8,000 TAX EXTENSION

[tray]

Hi, does anyone out there have any information that they may extend the $8,000 tax extention beyond the November 30, 2009 deadline.  I am just keeping my fingers crossed as my credit score will be higher for a better interest rate on a mortgage.  Thanks for any information.

[Anonymous]

As of now, there is no extension of the tax credit.  I would not be overly hopeful of it getting extended either.  It may happen, but most constituents are not too keen no anymore gov't help so it probably is a little of an unpopular idea around Washington.

[rockymtngrl]

an article from earlier this month

 http://www.lasvegassun.com/news/2009/aug/05/reid-congress-will-extend-8000-home-tax-credit/

an article from this week

http://www.mortgagenewsdaily.com/08252009_bill_seeks_expansion_of_home_buyer_tax_credit.asp

[Anonymous]

That is cool to see.  Last I heard was that they were trying to get the extensions killed because there was not a whole lot of support.

[boireann]

Would be great if it was extended, but I'm got going to hold my breath.  By the time I find a house in my price range ,(that doesn't get snapped up by a cash buyer out of the country) have my offer accepted, and close......bet you it'll be in December or January!

[Anonymous]

or more! i took me a whole year of searching, bidding and competing to get into a house, started looking in august of 08 closed escrow on 7/28/09. good luck man, and im being serious GOOD LUCK!

[SonorityGenius]

Unfortunately, the ammendment is unpopular because it removes "First time" qualifications -  meaning people who were underwater and foreclosed in the past could now qualify too AND again potentially cause the crisis to repeat..

I am sure the 8k will be extended by December, but I hope for the sake of house values that they do not remove first-timer requirements.

[rockymtngrl]

Maybe I'm missing something here- but if someone is foreclosed on they are not going to be able to get another mortgage for 3 years from the time the house is transferred from thier name (and I don't see too many people who were foreclosed on going out and buying a house with cash in less than 3 years) so basically they can't buy another house for three years.

The gov. considers a first time buyer someone who has'nt owned a house for 3 years. So even with the way the tax credit is wrote now someone who was foreclosed on could get the credit after 3 years-which is the soonest they could qualify for the mortgage anyway.

I'm not trying to argue, and I have'nt researched it enough to really even have an educated opinion on changing the credit, but I just don't see how changing the tax credit would change anything for people who have been foreclosed on?

[DallasLoanGuy]

It is not the help this industry needs.

[Anonymous]

Even the strongest supporters of this on the hill do not expect the bill to pass with the first time HB clause removed.  The thought is it will be extended as is, but not expanded.