Comments on: First Time Home Buyer Tax Credit Extension – Income Levels Increased

By: Cody

Cody — Mon, 02 Nov 2009 18:42:15 +0000

Does anyone know if the income limit increase will be retroactive? I made a purchase in July but under the current law make too much money to qualify for the credit. I could really use the money for appliances, repairs etc.

By: SpookyMan

SpookyMan — Fri, 30 Oct 2009 03:13:50 +0000

Ingrid – I find it hard to take your two exclamation points and capital letters seriously – we have been waiting in the same situation since the beginning of February and our offer is not a low-ball offer at all. I hope you don’t have to wait as long as we have – so many times they told us it will be next week – it’s such a torture.

By: Ingrid

Ingrid — Thu, 29 Oct 2009 19:00:47 +0000

Still waiting to hear from the seller’s bank on a short sale offer we made at the end of JULY!!! Could be any day now or a few more weeks and we’ll definitely miss the current deadline. We thought we’d make it having an offer in in July but November is now around the corner with no answer. FINGERS and TOES crossed the extension passes!!!!

By: Bryan

Bryan — Thu, 29 Oct 2009 17:13:16 +0000

If an existing owner gets into contract today and the bill passes, is he or she eligible for the credit or do you have to wait to get into a new contract until the bill passes?

By: Home Buyer Tax Credit to be Extended? « Arroyo Seco Real Estate

Home Buyer Tax Credit to be Extended? « Arroyo Seco Real Estate — Thu, 29 Oct 2009 17:04:13 +0000

[...] yet, but I suspect it soon will be. Here are some of the details of what is being discussed from Subprime Blogger: The first time home buyers tax credit extension is getting very close to being finished. The [...]

By: Lisa Ketz

Lisa Ketz — Thu, 29 Oct 2009 16:47:54 +0000

I am very much in favor of the extension. I am a real estate paralegal handling real estate closing transactions and am concerned that a lot of pending contracts for first time homebuyers may not close by Nov. 30th due to the backlog with lenders, appraisal and inspection firms and legal offices. I am also in the market to purchase a home myself after owning my current home for 8 years. If I were to receive a tax credit it would end up helping the economy because it would be used to do improvements on the home I purchase.

By: Stacey Ward

Stacey Ward — Thu, 29 Oct 2009 16:37:33 +0000

If the first time home buyers credit is extended till April 2010 with a 60 day grace period for closing, that would definitely help me out tremendously. It would also help the housing market flourish. I am currently working with a mortgage specialist to get qualified for a Home Mortgage Home loan. With the homes being so affordable now, I would like to purchase one and stop renting, why rent when you can own for less? That doesn’t make sense. With the qualifications for a loan through traditional lenders and banks being more rigid, it will take some time for people like myself with less than perfect credit to reshape our credit and qualify for a Home Mortgage loan. The extension would definitely be a boost to the economy and first time home buyers. I hope the legislature approves it.

By: ken ledford

ken ledford — Thu, 29 Oct 2009 16:25:15 +0000

Yes!!! Finally something for EVERYONE !!!!

By: Felecia Mitchell

Felecia Mitchell — Thu, 29 Oct 2009 15:43:50 +0000

I am a first-time home buyer and having gone through all of the criteria’s of having the down payment and taking the home buying classes and passing with flying colors, not to mention the good credit, I feel like the tax credit deadline is personally discouraging me from purchasing a home right now. In addition to the tax credit, I have other frustrating issues with the programs that require a first-time home owners to purchase a foreclosure within FHA guidelines. Now I am willing to help out the economy the best way I can but now that the tax credit is nearing a deadline, home owners are willing to pay more than a home is worth just to get the credit. That is a big mistake as rushing to purchase a home over the market value just to get the tax credit is a dangerous game for a 30 year commitment.

Just my two cents

By: ami

ami — Thu, 29 Oct 2009 15:03:34 +0000

I really don’t understand why they would allow people who already have homes to get the tax credit. What would happen to their house? Wouldn’t be forclose on their homes and that would create more problems with the market.