First Time Home Buyer Tax Credit Extension – Obama Credits of $8000 and $6500 Expiration
Posted on | March 13, 2010 | 7 Comments
The first time home buyer tax credit extension is going to be a very hot topic in Washington over the next few weeks and months. The expiration of the Obama tax credits of $8000 and $6500 is April 30th, 2010 so expect many bills to be created to get this tax credit extended. There is little argument that this credit has helped many first time home buyers but is it time to let the tax credit expire?
At the present time there is a first time home buyer tax credit for $8000 for first time buyers and a move up tax credit for $6500 for those who have lived in the same residence for five years or longer and are planning on moving up into a move expensive home. The expiration for these tax credit is April 30th, 2010 so it would be wise to take action today.
With mortgage rates low, home prices attractive and a tax credit available to many home buyers one would think that this is a great time to get in the housing market. Unfortunately, there is a great amount of data showing that home prices are still struggling and there is a chance that we could see another downturn in home prices. With this in mind, Washington may very well extend the first time home buyer tax credit.
Author: Alan Lake
Comments
7 Responses to “First Time Home Buyer Tax Credit Extension – Obama Credits of $8000 and $6500 Expiration”
Leave a Reply
March 13th, 2010 @ 4:02 pm
I would love to see the tax credit get extended. We are looking to buy but, We are having a hard time finding something we can afford. We currantly have an offer in but, It is , whats called a short sale and we are afraid we will miss out and if we do, We will have to back out. We need the credit to fix the roof and among other things. With out it, we can afford to get this house. I’m sure there are many people in our situation. This has been a huge insentive for us to even think about buying our home. Thank you. I hope this reaches someone who can help.
March 14th, 2010 @ 1:11 pm
We too are actively looking with our previous home sold and $$$ in the bank – however the inventory is very low and full of active shorts and those are not very promising. When Congress voted to give existing homeowners the credit – they did not look at the real state of the existing market – it was fairly thin and the inventory was not that good. If the goal is to sell the junk homes – then the plan is good. if they want to really do something – extend it thru the summer of the normal selling year and dump the first time as that has run its course of cleaning up the low end prices.
March 14th, 2010 @ 2:16 pm
Your best bet would be to contact your local senate and congress person. and tell your friends and family to do the same on your behalf. Tell them to extend the program. just may help.
March 14th, 2010 @ 9:40 pm
I have just put an offer in on a short sale property two days ago, and I am crossing my fingers that it goes through quick. A new home for my family would be a blessing, the additianal tax credit would truly get us back on track. I pray that they will extend the program, I don’t think I’ll get an answer on the house within the next 6 weeks if everyone elses waiting game horror stories are true.
March 15th, 2010 @ 12:51 am
I’m actually 12 points from a qualifying score I
have cleared over 20,000 dollars of debt within 4 months. it would be a great blessing to extend this tax credit I know I’ll be ready within 3 months.
March 15th, 2010 @ 2:19 am
I don’t see this credit being extended again, but I hope I’m wrong. My wife and I will miss out on the move up credit simply because we didn’t have enough time! We began planning a custom home when the $6,500 credit was first announced, but we just finished work with the architect this week, and the home won’t be complete until probably December. No credit for us. They obviously weren’t thinking about custom build projects when they signed this into law.
April 12th, 2010 @ 10:17 am
We have been approved to purchase a home and have been trying for 12 months. Every time we get an offer accepted be a seller, when we get the property appriased, it does not appriase for the price the owners want to sell and they refuse to lower the price. this has happened to us 2 times and the third issue we are having is that lots of sellers do not want to approve offers from an FHA loan, just beacause they are over pricing and know the appriasal price will be locked in for 6 months. this is all happening in Miami, Fl. Please extend the credit, we need more time…