:43 am

I too signed a contract for my new home in early september with a closing date of Oct 29th..problems with the inspection and my bank being slow and picky now have my date lingering around 11/29 and I am petrified I won’t get the tax credit… If it is not extended, even though I really like the house, I am intending to pull my purchase agreement and continue renting!
Brandon
October 27th, 2009 @ 9:43 am

If the tax credit is extended in the full amount of $8000 I will also definitely be a first time home buyer!
RONNIE WOMACK
October 27th, 2009 @ 10:42 am

PLEASE EXTEND
Anthony Wallace
October 27th, 2009 @ 10:43 am

I hope that the president and his constituents do agree to extend until April 2010 . I do plan to purchase in the Very near future , hopefully before the end of the year.
Kerri
October 27th, 2009 @ 11:03 am

Hi- I signed my P & S in Aug. 2009 & am in the process of buying a short sale home- which my closing date was 10/29/09 but now has been pushed forward another month or it is contingent on if the short sale is approved by the sellers bank. I doubt that I will close by the end of Nov. to get the tax credit. I feel if there are people willing to buy short sale homes and wait out the long & fustrating process than the tax credit should be extended.
Miguel
October 27th, 2009 @ 11:15 am

I’m really counting (and optimistic) that they’ll extend it…in which case would put me in good contention to be a first-time purchaser at about the first quarter of 2010.
crossing fingers and hoping the politicians/lobbyist get the job done.
Rocky
October 27th, 2009 @ 11:31 am

I hope they extend the date at least for the people who already have a contract on the house. It would be nice if it is extended than people will have more options.
marie lesperance
October 27th, 2009 @ 11:43 am

I’m FOR THE EXTENSION, I signed my contract since 8/15/09, I am waiting for the bank decision, therefore I do not have any idea on my closing date. If there is no extension I can no longer buy a house in this economic.
Jose
October 27th, 2009 @ 11:43 am

If the tax credit gets an extended, I will continue to look for a house, otherwise I wont.
Tom
October 27th, 2009 @ 11:52 am

Why don’t you save for a down payment like everyone else has instead of begging for a handout from your fellow citizens.
Pat Mullikin
October 27th, 2009 @ 12:17 pm

As a real estate agent, I can comment from a different perspective. Obviously the credit has helped the housing INDUSTRY regain some lost ground. The ripple effect of a home purchase throughout the entire economy cannot be disputed, nor should it be forgotten! How many people are affected by a home purchase? Countless. The real estate and mortgage agents, (don’t forget all the clerical people involved behind the scenes) the insurance agent who writes the homeowner’s policy, the title insurance company and its employees, all the underwriters, and all their support people. Then AFTER the purchase, the new homeowner inevitably will purchase paint, cleaning supplies, any number of household goods and services such as carpeting or carpet cleaning, blinds, furniture, appliances, carpentry, plumbing, electrical and landscaping and on and on and on. Who can’t agree that housing moves the economy? Now the lenders are more fussy than ever about a buyer’s qualifications, and the merits of the property itself, making the process more difficult. That is not necessarily a bad thing, but the “standards” are inconsistently applied. If the government really wants to help, they should create real standards for things like short sale processing (so buyers and sellers aren’t living in Limbo for months on end) and foreclosure lending practices so first time buyers can purchase a foreclosure property AND get a “fix-up” loan so investors with cash aren’t the only buyers capable of picking up some of the true foreclosure bargains. I could go on all day, but you get the point.
Fran
October 27th, 2009 @ 12:24 pm

Extend and open it to everyone please!
Mike
October 27th, 2009 @ 12:51 pm

Forget about the tax credit and work on the banks to lend money. Morever, make every appraiser nationwide get re-certified because they haven’t a clue what to do these days! The tax credit does nothing for the market. At one time you could sneeze and get a $500K loan. Now, you have to show pay stubs from high school. The market is in the toilet because you can not correct a problem by doing its polar opposite. It’s hard enough to find a buyer in this economy, but once you have them committed….the mortgage approval process is even harder. I’ve had three deals in the last three months sh*t the bed because of appraisal issues. We went from a high $200 per sqft to $150 or less! Uh, the real estate market in my area is suppose to be down 10% – not 25%.
LaShawn
October 27th, 2009 @ 12:52 pm

I believe they should extend the tax credit …I have been looking for about 3-4 months now coming to realize buying a home could be so difficult trying to get location, price, and square feet all in one …I see I will have to compromise some things…but this would be a great accomplishment for me at age 25….so I’m still trying in hope they will extend and for a better life for me and my son
Cristina
October 27th, 2009 @ 1:18 pm

I really hope they extend this tax credit i have been looking for a home since July and since then haven’t closed on a home and because of the crazy market here in California with prices so low on homes, homes are taking very long to close and investors are taking them in, we are first time homebuyers and are eager to find a home if we just get some more time with the tax credit its definitely something that would help us when we get our home and will also help a lot others likeus that are first time homebuyers
Chuck E.
October 27th, 2009 @ 2:14 pm

Have several short sales in the hopper – agree that banks and lenders holding these properties need to get more aggressive on getting these properties closed. Here in SOCAL properties just deteriorate more and more everyday they are sitting un-lived in. Lets get on with it. Clean out the gutters and let it rain. (and the earlier comment about the rest of the economy – everybody will gain.)
Chuck
Wendy
October 27th, 2009 @ 2:47 pm

The credit should apply to all home sales of $150,000 or less. Not just first time homebuyers. I am going thru a divorce with little kids and don’t qualify because we owned a home that I annoy getting in the divorce. I still have to compete with first time homebuyers which is difficult given my financial situation. Either get rid of the credit or level the playing field.
Liz Gilpin
October 27th, 2009 @ 4:41 pm

While I recognize the tax credit a huge incentive, sellers should not be pressured to buy before the expiration of the 2009 credit simply to esnure 8,000. A home is a huge invesment and it is not worth it to get something you are only semi sure about simply for the tax credit.

If the credit is extended buyers can continue to look for homes while the economy continues to improve but before home prices get back to normal.

EXTEND EXTEND EXTEND

Thank you
Elvia
October 27th, 2009 @ 5:36 pm

I’m really counting that they’ll extend it…in which case would put me in good contention to be a first-time purchaser at about 3 months
crossing fingers and hoping that my agent get the job done.
hope to extend
ch
October 27th, 2009 @ 6:21 pm

A time extension would benefit all those interested in buying a home. I am completely for it 100%. People need this and it will help the economy stabilize.
Brian
October 27th, 2009 @ 6:49 pm

This doesn’t make sense:

“Baucus and Reid have proposed the extension of the home buyers tax credit through 2010 in which the full $8000 will be received. The tax credit would then be reduced by $2000 each quarter until expiring at the end of 2010.”

Is it full amount through 2009 and reducing each quarter in 2010 or full through 2010 and reducing in 2011?
Kenny Chester
October 27th, 2009 @ 7:20 pm

I am one of the ones who had to get their credit score up in order to be able to buy a house. It is hard enought to make it the way the economy is now, much less make your credit better. I have done so and now am in the process of getting my loan done so I can close on the house I am in. An extension would be great and help many like myself.
Serge
October 27th, 2009 @ 7:28 pm

I agree, we need an extension. I tried to buy something, but it’s so hard right now. It doesn’t work because of the appraisal.
Appraisal is too low and mortgage from seller too high=impossible to get a deal. We need an extension to help everybody to buy with more time to get it done.
don
October 27th, 2009 @ 7:58 pm

im a first time home buyer in contract.. we were suppose to close a the end of this month but since we are going usda it is taking longer than usual.they are very far behind.so please extend it…we had our papers in on time…
Chris
October 27th, 2009 @ 8:11 pm

I started my process in February 2009. I had some old credit issues to resolve. I resolved each of them by August and began looking for a home. I lost several bids beginning in September, but finally got an accepted bid on October 18th! I have managed to save nearly $9000.00 towards the purchase of my home. It will take every bit of that and some luck to get it closed. I have lost all hope of closing by November 30th b/c I am purchasing the home from a government agency (HUD). It has taken more than a week so far and they have not signed my purchase agreement so I can get final approval at the bank. Please extend the credit make allowances for harworking Americans who are far into the process and wont close due to government or bank bureaucracy.
Lee Romero
October 27th, 2009 @ 8:16 pm

PLEASE extend the tax credit. I have had enough, my wife and I have been looking for six months and finally found the home we want andwe been trying to close for 1 month. And now my date to close is 11/29/09 and that is cutting it close. We put 7 bids in for seprate home and most of them were short sales and we all no how long that takes. I don’t understand why it takes months to close on a short sale. The bank wants to get out of them but they make it difficult. PLEASE HELP!!!
elvira sanchez
October 27th, 2009 @ 9:37 pm

Please extend the 8000 tax credit for first time homebuyers. I have put an offer on a house and the buyer accepted it. Now I have been waiting since the end of August. Its so frustrating that the bank can be so slow with this process. With only one offer on the table I cant’ imagine whats taking so long. Short sales are evil!!
Danielle
October 27th, 2009 @ 10:17 pm

Extend Please. My fiance and I have been looking for the right home for some months now and have finally found it, but as we just put our offer in I know we will not make the deadline and the extra money would really be helpful.
Todd Martinson
October 27th, 2009 @ 10:48 pm

My unemployment ends this month if the feds don’t extend it. So. I’ll probably start looking for a job or something soon. If I get a job that is not too demanding, it would be nice to buy a house with the governments help. Also, my car is falling apart, please bring back the cash for clunkers, but please wait until Jan because I am going on vacation in Dec.

Thanks
Lim
October 28th, 2009 @ 12:11 am

I am also currently under a contract since late September to buy a home for the first time in my life. The problem is, I am buying a flipper’s house that was purchased on 8/24/09. By law, this home can only be sold on the 91st day if purchase through FHA loan. I will have to wait until 11/25/09 in order to start the financial process. By than it will be too late. If the 8K Tax Credit is not extended, I will not have the first time home buyer’s benefits. So, please help make the extension possible for all of us that’s in the thousand plus that’s in a similar problem.. Thanks..
A Fisher
October 28th, 2009 @ 5:10 am

I hope it gets extended. I am currentyly under contract and NACA is a long process but almost finally done. It is just so much work and documentation and time is running out to close by 11/30/09. It would really help me out to have a few extra months in order to be able to claim the tax credit. I have never bought a house myself and this has been an eye opening experience for me. I really want to ocninue my process in order to get my house but need the tax credit like so many others have received. I hope and pray it gets extended just a little while longer. Thanks for listening.
Constitution
October 28th, 2009 @ 6:47 am

STOP relying on the government to GIVE you handouts. I’m in the mortgage banking system and this tax credit would help increase my income BUT it is not right for America. It creates a nation of dependents. Get out there and find a job. Don’t wait for your unemployment to end. This great nation is in for a major revolution.
Noel
October 28th, 2009 @ 6:55 am

I really hope they extend the tax credit! My closing date is November 30th, but I just heard yesterday the builder is worried he cannot hit that date. With a FHA loan you have to have the house fully completed 5 buisness days prior to the closing date. Well with Thanksgiving (and the day after being a holiday for some), that means the house has to be completed on the 18th. I don’t think they were looking at the calendar when they picked November 30th. You really lose a lot of time because of the holiday and it is hard to get everything in line around that to close.

Even if they just extended it until the end of December, or allowed anyone with a Purchase and Sales agreement prior to the November 30th date to be included in the tax credit that would help out tons of people! I’m all for extending it even further as well!
Noel
October 28th, 2009 @ 7:00 am

Also, I want to note I am not relying on the goverment handout here, I will still buy the house.

I will just have to further cut back on spending, but I can do it with or without the credit. The credit just would mean I can buy a refridgerator (I have a really old one that should be thrown away, but I can make do), and other random little things that add up that you need in a new house like a mailbox.

People cutting back on their spending is our big problem right now, so that is why I would like the credit if they extend it.
Katrina
October 28th, 2009 @ 8:19 am

We really need this but cant by til February. Single mom. Please extend
Rondalyn
October 28th, 2009 @ 8:36 am

I have been waiting on a Short Sale since May 2009. Its a possiblity it will get approved the first of November but I need some additonal time
Wayne
October 28th, 2009 @ 9:19 am

I really need the tax credit to be extended! I was set to close by November 30th, but it might be a week later, which would be very tough to take if the credit is not extended. I believe that after all the money that is spent in Washington, they can follow through on this much needed break for the regular people and first time home buyers!
Kat Jones
October 28th, 2009 @ 9:37 am

I am a buyer, and have had a signed around purchase and sale agreement since March 09 on a short sale. Month after month Countrywide/Bank of America screws around and doesn’t get the sale approved (sellers = disabled and are the poster people for a valid shortsale, and our offer fair market value) People like me will miss out on this tax credit if it is not extended
Chris
October 28th, 2009 @ 9:40 am

I really don’t think anybody on this blog will like what I’m about to say, but I think this “Credit” should stop now. We as Americans are putting a mortgage on future Americans (our children)that will be insurmountable. We cannot continue to support the banks and housing markets. Like all other markets the housing and banking needs a traditional washout to hit bottom and start to recover. Otherwise, many of the same homebuyers who are getting this credit today will end up amplifying this EXACT same scenario several years down the line.
Robert Graham
October 28th, 2009 @ 10:25 am

I am in contract now on a house and very excited about it, its a great deal for a 4 bedroom house but it does not have a kitchen, now I do not have the extra money to pay for this and my closing date is set for 11/28/09 if I do not get this tax credit, I will not be able to purchase the house as I could not pay for a kitchen right off the bat. PLEASE EXTEND.
Bree
October 28th, 2009 @ 11:43 am

Please extend the tax credit. It would surely help those out in these tough times! At least extend it another 6 months.
Chris
October 28th, 2009 @ 12:26 pm

DO NOT EXTEND THIS CREDIT. This nation was created on hard work not “Handouts”! If we continue this the next thing people will want is for the government to pay for their credit cards too. Home ownership is for those who save and choose to do this, it’s not meant for everybody. Besides why ask the government to give more now when it’s artificially inflating a market that needs to bottom. Realtors through this and speculative builders and flippers are the reason for this debacle. I do not in any way shape of form want my TAX DOLLARS going to line the pockets of these greedy people.
sara
October 28th, 2009 @ 1:18 pm

I closed on my first house last Dec 2nd and missed the free $8,000 by 28 days,,,it sucks,, I think they should just end it or its going to be going on forever and its not a fair policy.
R Mcgeorge
October 28th, 2009 @ 3:14 pm

this will help me forsure.
R Mcgeorge
October 28th, 2009 @ 3:16 pm

this will help me for sure
Angelica Mtz
October 28th, 2009 @ 3:30 pm

I really need the extension. My house will close on January 1st 2010.

Thanks
Angelica Mtz
October 28th, 2009 @ 3:31 pm

The holidays will slow down everything.
Dom
October 28th, 2009 @ 4:24 pm

Please extend the credit. At least for those who are under contract by the deadline. We can’t help how long the bank takes for approvals and how long it takes for the title and abstract to come back. At least for a few months, please.
Nikki
October 28th, 2009 @ 5:04 pm

PLEASE extend the tax credit! I finally found the house I want but as of right now my closing date is estimated to be a week after the deadline…its very hard for me to think about how I may miss out on this tax credit by only a few days especially since I already have a contract on the house.
buyer under contract
October 28th, 2009 @ 5:19 pm

extend it cover buyers under contract at least 45 days prior to 11/30/09
buyer under contract
October 28th, 2009 @ 5:32 pm

extend it to cover buyers under contract at least 45 days prior to 11/30/09. Mortgagers should have anticipated the rush of applicants and put in place extra staff to process them.
John
October 28th, 2009 @ 6:14 pm

The benefits should extend thru 2010 as it will benefit the economy at the same time people who do not pay the mortagage should either be asked to take mortgage against some other guarantee or vacate the property within a month rather than 3 to 6 months. it is a loss as they destroy the homes which has no much value
Kati R
October 28th, 2009 @ 7:02 pm

I’m waiting for my closing date. My offer has been accepted on a foreclosed home. Along with many others, I’m experiencing a very lengthy process. None of the delay is on my end. At this time I feel it’s impossible to meet the Nov 30th deadline. It would be very beneficial to the first time homebuyers to extend this deadline.
Mike R
October 28th, 2009 @ 7:08 pm

Please extend the first time homebuyer credit. For those of us being delayed from bank owners, the November 30th deadline is approaching fast. At this time it seems the buyers hands are tied. An extension would be greatly appreciated!
Senate Reaches a Deal on First Time Home Buyers Tax Credit « Eastside Real Estate Buzz
October 28th, 2009 @ 7:32 pm

[...] extension of the home buyer tax credit has been the talk on a lot of real estate and mortgage blogs over the last few [...]
Josh
October 28th, 2009 @ 11:07 pm

My wife and I are first time home buyers and this extension would certainly help us. Especially since our home won’t be ready until mid Dec.

Please extend this great offer to help young families like ourselves.
Ceru
October 29th, 2009 @ 12:16 am

If you want to improve home affordability,
drop all the incentives and stimulus, allow
prices to adjust, settling at their natural
levels supported by fundamentals. Housing
will then be way cheaper.
This “home-buyer credit” is primarily a boon to
realtors, and to sellers & the holders of their
debt. As is evidenced by the recent
increases in home prices for only the
first-time buyer segment of the market.
Hany Sadala
October 29th, 2009 @ 3:12 am

I am really need this extention . Iam about to close in NOV. 30 which is so risky .
John
October 29th, 2009 @ 6:00 am

Do I want the common good or what is just good for me? I am an investor with three homes under contract to first time home buyers. It would be best for me personally for the credit to be extended lest I lose buyers and have to lower prices. But…. I really agree with Ceru that the common good would be served better if there were no interference in the markets at all. Prices would go lower for all of us on everything until the natural process of recovery started at the true bottom. Who knows what the bottom will be with government using our own money, borrowing from our future to bring us the instant gratification that brought on this mess at the start. The mentality of “I want it and I want it now has attached itself to the highest level of leadership.” It is no different in its outcome than the unworthy credit buying that individuals used and lenders encouraged that started this mess. If your outgo exceeds your income, your upkeep will be your downfall, whether you are an individual or a government. This tax credit and all the other bailouts are borrowed money in behalf of all of us by our leaders. This does not serve the common good and I prefer to promote the common good even with a price temporary personal sacrifice. How about some of you.
James Mou
October 29th, 2009 @ 6:31 am

My wife and I have been searching for over a month for a place that we can call our first home. We’ve put in several offers, but now we’re at the point where closing by November 30th doesn’t seem possible. I really hope and pray that the tax credit is extended. I really like the idea of the phase plan in 2010. That gives buyers and opportunity to buy now and close in the first quarter. I bet the economy takes off in the first quarter in what should be a rebounding year in 2010.
Adrian
October 29th, 2009 @ 8:48 am

I am in the market for a new home, but I am running out of time. I vote to have the $8k First Time Homebuyers plan extended thru 2010.
Carla
October 29th, 2009 @ 8:52 am

PLEASE EXENTED THE CREDIT….
A
October 29th, 2009 @ 9:33 am

I am also totally for it being extended. Me and my husband finally got approved to find out that the FHA loan takes 90 days to close so there is no way we would make it by November 30. We are really counting on this money for our savings account and some cushion if somthing ever came up unexpected. If we can’t get this it will make us reconsider buying right now.
Lamonte
October 29th, 2009 @ 9:38 am

I am a first time home buyer and i hope my closing is before the deadline but the loan im getting may take longer than that. fingers crossed i pray for an extention .
Sunshine
October 29th, 2009 @ 9:51 am

I been laid off since Nov. 2008 and unemployment is a joke. I brought my house back in 2006 so if they extend this back for the five years I qualify for the $8,000 which would help me come out of debt. Congress do the right thing for us little people.
Denisse
October 29th, 2009 @ 10:39 am

FIRST TIME HOMEBUYER. HAVENT FOUND A HOUSE YET BUT ALREADY HAVE THE LOAN PENDING… I HOPE THEY EXTEND THE DATE !!
Carlos
October 29th, 2009 @ 10:46 am

I don’t have enough money for the downpayment now, but I will have it with my tax refund next year. So, I oould be a first time buyer if they extend the tax credit.
Michelle Bartlett
October 29th, 2009 @ 12:41 pm

If the tax credit is extended, I will definitely buy a new home.
Michael Daniels
October 29th, 2009 @ 1:05 pm

If any of you think you are not going to close on time, call me and I will get it done. I work for Leader1 Financial Corp in OP, KS. My cell is 816.985.8993.
Jewelz
October 29th, 2009 @ 1:20 pm

I had an offer on a house in July. It has been submitted to the bank for review and just heard they wouldn’t make a final decision to accept or deny my offer until 11/18. I am trying to take advantage of the tax credit, but the banks are taking a long time and I am afraid I won’t close in time. PLEASE EXTEND THE TAX CREDIT!!!
Dan
October 29th, 2009 @ 1:47 pm

I signed a contract 10/27 and am set to close Dec 3. This would be my second home, I have own my first one for ten years. I was wondering if I would qualify for the expanded tax credit since I signed my contract before the extension. But before the extension, the tax credit was for first time buyers. I would be closing on the house after the extension is approved. I am not sure were I stand, I am kinda in limbo to how this would work out for me. Does anybody have an idea of what I should do?
Diane
October 29th, 2009 @ 1:53 pm

As a professional realtor we need this extension of the first time home buyer tax credit to stay in business! My buyers are saying if they can’t get the money, they will wait until it comes back around! PLEASE EXTEND THE FIRST TIME HOME BUYER’S TAX CREDIT! I don’t want to wait tables, but am the only one working in my family!
Mike
October 29th, 2009 @ 2:44 pm

I just had to walk away from my first home purchase because the challenge I have in getting documents from the seller (who lives out of state) signed in a timely fashion. There is no way I can get my loan closed by the cut off date. I would LOVE an extension – fingers are crossed.
Michele Conard
October 29th, 2009 @ 5:14 pm

I really hope they extend the credit. We bought a house last year and closed Dec 30th so we have to pay ours back. Now due to military, we have to sell by March. If they extend the credit we will have a better chance of selling our house. We can’t afford two mortgages and prefer not to rent the property.
R. Wiegand
October 29th, 2009 @ 6:41 pm

We just signed our purchase agreement 10/27/2009 and are really hoping the tax credit is extended. Our lender, agent and seller all say they will be working hard to close by Nov 30 but it will be tight. If extended we will be able to have a little peace of mind during this major life event.
V.Spencer
October 29th, 2009 @ 8:00 pm

I really hope the extension gets approved. I have been waiting since August to close on a house and because of the bank dragging there feet I may not be able to close on a house until after November and I am really looking forward to the credit. I am a single mother with a young child and this would help me out a lot.
M.F
October 30th, 2009 @ 6:05 am

I would LOVE for the tax credit to be EXTENDED! My husband I and want to buy a house this year! We are newleyweds, so we hope it will be exteneded until August 2010!! YES!! YES!! extend!!!
Suzan Falkner
October 30th, 2009 @ 8:27 am

I am in process of buying my home and the number of people that are in that same process is hugh. With that fact in mind I would like an extension because in the gathering of paperwork anything can happen. An extension would give me peace of mind and a wonderful Christmas. Thank-you for listening to the people.
Alicia
October 30th, 2009 @ 8:48 am

What about the people who bought a home with the last tax credit…or rather a loan. We bought before the free money. Everyone seems to be all about this free money, but what about the ones who bought the previous year? Because we didn’t wait for free money, we have to pay ours back! It’s BS, personally! If you couldn’t afford a mortgage before, what makes you think you can now. I honestly believe we will see higher foreclosure rates because people are running out and don’t realize everything that comes along with homeownership. Things break down…it’s inevitable! Then where do you get that money? Do what you may, but I am willing to bet the foreclosure rates will reach an all time high.
Brian B
October 30th, 2009 @ 10:04 am

Reguardless if this extension happens, home buyers should look at other goverment programs. One program offer upto $15,000 of Goverment money for down payment, closing cost and home repairs. Check out http://www.buyerbailout.com for more info
Laura
October 30th, 2009 @ 5:26 pm

My daughter has put in several purchase agreemets but have lost to investors. She has one on the table now but the banks are sooooo slow, the closing dates keeping going up. Now without the extension she will not close before November 30. Please extend, she will not be able to purchase a townhouse without the credit.
mara melek
October 30th, 2009 @ 7:24 pm

Please extend the tax credit. didn’t think it would help me but just learned that if you pay less than $8K in taxes the govt. gives you a check for the difference. Since i’ve lost so much money in the stock mkt. i’ll take it.
eric chen
October 30th, 2009 @ 11:20 pm

I am a recipient of $8000 but I hate it. Because of this program, I probably overpaid $20,000. Why not just let the market decide the price. People who need this $8000 for purchasing a house probably need not to be in this business. We all know what that will lead to.
A. Frank
October 31st, 2009 @ 5:28 am

Our whole tax structure needs to be reformed, like a flat 15% tax, but if they are going to give credits, I say yes extend the firs time buyers credit but only if it is open to all wage earners and no discrimination against those making more than 150k.
Pat Mullikin
October 31st, 2009 @ 7:34 am

As a Realtor I’d like to comment on some of the other comments and articles I’ve read. First, in the major midwest metro area where I work and live I have not seen the tax credit drive prices up. The best properties in any price range are the ones that sell first – regardless of incentives available. If a home is priced right and presented well, it sells, and sometimes with multiple offers. I recently worked with a buyer who was looking at foreclosed homes. We saw some horrible examples of human filth, laziness and complete absence of responsibility. MUSHROOMS growing out of the carpeting! A DEAD BIRD hanging out of an exhaust fan! When we found a home that only needed some paint and new carpeting the buyers moved quickly and decisively and submitted a strong offer – along with 10 other parties!! This was a government foreclosure and we were asked by the listing agent to make our highest and best offer which turned out to be the winner. Yes, they paid OVER THE ASKING PRICE but it was still $48,000 LESS than the most recent city assessment. The home had clearly been UNDERPRICED by the entity that was selling it. Obviously many people recognized that fact and tried to leverage it to their advantage. Cases like that do not signal a trend of the tax incentive driving prices up. These buyers were not even eligible for the credit because they were not first time buyers. It was the market at work. My second point is the fraud and abuse subject. We all know the world is full of greedy scammers who will spend more time figuring out ways to cheat the system rather than working at an honest living. I hope the IRS and FBI catch every one of them and punish them severely because they are the rotten apples that spoil the barrel for everyone else. I work closely with my clients and know their circumstances. I know whether or not they are truly first time buyers, but I don’t know how they fill out their tax returns. There are probably cheaters in the bank bailouts, the Wall St bailouts – even our Treasury Secretary tried cheating on his own income taxes to the tune of about $34,000 I believe! When will we see the major players who cheat get what they’ve got coming, instead of getting a better job, more money, more benefits, more respect….. How upside down will this get? My third point is the notion that crops up in some of these posts that Realtors and loan officers are to blame for the sub prime meltdown. We don’t make the rules. The sub prime mortgage rules were set up at the highest levels of government and finance as an instrument to make more money for them. The sub prime loans had higher interest rates. As long as people made the payments and the prices kept going up, all was well. That, more than anything is what probably drove up housing prices beyond absurdity in some areas. It boils down to greed – at HIGH LEVELS – not the street level where most of us “normal” Americans live. Most of the bailout dollars are going to those at the top. Do you think any of the exec’s at GM, Chrysler, AIG, or any of the other banks that got TARP funds are suffering or worried about making their next mortgage payment, or whether or not their grandkids are going to be paying for this into eternity? Hell no, many of these businesses that got billions in bailouts are now making profits again. Is any of it going back to the street-level taxpayers who ARE worried about their job, mortgage payment, grandkids?? NO. Thank you Big Government for pushing the bailouts through so fast that all the details could not be worked out. So why shouldn’t street-level America take advantage of a relatively small perk that could keep some people working and paying their bills, get other people into their own homes and generally keep the economy rolling along?
Valerie
October 31st, 2009 @ 7:37 am

I recently signed a contract to purchase a home, however it appears I will not be able to close by 11/30/09. As a first time home buyer the tax credit would really be a blessing. So please, please, please extend the deadline.

Thanks!!!!!!
Max
October 31st, 2009 @ 8:30 am

it would be pleasant to get that tax credit extended. my wife and i had been looking for our home for a while and none had came up yet. we’ve been expecting to get that tax credit and it would help much. please extend!!!!
Jose
October 31st, 2009 @ 4:04 pm

I would very much like to see the first time homebuyer credit extended. I have been waiting since june on a short sale. The homeowner has stopped making payments since last november 2008, and the Bank has aggreed to allow him to sale because of loss of job. Nevertheless, now the bank has given notice that it wants another appaisal of course the house has gone up, and if the homeowner stays another two years rent free the home will go up again and again and again, so in away I have to compensate them the loss of money not being used the last year from nov 2008 to nov 2009 and possibly into 2010. No light at the end of the bank Vault.
Max
November 1st, 2009 @ 7:58 am

If the tax credit is extended, I’m one of the strong contender to buy a first-time home.
Nolyn
November 1st, 2009 @ 6:51 pm

My husband and I were looking to buy a house before the end of this year, but the chances of us closing before the tax credit deadline weren’t too good, so we went ahead and started renting an apartment. If the tax credit is extended, we will definitely be back in the buyer’s market for a house next year. I am definitely supporting the extension of the credit.
Terri
November 2nd, 2009 @ 8:13 am

I am a single mother of 2 and just found out that I have been qualified by the bank to obtain a home loan but may not be able to close until the end of december since i just found out today 11/2/09. I have a home already picked out and feel that the extension would help alot. I don’t want to feel that I am being penalized for taking the time to get my finances and credit together to make sure I wa able to be approved. I am now out of the starting gate and on my way to homeownership. In a summary the reason I had to waite was due to a very rough medical situation with cancer, then a bad divorce. Now My job is excellent and just got a promotion and have been able to put myself back in college to work towards the finalization of my finance degree and also have been able to put both of my children in college. my daughter is going towards a law degree and my son is going for sports management. This would be a great way to end and start of new phase in our lives and the year.
Lisa
November 2nd, 2009 @ 10:03 am

My husband and I have been looking for a home for over a year and finally found the house of our dreams. It is a new construction, which means we have to purchase a lot of extras – appliances, furniture, A/C unit, etc. Being that he is a Veteran of the Army, we have applied for a VA Loan. The home will be complete in a week; however, our lender said the earliest they could close on our home would be December 7th. An extension of the first time home buyer credit would aid in our ability to purchase the items necessary to complete our home and help us to take the next step in our marriage and our lives.
Blake
November 2nd, 2009 @ 11:54 am

I started a short sale back in May and was supposed to close on sept 30. But the second lean holder sold the lean before all the paper work was done and now the new lean holder wants to renegotiate. They said we may close before Nov 30 but might not be able to. This extension would really help.

I have all of my loan paperwork done and ready to go but they can’t finish the underwriting till we know for sure what the final price will be.
clayton
November 2nd, 2009 @ 12:37 pm

PLEASE GET THIS EXTENSION IN!! I’M A PROCRASTINATOR AND NEED YOUR HELP BARACK!!
Shelly
November 4th, 2009 @ 3:40 pm

We’ve been in a contract since June and the bank has been procrastinating. They ask we give, but apparently we aren’t going to close before the deadline. I believe people already in a contract should receive the credit, but more so I believe it should have never been put out there in the first place.