Homebuyer Tax Credit Extension of 6 Months Proposed by the Senate
Posted on | September 18, 2009 | 6 Comments
The homebuyer tax credit is set to expire on November 30th but the Senate has proposed an extension of 6 months. Benjamin Cardin, a Maryland Democrat, introduced the bill H.R. 1678 and had it co-sponsored with four other Senators. Cardin states, ““As we are fighting to get our economy back on track, we cannot afford to let lapse an important tool that has had had a positive effect on the housing market. Thanks to this tax credit, hundreds of thousands of Americans have confidently jumped into the housing market for the first time, with $8,000 from the federal government in their family checkbook.”
The bill will not change anything about the tax credit except the expiration date. The new expiration date will be May 30th. By extending the date many more first time buyers will come into the market and hopefully help finish the bottom in housing prices. The National Association of Realtors (NAR) has endorsed this bill and has urged an extension of the tax credit.
If first time homebuyers want to receive the current tax credit they will have to get started on the home buying process very soon. It is almost to the point that it is too late to get started unless you have a home picked out and your mortgage application submitted. If you are still at the very beginning of the home buying process it is likely that you will not be able to close by November 30th, 2009. There is a fear that the upcoming deadline will cause first time buyers to refrain from buying a home.
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Author: Jesse Wojdylo
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6 Responses to “Homebuyer Tax Credit Extension of 6 Months Proposed by the Senate”
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September 18th, 2009 @ 10:04 am
When will we know if the tax credit has been extended?
September 18th, 2009 @ 11:03 am
[...] a Comment // This just in: Congress is thinking about extending the first time home buyer tax credit. The program has proved rather successful in terms of encouraging home purchases, and now Congress [...]
September 24th, 2009 @ 1:48 pm
When will we know if the tax credit has been extended?
September 24th, 2009 @ 3:00 pm
Check back in with Subprime Blogger and we will make sure to keep you updated. Just check the “Current News” page and there will be an article as soon as we hear word.
October 4th, 2009 @ 9:44 am
[...] Your opinion on possible extension of first-time home buyer tax credit I have heard talk that the first-time home buyer tax credit is likely to be extended for another 6 months (to possibly 12 months). What is your opinion on this? Do you think it will drive up home prices and interest rates… leaving us exactly where we are now? Or do you think it will give the economy a much-needed bolster? Here is an article that corroborates what I have heard: Homebuyer Tax Credit Extension of 6 Months Proposed by the Senate : Subprime Blogger [...]
October 6th, 2009 @ 6:33 pm
[...] give the economy a much-needed bolster? Here is an article that corroborates what I have heard: Homebuyer Tax Credit Extension of 6 Months Proposed by the Senate : Subprime Blogger I believe the current tax credit will get extended for another 6 months but that we will likely [...]