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I was hoping for this. If I can end up building I wouldn't close until sometime in Feb-Mar which would have ruled me out this year.
A friend of mine who is a realtor said it looks like it will be renewed in 2010, and raised from $8,000, to around $15,000 or something.
anyone else know anything about this? i've been thinking about buying a condo, but if this is really going to happen, I will probably hold off a while longer and get the bigger tax credit
I was hoping for this. If I can end up building I wouldn't close until sometime in Feb-Mar which would have ruled me out this year.
yeah. supposedly they are calling the plan "something else & better" or something weird like that. i dunno. i hope it goes through.
This thread needs more input
I agree
what the
Nothing is official. There has been some speculation that they "might" want to do it but nothing has been passed. I would actually be surprised if they continued and increased it.
Haqven't you been listening to your president? The recession is over and the housing market is recovering. Why would they continue the program?
We get the latest and greatest tax updates here in our office, and word right now is that there is a pretty big push to extend this credit by a few months, but I wouldn't expect the amount to increase. That's the word as of today...but this could change quickly as we all know.
This rain is killing my process. They are waiting to pour the foundation but are having to hold of due to the rain. So its going to be close. I dont want them to rush to try to make the deadline and end up ing something up. But I do hope they extend the process by a couple of months.
Its going to be extended.
I havent heard anything about it being raised though, that would really piss me off, more than it existing in the first place.
It'd be great if it does get extended
Why the do homebuyers deserve a tax credit more than renters do?
And why only first-time homebuyers at that?
good point... how ever the murder rate would go up...cause all those who rushed to close by nov would be pissed they didn't wait.
how is this fair to people who closed already?...bummer.
Damn hopefully it goes to 15k so I can take more time looking
Eh, if it goes up and I close this year im going to be pissed...
ya thats one thing that kinda pisses me off about it all.
How can anyone who got FREE tax payer $ be pissed that somone else might get more? Shouldn't the tax payers who got nothing be pissed
My wife is in the mortgage biz and said she was told they were trying to raise it slightly and make it available to EVERYONE, first time buyer or not to really get the market moving. If they do that, I will definitely be moving just to finally get to experience what it's like to take advantage of a handout
Good for you if you can cash in on the 'free money' giveaway. In terms of an economic policy though, this is just the government desparately trying to pump a floated keg in an attempt to convince people that the easy mortgage money party isn't over.
The reason why it's for 'first-time' buyers only is to prevent rich people from buying 20 houses and getting an $8k credit on all of them.
The reason for the tax credit in the first place is because the housing market is still glutted.
This is true... the rumor/story is that the $8k credit is great and got people to buy their first home, but now the housing market will not go anywhere unless they get the middle class to upgrade into that "final home". I'm in a similar boat... I've been in a house for 2.5 years... plan to move in 3-5 years into a better house that will (outside of changing cities) will be a house I do not plan to leave for a long time. This is the type of movement the government will be looking to push for. Therefore, the numbers have been making the credit $15k and making it available to everyone early next year. If that happens, it'll probably work and I'll plan to bounce up into the nicer house.My wife is in the mortgage biz and said she was told they were trying to raise it slightly and make it available to EVERYONE, first time buyer or not to really get the market moving. If they do that, I will definitely be moving just to finally get to experience what it's like to take advantage of a handout
Hopefully your house gets worked on quickly! Congrats on the new house! Mine is supposed to be done by mid Nov. It has been framed and the roof was in process before it started to rain. Where are you building at?
I have talked to a couple of brokers who work with or talk to, Fannie Mae, Freddie Mac, BofA, Wells Fargo & they do not know for sure if the bill will be extended or if the dollar amount will be increased…(Realtors have no inside information whatsoever on this subject)…
Like any Government plan, one needs to read the fine print to see if the program is really beneficial to you…1st time home buyer = a person who has not owned their own home in 3 years…Currently, there are income restrictions to qualify for the program….
Using an “8k write off”, to justify the purchase of a home in So Cal, (that may decline 30k in the next 12 months), does not seem like a smart thing to do…
Using the “8k write off" to justify the purchases of a 130k home in a market like San Antonio, (which has avoided most of this volatility) seems like a prudent investment to make now…
out in Schertz, Only downside is its a KB home. But I have faith that they have gotten thier stuff together over the past few years. If Im not happy I am ok with losing earnest money and walking away. I tried to find something in the 151 area but just didnt really see anything I really really liked for the price. I was happy with the area in Schertz. So we will see, but Im ready to stop renting.
Given the current condition of the housing market, I would be surprised if this was not extended....I'm not so sure it will be increased, but if it is, I hope it is retroactive to those who qualified under the previous plan...
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