First Time Home Buyers Tax Credit Extension – Dec 2010? Poll
Posted on | October 8, 2009 | 48 Comments
The first time home buyers tax credit extension through December of 2010 has sparked great interest. Subprime Blogger has gotten some great feedback as to why this extension should or should not happen. With that being said, we have created a poll to get your opinion. Please pass this along to as many friends and family as possible. Whether you use email, Facebook, Twitter or any other networking site, get the word out. The goal is to get 10,000 votes initially so we can take it to the members of Senate in favor of the extension. The more votes we get the greater the chance of an extension! UPDATE: Over 5000 votes have been cast in support of an extension or expansion of the first time home buyers tax credit, please continue to pass this along to friends! Every vote counts! Thank you for all of your support in this effort!!!
For those of you who may not know; At this time, Senator Johnny Isakson is urging for the tax credit to be extended to December 1st, 2010. He not only wants the credit extended he also wants it increased to a maximum of $15,000 and available to all home buyers. Senator Ben Cardin is in favor of a six month extension which is supported by Senate Majority Leader Harry Reid.
Please let us know how you feel about the First Time Home Buyers Tax Credit extension. Also, 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. We offer information on everything from getting a lower mortgage rate to increasing your credit score.
Author: Mike Garner
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48 Responses to “First Time Home Buyers Tax Credit Extension – Dec 2010? Poll”
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October 8th, 2009 @ 9:15 am
[...] Please vote on the First Time Home Buyers Tax Credit Extension here at Subprime Blogger. First Time Home Buyers Tax Credit Extension Poll. [...]
October 8th, 2009 @ 9:45 am
[...] First time home buyers tax credit extension poll [...]
October 8th, 2009 @ 1:41 pm
First off, the “Govt.” spends our money. It also borrows money it doesn’t have that WE have to pay back. This $8000 is lowering tax that the Govt. gets, and gets us in even more debt. Now, if we can ALL get a free $8000 or more for buying a new house, I’ll buy another one. Even if I have to keep the first one, I’ll make it a rental. Why not flip a house with this credit, buy an $80,000 house, and keep it a year or two and then sell it. It should inflate in price enough by then to cover any commision charged to sell it.
If you are poor (can’t buy a house like everyone else) then you should rent. Owning a house is not a right that I want to give someone. Food for the actual poor is fine, but this is probobly just going to cause another “subprime” issue!!!!!
October 9th, 2009 @ 8:46 am
[...] Please vote on the First Time Home Buyers Tax Credit Extension here at Subprime Blogger. First Time Home Buyers Tax Credit Extension Poll. [...]
October 9th, 2009 @ 8:46 am
[...] Please vote on the First Time Home Buyers Tax Credit Extension here at Subprime Blogger. First Time Home Buyers Tax Credit Extension Poll. [...]
October 9th, 2009 @ 6:07 pm
Aaron…
Its not that those taking advantage are ‘poor’, in fact we have a 20% down payment saved we just arent willing to jump into such an unstable market w/o the credit. We’ll just sit with our money in the bank and pay half what we would for a mortgage in rent in our apt and keep our money to ourselves…will that help the economy? NO!
If there is an incentive to risk our money in such a crappy JOB market…not just housing market….its a crappy JOB market. nothing is guaranteed including peoples JOBS. Thats why people are not buying cause of JOBS not neccesarily MONEY.
If the people are that poor and ‘irresponsible’ they wouldnt be getting approved right now, this is the toughest time to get a mortgage but yet people keep saying that this credit is giving ‘poor’ people houses, I think giving ‘poor’ people mortgages is how we got into this problem.
I think this credit is great I personally know at least 5 quaified buyers who would have sat on the sidelines and watched this housing problem pan out who instead took their money and good credit and bought!
October 9th, 2009 @ 6:12 pm
Aaron…
Even if the credit is made available to ALL buyers it would still have to be your primary residence and couldnt be sold for 3 years so your plan would not work, read the proposal before commenting with such terrible sarcasm.
October 13th, 2009 @ 11:29 am
[...] First time home buyers tax credit extension poll [...]
October 13th, 2009 @ 11:33 am
There is a middle road. I think the current credit of $8000 should be extended by 6 months, but not expanded in any other way. You didn’t leave room for that in your poll. Give more options, and then I’ll pass your poll around.
October 14th, 2009 @ 12:54 pm
I agree with JB. Yes, I think they should extend the tax credit, but not till December. I think if they extended it till June 2010, that would be a fair extension for homebuyers. An extension till June would give everyone who is in the process plenty of time. Even those who are debating whether to jump into the housing market or not. The tax credit is a great thing for Americans. Especially those on fixed incomes who would typically not be able to get into a home due to the market and the economy.
October 16th, 2009 @ 7:17 am
If you want to increase the odds of the tax credit bill to pass, you need to get the National Association of Realtors to put the word out to all their realtors to call their clients who are trying to sell their home in this market to call their Senators in Washington and ask them to vote for the bill. When private citizens call in large numbers, it gets the attention of those who vote on the bill. Also if the bill is restricted to just first time buyers,it will help a little. But if it is open to all, it will have a HUGE impact and get the market moving and allow people who have been trying to sell their homes a chance to get it done.
October 16th, 2009 @ 9:55 am
I do hope they extend the tax credit but not to everybody. Just to 1st time homebuyers who are out there in force still looking to buy a home. BTW, that 8K money goes right back into the economy ala new homebuyers who are now using it to buy new stoves, refrigerators, etc., for their homes not to mention all the paint, lumber, building supplies which continues to keep retail sales up and create jobs or at least keep those employed who still have jobs.
Heck, at least it’s $$ not going to the banks but back to us taxpayers!
October 16th, 2009 @ 1:40 pm
I think the tax credit should be extended. My daughter is trying to buy a house right now. She found a great deal on a foreclosed home, but may not get it closed by Nov 30. Because there’s so much red tape to cut through when purchasing a foreclosed house, she was told that the earliest they can close would be Dec 17. This is going to disqualify her from the tax credit and also void her purchase agreement, since she stipulated closing by Nov 30. $8000 is a lot of money for a 24 year old trying to start her own life. It was her deciding factor to purchase this year and now she may have to wait. I’m sure this is happening to a lot of people right now. It should be extended at least to April 15, 2010.
October 16th, 2009 @ 2:00 pm
We need to get an extension just to buy time for the house we’ve been trying to buy since June – But stuck in BofA Short Sell Hell!!!
October 18th, 2009 @ 2:01 pm
My daughter is bying a house but due to the 90 day seasoning requirement to finance into an FHA loan, she can’t close until the first week in December and will lose the $8000 tax credit. There needs to be an extension.
October 18th, 2009 @ 9:59 pm
I think the tax credit should definitely be extended. I just graduated from undergrad in this past year, and have scrapped all my money throughout the past four years to buy as soon as I got out of school. I am employed… And I have a 20% downpayment, but with this job market as unstable as it is, those $8,000 would have been a great reserve. The worst part is that I decided to buy this early for those 8 grand, and I am almost sure that at this point, I will not make it on time. They need to extend this bill in order to help middle class people like myself. We rareeeely get any help like this from the govt.
October 19th, 2009 @ 9:58 am
Extend and Increase the First Time Home Buyers Tax Credit. Give the tax help to the people not big Corps.
October 19th, 2009 @ 11:21 am
Please vote to extend the tax credit. 1 year is not a lot of time to prepare yourself to purchase a home. I am a first time home buyer and the tax credit is my incentive. I started looking into ourchasing a home in March, but I had to pay down debt and take several other measures to save money in order to quilify for a loan. I was recently pre-qualified for a home loan, just in time to get the tax credit, but now I can’t find anything to purchase within my budget. I have an offer in on a house…but of course the house is a short sale and I probably won’t hear anyting back for at least 30 days. i’m frustrated and if the tax credit is not extended, I will not be purchasing a home for a while. Its been too much of a headache with the tight deadline.
October 22nd, 2009 @ 9:43 am
This Tax credit is what pushed me to start looking for a home. I have been pre-approved and want to move forward however there is no way that I will close by the November 30. Please extend the tax credit for a least 6 months so that it will help others like me as well who are already in the process and won’t make it in time for the dealine. Extend the tax credit.
October 22nd, 2009 @ 10:04 am
Yes, extend the credit. We are waiting to hear back from the underwriters on whether we have been pre-approved and we are going to be rushing to get in under the deadline, if we can at all. Please extend the credit.
October 26th, 2009 @ 7:45 am
All of you people crying for a handout for yourselves or your kids need to realize that someone is paying for these handouts, and it’s US!
If the government would butt out of the real estate market, prices for houses would fall to a level at which you and your kids could much more easily afford to buy a house, and your taxes could be lowered as well when the government no longer wasted your tax dollars propping up real estate prices.
October 26th, 2009 @ 8:37 am
I also agree w jb! 6mo is all it would take. I see no reason to open it up to everyone. As someone who has made 8 offers in as many months and been out bid, let’s keep it to the hard working first timers who have no other way to acquire the american dream!
October 26th, 2009 @ 10:22 am
Cole,
Sit with your money in the bank then if you won’t buy without a government handout.
As far as most of the people taking advantage of this credit, it’s back to the same old crapola. Many of them are using the tax credit for a down payment, and now the FHA is going broke guaranteeing loans with 3.5% down payments to park bench bums. This kind of government stupidity is what got the country in trouble in the first place.
October 26th, 2009 @ 10:43 am
EXTEND!!!
October 27th, 2009 @ 11:14 am
We (first time home buyers) really need the extention because of how long it takes to buy a house right now. I live in Hawaii and we have so many short sales and the short sale process takes way to long. I am currently waiting to hear back from a bank to see if me and my fiance had our offer accepted. We put this offer in in mid June and we are still waiting. No matter how hard we try there is now way that we can make the banks move faster to help us get that credit. If it were extended me and my fiance would not have to be as stressed as we are now being that in order to close by November 30th we must be in escrow by October 30th. Having that $8k is a major thing that plays into us being able to afford our mortgage each month, at least the first year until we can start getting bigger tax returns.
October 27th, 2009 @ 2:58 pm
NAR IS pushing Realtors across the country to write to their elected officials. In fact, they have sent several emails around with a script already written so that all you have to do is hit “send” if you so choose. Not only will this help the housing market recover quicker, it will also help many people who’s livlihood depends on the housing market. Speaking as both a Realtor AND a former subprime underwriter, I have an interesting perspective. No longer are loans handed to “bums”. You can’t get an auto loan or a credit card, let alone a home loan if you can’t prove that you can repay your debt. Furthermore, because our taxes will be going up under this administration, this will not be a handout like some people have commented. And you can’t use the $8k in total as a down payment. And, depending on your income, you may not be entitled to the entire amount anyway. Lastly, the people that this is helping are not generally the buyers in the upper price ranges but the FHA homebuyers in most markets. Some of those people would continue to rent if it weren’t for this tax incentive. In many cases, they’re paying LESS by buying real estate than they are renting. So, I ask you-how does this not make sense all the way around?
October 27th, 2009 @ 9:41 pm
The only thing that the $8K first time buyer tax credit does is to entice people to buy homes who, otherwise, would be unable to afford to do so. What we really need is for the real estate market to find a true bottom, so commercial lenders will start loaning money and underwriting PMI, instead of placing the entire burden on our government. As long as the government continues to subsidize home purchases, it only serves to delay a true real estate market recovery.
Seriously folks, except for the potential for appreciation in value (and that is not happening anytime soon)and the mortgage interest tax deduction, there is no reason to actually “own” a home if the price of owning a home (to include property taxes, PMI, and homeowner’s insurance) costs you more than 1/3 of your monthly income. At least in Southern California, the prices still have to depreciate significantly to attain the historic ratio of 1/3. Some would argue (like myself) that given the enormous amounts of credit card debt that many American’s are shackled with, that the ratio between a person’s monthly mortgage payment and their monthly income should be further reduced to no more than 25%. If you have been keeping apprised on the activities of mortgage lenders, then you know that the “true” number of homes that have been foreclosed are much greater than the what is represented by the mere “trickle” onto the MLS in the past four or five months? The mortgage lenders are sitting on an ever increasing inventory of non-performing loans, oftentime allowing defaulting borrowers to continue to live in their homes for 12 to 18 months without making any further mortgage payments, in an effort to boost home prices and create a false sense of demand and resulting artificial price increases.
This is the situation as I see it.
October 28th, 2009 @ 1:05 pm
as a seller who does not want to move by the end of November I hope this program is extended so myself as the seller can not stress to get out in 30 days and the buyer doesn’t have to hurry to buy. I think it should be extended to all home buyers. I’d love the credit when I sell and need a new mortgage.
October 28th, 2009 @ 5:14 pm
I, Agree to extend the tax credit, my situation is exactly the same as Shalina the only difference is I live in Col., Ohio. We have been waiting for an answer back from the bank for a short sale since the end of May and have heard nothing. Truly there is nothing short about a short sale.
October 29th, 2009 @ 8:33 am
Yes, please extend the tax credit for first time home buyers! We have been in contract and trying to close since June. We bought into a new construction and it is waiting on certificate of occupanices but because of the recent cut backs, there is a shortage of inspectors. The inspections are taking longer to get done and we will likely not close by December 1, 2009.
October 29th, 2009 @ 1:24 pm
[...] First Time Home Buyers Tax Credit Extension Poll. [...]
October 29th, 2009 @ 1:58 pm
I would like to see the extension of the tax credit because I am currently trying to buy a home for the first time and I am deeply sadden that the home I am trying to buy, let me know that they did know if they could get me closed by the deadline. Although I have a contract with the seller. If I am not able to get this credit I will not be able to buy the home. With the economy they way it is I can not take the money from my savings for closing without knowing I can put it back. I am praying that this is done for all of us. I believe this will be a win win for everyone.
October 29th, 2009 @ 2:43 pm
I agree with Kiela and everyone else that believes the tax credit should be extended. I think extending it for another 6 months would be substantial for everyone. Me personally, this would give me another chance at purchasing again and possibly be able to be qualified as a “first time home buyer”. This money would come in handy for closing costs and any other household issues that can come up with having a home. I certainly hope they at least extend until the end of June which would be 6 months, if they don’t do the whole year of 2010.
October 29th, 2009 @ 10:11 pm
My girlfriend and I are in the process of buying our first house. The closing date is currently set for mid December. Needless to say, the extension would help us immensely. That tax credit was a major deciding factor in our decision to make a purchase.
October 30th, 2009 @ 1:19 am
[...] First Time Home Buyers Tax Credit Extension Poll. [...]
October 30th, 2009 @ 8:10 am
Extend, extend, extend!!!
November 1st, 2009 @ 8:32 pm
please extend the tax credit, trying to close can’t close until after Dec Im praying that it’s extended
November 1st, 2009 @ 8:34 pm
[...] First Time Home Buyers Tax Credit Extension Poll. [...]
November 1st, 2009 @ 9:37 pm
Extend the credit!! I am now trying to negotiate a short sale. The end is no where in sight!! There is no way I will make the Nov 30 dead line. Please extend!
November 2nd, 2009 @ 2:11 pm
I need the tax credit extended because I am in the process of buying a home and was promised that my house would be closed on before Nov. 25. However, unforseeable circumstances have arrived and the bank is giving me the run around and the house will not clase before Jan. 1. I do not see how it is totally fair for me to have been working toward this home for almost 4 months and not receive the money. EXTEND IT PLEASE!
November 3rd, 2009 @ 1:43 pm
YES! Please extend the tax credit to next year! This will help us first time homebuyers who are in a helpless Foreclosure sale and/or Short Sale conditions where our Agreement of Sale packets are just another number on the Lawyer’s desk. What if I don’t get my Short Sale approval in time to close on or before Nov 30th? This is completely out of my control and the Agreement of Sale was signed since June. I think the Gov’t should accommodate for the increase of Short Sales and Sales of houses in Foreclosure. If extension is not possible then at least change the terms to qualify against the Agreement of Sale date of the contract and not the actual settlement date. So as long as you have a signed Agreement of Sale by Nov 30th it should qualify for the tax credit no matter when you actually settle on the house. This will account for the endless Short and Foreclosure sales in limbo.
March 5th, 2010 @ 11:39 am
The way the housing market is going this credit may in fact be extended into 2010? Politics vs Need is going to be the key factor to see if the credit is extended once again.
March 11th, 2010 @ 11:00 pm
I agree with all the comments in support of the extension. Further the extension needs to take into consideration persons who are having thier homes build. I have been under contract since 11-2009, due to the winter wheater and now spring rain, my house has not been able to get started. I will not make the June date if they can’t begin work becasue of the weather.
March 11th, 2010 @ 11:03 pm
I agree with all the comments in support of the extension. Further the extension needs to take into consideration persons who are having their homes built. I have been under contract since 11-2009. Due to the winter weather and now spring rain, work onmy house has not been able to get started. I will not make the June date if they can’t begin work becasue of the weather.
March 31st, 2010 @ 9:39 am
Please extend the tax credit I will not be able to afford my “dream house” until later on in the year if you extend it till December it will make things very positive and possible in my life.
Mr. Stephenson
March 31st, 2010 @ 8:13 pm
What are your thoughts on yet another extension of this credit in to summer of 2010? Based on the current housing market, may be better than a 50% chance.
April 16th, 2010 @ 12:33 am
I think the further extension of the tax credit will benefit the country. The unemployment rate is still rising and there are so many people just getting in contract, many still looking or waiting on bank to approve their offer. Especially for short sales and foreclosure properties it take so long for banks to get bank. I have a friend who have been waiting for over 2 months just for the bank to approve her short sale offer. This credit has encourage so many first time home buyers across the country and letting it go now is just too bad. I believe extending it through December 2010 will benefit the country and encourage people to stay in contract and others to keep looking. Congress should really consider this extension.
April 20th, 2010 @ 6:58 am
I think the first-time home buyer credit should be extended until Dec. 2010. I have been looking to buy my first home but with my work hours set at 12 hrs a day, I can only go out “looking” on my days off. I doubt that I have enough time to close by April 30, so please extend until Dec! I know a lot of others who are feeling the same squeeze and otherwise won’t be able to buy unless the tax credit is extended!