As things stand right now, the first-time homebuyer tax credit has a deadline of November 30, 2009. While this still leaves you a couple months to find and buy a home, the deadline is closing in in a hurry.
Learn about incentives for first time homebuyers.
Fortunately for many, there have been talks that the credit will be extended beyond this. Many experts feel that there is a 60 percent chance that an extension will come into play sometime in the very near future. Of course, this leaves a 40 percent chance that the credit will expire and that will be that.
On one side, there are a lot of lawmakers from both parties supporting an extension. They believe that keeping the housing market on the upswing is very important. On the other side, there are just as many lawmakers who are against it because it would come at a cost of approximately $10 billion for a one year extension.
What do you think? Should the first-time homebuyer tax credit be extended beyond November 30 of this year?
Download a copy of your past tax returns.
I am a Realtor with Coldwell Banker. I think that the First Time Homebuyer Tax credit should be extended! If you can’t do it for a year please try another 6months and re-evaluate. Things are better and on a upswing, but there still are others on the fense and those trying to get that 3.5% down for FHA and upfront closing help! Please Help and pass along. This is and was a great benefit to the economy and the suffering housing market!
I am a realtor with Solid Source Realty. I respectfully request that the First Time Home Buyer Tax Credit be extended!! I am a buyers agent and there are so many people that are “this close” to buying a home if given just a little more time! In my opinion, the clock has already run out for the deadline in November. Alot of my buyers do not feel they can close in time for the deadline, so they are no longer trying. In this market, it takes approximately 60 days to get to the closing table. The time to extend this tax credit is now, not in November!!!
As a buyers agent, I wish they would bring back FHA’s 100% finnacing program. Just make it more strict than before. There are so many American’s that have good credit and income, but just haven’t been able to put aside the thousands of dollars necessary to become a home owner.
I am in the market and considering purchasing a home for the first time. Extending the tax credit is definitely a great idea! Atleast for a few more months…
What is the criteria for being eligible to take the first time home buyer $8000.00 tax credit. Can you have purchased the home from an individual or does it have to be through a broker?
I am mother of three children and i would like to purchase a home for my family , Unfortunately for me in the process my husband lost his job, so we have to put it on hold. Extending this tax credit will benefit me and other Americans who is just getting in the process of purchasing a home , beside it take 60 - 90 days for closing , you dont want to rush just to get the credit. Extend for about six month will be great with God’s help.
Thank you
I want to buy a house for my family , and i just started to really put aside some cash for downpayment and closing . Extending the tax credit will be great , i just need a few more months to be set with some funds to cover the cost. Not only me but i’m sure they are a lot of Americans in the same jam with good credit . WE NEED THIS TO EXTEND A FEW MORE MONTHS .
I need my information for Leon Brown family Trust fund of 1994
Yes….!!!!!!! PLease…!!!!
People in my situation will really apreciate it. i’m having my first home built ,we got a contract about 2-3 moths ago, finally we are starting to see the house together our kids are very exited and believe me I’m readu to move..! But now The Builders “Trace Investmnets’ In Hope Mills They are trying to push us out of the contract by installing the wrong stuff and making lots of inapropiate coments like ” That They will stop the progress of the house till we lose the Tax Credit that is around the corner” The house is almost complete it is already up what it need now is only the sheerock, flors, lighting and minor aditions and they are saying that that will take more than 2 months to complete..Pleaseeee.! So again ,people like me on this situation need a little bit of more time…Please if there is someone out there that will like to help please let us know. Thankyou for reading my post.!
I would love to see the tax credit extended, we cant find a home at this time , more time would be wonderfull for alot of people now that the economy is starting to look prosperous. The US has seen alot of tuff times and for the goverment to want to give back is a great first step.
Hello I ‘m Virtue I would like to say that it would be a great opportunity,for me and and other Americans wanting to buy a home for the first time.Allowing more time will enable me a mother of four kids a good length of time for me and my husband to finally own a home of our own.Just the thought of it excites me as a mother to purchase a home. “More time PLEASE!” we all need it.
The tax break should be continued home owners because it helps the people get into a home and will eventually stimulate the building trades, the economy is better served by giving the working people a break on taxes, rather than large conglomerates that give the overpaid executives additional bonuses, that do not get spent to help the ecomomy.
Please extend the First Time Homebuyers Tax credit.I would love to buy my first home,but i wont be able to buy a home,until next year.There are many people like me,who are interested in buying a home,and are trying to get their finances in order.This economy is getting worst,and we truly need a break!
Extending it would be great for the people just getting back on their feet. this would give them a chance to take advantage of this program.
I am a realtor that still has several first time home buyer that haven’t found the right home yet another month or two would be helpful to them.
What is the rules for buying the first house? I know a couple that got married. They bought a house together and I understand they received a tax credit. He already had a home that he owned from a previous marriage. Were they entitled to this credit? We were told that it was for first time homebuyers and who decides if the money is going to the correct parties?
Note:she was co-owners of (2) previous houses before this (1) sold and the other lost in divorce
I think this is a wonderful program as long as the rules are follow through on each and every person
Good information, I turned out to be very useful.
~* I am currently looking for my 1st home. I would really hate to loose out on such a great oppertunity, but it looks like I only have 10 DAYS to find a house and make it through closing to receive this credit. Extending the deadline would be great for me and im sure for tons of other 1st time home buyers! *~
Hi My name is Lisa, I’m a single mother of (4)..Please extend the first time homebuyers tax credit..I am working so hard to get everything I need in order to do this for my family…I’m almost there, and if there is not an extension I will have run out of time ….PLEASE extend it for 2010…
I am correctly in the process of purchasing my 1st home. I also would like the 1st time homebuyers to be extended as well. I am working with the Naca Program and there process takes a little longer than any other program. Thanks in Advance
I am a Realtor and I have a client that sold her last home and closed on december 1,2006.
could she be abl to use this program. She is lacking one day of being 3 years since her last ownership.
Millie Wilson
Coldwell Banker
Devonshire Realty
I’m buying my first home for me and my 4 kids. I would love to have the deadline extended at least a couple months. I’ve found a couple house but when you’re looking at HUD properties you have to wait a week or so and other people can bid on the house and you could end up not getting it. So extending the deadline a couple months at least would really help us get into a home. Because honestly if I can’t make it through the deadline I won’t be buying a house at all.
So please extend the credit for a few months at least or have a signed contract by the deadline and still be able to use the credit if you’re closing date is a few days after.
Thanks
I am also a first time home buyer and I would deffinitely appriciate an extension to this deadline. I am very close to buying a home and woud be disapointed if i cant close by the end of November.
I think they should extend the credit and make amendments to the salary thesholds at which the credit is phased out. I live in NYC and there are plenty of 1st time buyers who don’t qualify because of the salary cap.
I am a first time homebuyer and am in the process of negociating a short sale on a property with the bank…its coming along but I don’t think we’ll be able to close before the deadline. I think an extention on this credit is a WONDERFUL idea and would be extremely helpful. I think they should definetly extend it even if only for 6 months.
We didn’t qualify because we had owned a home just over 1 and 1/2 years ago and we closed on this house Aug. 31st. The time was right but we were frustrated because of the provision of having not owned a home in 3 years - my husband’s company transferred him here and he took a cut in salary to keep his job so we were forced to sell our home in another state and take a loss on it. Even though we didn’t want to sell our home, we had to keep our life going and hopefully keep the economy going in our way but we were not eligable. I hope they will take situations into conisderation for people like us who are having to sacrifice so much and who are still tyring every way possible to do our part and not default on our bills.