First Time Home Buyers Tax Credit Extension Sparks Housing Market
Posted on | November 29, 2009 | No Comments
The first time home buyers tax credit extension has done a great amount to spark interest in the housing market. Over the next few weeks there is a very good chance that we are going to see a drastic increase in the number of mortgage applications submitted. Part of this is due to the low mortgage interest rate environment that we are in and part of it is due to the first time home buyer tax credit.
If you were unaware, the first time home buyer tax credit was set to expire on November 30th, 2009. In early November there was an extension and expansion that was signed into law. The extension is through April 30, 2010 and the expansion is given to home owners who have lived in their current residence for more than five years and they plan on moving up. Their tax credit will only be $6500 compared to the $8000 tax credit of first time home buyers.
If you are thinking about getting your first mortgage now is probably the best time in history. Home prices are very low, you will get a tax credit for $8000 and the 30 year fixed mortgage rate is currently at an all time low. This weekend we saw mortgage interest rates below 4.5%. This is an unheard of number and something that you should make sure to take advantage of.
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: Mike Garner
Comments
Leave a Reply