First Time Home Buyer Tax Credit Extension Backed by Obama Administration
Posted on | October 29, 2009 | 10 Comments
The first time home buyer tax credit extension has been the talk of Washington this week. The $8000 tax credit is set to expire on November 30th and many analysts predict that the expiration would cause great problems in the housing market. For four straight months we have seen housing prices stable or rising and there is little doubt that the first time home buyers tax credit has something to do with this.
Senate Democrats have proposed an extension of the tax credit until April 30th, 2010 while also extending the tax credit to higher-income Americans. Currently the tax credit is only available to those earning less than $75,000 as a single home buyer or $150,000 as a couple. The proposal would extend those amounts to $125,000 and $250,000 respectively.
Max Baucus, Senate Finance Committee Chairman, explained that the new proposal would also offer a $6,500 tax credit to home buyers who lived in their prior home for at least five years. Individual home owners making $125,000 and couples make $225,000 would be eligible for this benefit. Baucus feels “The success of the American economy is closely tied to the success of the housing market; by helping to stabilize the housing market, the homebuyer tax credit has helped to shore up the economy as it begins to recover. This would enable an even greater number of potential homebuyers to take the credit.”
With the extension getting very close to being signed or denied it is important that Washington knows how you feel. Please make sure to voice your opinion through comments or voting on our tax credit extension poll. From the feedback we have received most of you are strongly in favor of the extension so let your voice be heard 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.
Author: Jesse Wojdylo
Comments
10 Responses to “First Time Home Buyer Tax Credit Extension Backed by Obama Administration”
Leave a Reply
October 29th, 2009 @ 2:56 pm
I think extending it until April 2010 would be beneficial to the housing market. I know of many first time home buyers who are in the market to buy a house, many of who will not be able to find, and close on a home by the current deadline of November 30th.
October 29th, 2009 @ 2:58 pm
I hope they extend the first time home buyer credit. My wife and me have been in the process of purchasing property for the last 4 months….gettting a loan even with good credit and income takes for ever apparently….it would be great if they can exgtend it and help people like us who will eventually close on a property but not by DEC 1st.
October 29th, 2009 @ 3:35 pm
Please allow this credit to work for individuals who just brought their home but previously owned a mobile home that was on leased land and sold the home. We were not able to earn taxes from our mobile home so therefor should be considered a first time buyer/owner
October 29th, 2009 @ 5:29 pm
My wife and I previously lived in a house that was willed to us by my diseased mother, built and finished a house in 2009, and due to the wording of the tax credit bill, we are not eligible for the tax credit. The extention of that bill for 5 year owners would encourage more people to jump into the housing market and definatley help or situation.
October 29th, 2009 @ 6:32 pm
I’m strongly against the tax credit.
It’s unfair to others.
People can exchange their home to get $6500
more fraud cases.
October 29th, 2009 @ 7:17 pm
Im for it. Extending the credit until April 2010 would be beneficial for all buyers. Its an incentive to buy, and that’s what our economy needs.
October 29th, 2009 @ 7:18 pm
I also think the extention would be beneficial. Please extend until April.
October 29th, 2009 @ 7:49 pm
With all the money the government wastes – like on groups like ACORN – at least the tax credit spurs the economy and helps families. I’d rather see our tax dollars go toward this than toward road signs that say “this project is a result of the Recovery Act”. Government wastes our money in big ways.
October 30th, 2009 @ 5:49 am
I am currently building a home and am nervous that we will not be in by the deadline for the original tax credit even though the builder has promised us. The builder’s business plan targets many first time home buyers therefore there are about 20 homes that need to be finished before Dec 1st! Hoping there is an extension!
November 1st, 2009 @ 4:23 pm
I am a REALTOR in the state of GA, and would be glad to assist any first time home buyers that are not already represented by an agent. You may contact me tatiao@kw.com and feel free to explore my website http://www.AtlantaLiving.GerogiaMLS.com