First Time Home Buyer Tax Credit Extension Approved By Tuesday?
Posted on | November 1, 2009 | 18 Comments
Senate Majority Leader Harry Reid said that the first time home buyer tax credit could be approved as early as Tuesday, November 3rd. There is a vote scheduled for late on November 2nd. “The House said that they would accept that and that could be done as early as November 3rd,” said Senator Reid. The delays in approving the bill has been due to the Republican demands for votes on amendments including the expiration of TARP funds by the end of 2010.
The November 2nd vote would allow Democrats to ignore the amendments if the bill is approved. Democrats have a plan to extend the first time home buyer tax credit until April 30th. The revised plan will also allow higher income home buyers to qualify for the tax credit. There is also an addition to the bill that home buyers who lived in their prior homes for at least five years could receive a credit of $6500.
The increases of income for the tax credit are up to $125,000 for an individual and $225,000 for a couple from $75,000 and $150,000, respectively. 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.
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Author: Jesse Wojdylo
Comments
18 Responses to “First Time Home Buyer Tax Credit Extension Approved By Tuesday?”
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November 1st, 2009 @ 11:21 pm
I think it should be extended…then more people will have a chance to buy a Home…
November 2nd, 2009 @ 6:46 am
It should be extended so more people can benefit.
November 2nd, 2009 @ 6:57 am
Hope this passes…I have a closing in Dec and I could sure sure teh extra $6500 credit!!! WHOO HOO!
November 2nd, 2009 @ 7:40 am
This would be fantastic news, we recently listed our 1st home on the market. We are moving because of the ARM loan we got roped into 5 years ago is changing. The new credit would allow us to “Move up” and allow another young home buyer to get into our house easier.
November 2nd, 2009 @ 8:45 am
I’m waiting to hear back from the bank on this short sale for my first home. If this gets shot down, I’m going to pull the plug on this home purchase and make a lower offer after the prices plummet.
I’m all for paying $8,000 extra for a home and I’m all for getting that tax credit. I pay a lot of taxes and rarely do they ever benefit me directly.
Extend the bill or watch sales drop!
November 2nd, 2009 @ 10:46 am
I hope it will be exrended I am in the process of buying my first home and I dont know if it will be closed by nov 30th. The only reason I am buying a home at this moment is because of the tax credit. I would have waited a couple of years still if I there was no tax credit.
November 2nd, 2009 @ 11:19 am
I really hope get it extented because lots of people need the tax credtit to purchase their home.
November 2nd, 2009 @ 11:31 am
I am in favor of this credit, but I think if you NEED the tax credit to be buying a house, you probably should not be buying a house in the first place. This is how we got into trouble in the first place
November 2nd, 2009 @ 12:56 pm
I really hope this goes through, its not that I need it for my house were currently getting it would just be nice. My wife want to put in a fence for our kids and paint. That money could go along way towards those things.
November 2nd, 2009 @ 1:52 pm
I am in the process of buying my first home, and with the way things are going I don’t know if we can close by the 30th as planned. I don’t need the $8000 but it sure would help with doing some updates, and buying some new things for the home. I would defiantly be putting that $8000 back into the economy, which was the goal of the credit in the first place.
November 2nd, 2009 @ 2:19 pm
Having had a short sale house in escrow since June, the First Time Home Buyers credit could really help those who, like myself, who are on the lower end of the income scale. The credit could help increase my equity and/or pay for possible needed house repairs and improvements.
November 2nd, 2009 @ 2:23 pm
I think it should be extended. It helps the first time homebuyer to own and these people are not among risky ones. the situation is different that those who caused the problem in the first place. The first time homebuyer are most likely to hold a job and also most likely to live in it. The financial crises happened because of those investors who had some manic ideas that their property is going to value a fortune in few years.
November 2nd, 2009 @ 2:43 pm
Bear in mind that extending it comes with a $1 billion price tag that gets passed on to the tax base. That money doesn’t appear from nowhere. Also, that’s in addition to all the other spending the administration plans to do.
And lol at Soheil. Investors didn’t cause this crisis. Financial institutions did (subprime lending practices — lending to people who wouldn’t/couldn’t pay back the loans). And banks usually hate investing in real estate. The private investors that lost their ***** on investments didn’t get a bail out.
November 2nd, 2009 @ 3:48 pm
I’m a real estate agent so will personally benefit from more business if this tax credit goes through (which looks very likely). It’s also nice to see some folks getting a break.
HOWEVER, I have to wonder if this is really wise for the country. If someone needs $8,000 to buy a new home, I agree with Matt’s comment that they really can’t afford it. THE REAL QUESTION is, does an artifically boosted housing market really help the overall economy? HOW, exactly?
November 2nd, 2009 @ 4:45 pm
I’m so stressed with this short notice, to hurry up and clse by Nov 30th. i hope this gets extended it would help a lot, and I could save more money for the down payment!! the 8,000 could help out for furniture!
November 3rd, 2009 @ 10:12 am
The greed on here is unreal. “I hope this goes through, I’m buying a house and I could really use the money.”
How about waiting for the housing bubble to subside more than $8000, instead of getting conned into “buying up?”
Just because prices went up, doesn’t mean they shouldn’t ever come down. When you try and stop that with public policy, you just delay the bag holders. Someone will pay, unfortunately in this case, it will be the generations down the road.
We’re a bunch of sell outs.
November 3rd, 2009 @ 7:18 pm
Regardless, it essentially makes no sense to set a deadline in the middle of holiday season. It lacks common sense. Few people have the time frame to find house, contract and close during the holiday time frame. It is logical to extend it at least through holiday season. The new deadline is approx April. Which would indicate anticipated increase in sales during the summer months, which traditional occurs without credit rebates.
November 4th, 2009 @ 12:01 am
We need the 8k tax credit extension “NOW”!! Thank you..