topic Re: FTHB Credit in Mortgage Loans

FTHB Credit

Anonymous — Thu, 05 Nov 2009 13:58:04 GMT

So has it definately been extended? I thought I heard it on the news this morning, but can't find any articles to support this. Anyone know?

Re: FTHB Credit

Anonymous — Thu, 05 Nov 2009 14:09:28 GMT

I heard on GMA this morning that it has been extended through April!

Re: FTHB Credit

Anonymous — Thu, 05 Nov 2009 14:22:34 GMT

Just found this:

Senate Approves Extended U.S. Homebuyer Tax Credit (Update1)

By Brian Faler

Nov. 4 (Bloomberg) -- The U.S. Senate approved a $45 billion plan to expand a tax credit for first-time homebuyers, extend jobless benefits and provide tax refunds to money-losing companies.

Lawmakers voted 98-0 for the measure, sending it to the House, where Majority Leader Steny Hoyer of Maryland said in a statement it will receive a vote as early as tomorrow. The bill then would be forwarded to President Barack Obama for his signature.

The plan would be the first major extension of provisions in February’s economic stimulus plan. The $8,000 homebuyers’ tax credit, slated to expire this month, would continue until April 30 and be expanded to include people with higher incomes and some who already own homes. That would cost about $10 billion in the fiscal year that began Oct. 1, according to Congress’s Joint Committee on Taxation.

Re: FTHB Credit

Anonymous — Thu, 05 Nov 2009 14:36:29 GMT

So they will vote on it as early as today.

Thanks for the info!

Re: FTHB Credit

johnsj21 — Thu, 05 Nov 2009 14:56:43 GMT

Yes...I think they will vote as early as today to pass it. My question: when I was reading about this last week it stated that you would need to be under contract by April 30th and closed by June 30th to qualify for the credit....is that still the case?? We want to take advantage of the $6500 credit but we can't put our home on the market until February and we want to do new construction for our new home and there is NO way it would be done by 4/30. I hope what I read last week is still the case, but I having troubles finding more details!!

Re: FTHB Credit

Anonymous — Thu, 05 Nov 2009 15:08:20 GMT

Unless things have changed since the current tax credit expires you actually have to settle the property by the time the tax credit expires. For the November credit and most likely the extension it doesn't matter if you were under contract. You have to actually be in the home by the expiration date.

Re: FTHB Credit

Anonymous — Thu, 05 Nov 2009 15:56:09 GMT

I heard the same thing about the house would need to be under contract by April 30th and closed by June 30th. We are also looking to do new construction and starting the whole process in January. Our house would not be done by April either. Can someone please clarify this if they know anything about this. I am anxiously waiting to hear the details.

Re: FTHB Credit

Anonymous — Thu, 05 Nov 2009 16:02:26 GMT

I don't think the details are known (to the public) at this time. There were different senators that were proposing various amendments - and I read that the final bill would likely be a combination of different requests. I know it's hard, but try to sit tight and see what comes back after it receives final approval - and then all of the details will be known.

Re: FTHB Credit

kai_1103 — Thu, 05 Nov 2009 16:44:08 GMT

The house needs to vote, but otherwise its pretty much done. Here's the article.

http://news.yahoo.com/s/ap/us_homebuyers_tax_credit

Re: FTHB Credit

donkort — Thu, 05 Nov 2009 17:04:56 GMT

The Senate vote was 98-2

Re: FTHB Credit

kai_1103 — Thu, 05 Nov 2009 17:06:13 GMT

Now we just have to see if the House will approve it. I'm sure they will with such a strong Senate vote though. Yipee!

Re: FTHB Credit

ShanetheMortgageMan — Thu, 05 Nov 2009 20:29:32 GMT

House approved - just up to Mr President now

http://www.upi.com/real-estate/2009/11/05/congress-passes-homebuyer-tax-credit/6951257449679/

Re: FTHB Credit

Anonymous — Thu, 05 Nov 2009 20:42:10 GMT

Whoooo hoooooooo!

Re: FTHB Credit

johnsj21 — Thu, 05 Nov 2009 21:28:52 GMT

Extended 7 months to 6/30/2010!!!!!!

http://www.cnbc.com/id/33673455

Message Edited by johnsj21 on 11-05-2009 01:28 PM

Re: FTHB Credit

Anonymous — Thu, 05 Nov 2009 21:41:27 GMT

So here is a question - I bought a house in April 2009 and have yet to apply for the credit. I am single and make over 75,000/year but less than 90,000 and with my 2009 income would be able to get a partial credit under the prior (prior to today) rules. Now, if the limit is raised to $125,000 for single taxpayers to get the full credit instead of a partial one - will I be eligible to get the full $8000 when I do my taxes next year?

Re: FTHB Credit

Anonymous — Fri, 06 Nov 2009 00:50:43 GMT

@Anonymous wrote:
So here is a question - I bought a house in April 2009 and have yet to apply for the credit. I am single and make over 75,000/year but less than 90,000 and with my 2009 income would be able to get a partial credit under the prior (prior to today) rules. Now, if the limit is raised to $125,000 for single taxpayers to get the full credit instead of a partial one - will I be eligible to get the full $8000 when I do my taxes next year?

No, not if the story linked by Shane is accurate. It states the new rules are NOT retroactive, and effective Dec. 1. So, any purchases from New Year's Day through Nov. 30 are subject to current law, and its limits. The extension effectively is 'new' law, not relevant till next month.

Re: FTHB Credit

XAVIERSMAMA — Fri, 06 Nov 2009 13:04:00 GMT

@johnsj21 wrote:
Extended 7 months to 6/30/2010!!!!!!

http://www.cnbc.com/id/33673455
Message Edited by johnsj21 on 11-05-2009 01:28 PM

You have to have the contract signed by 4/30/2010 and close before 6/30/2010