Chattanooga Real Estate Blog

Home buyers tax credit extended and expanded to include  current home owners.  Lets go!!!!

The House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

According to a report by the Internal Revenue Service, “Tennessee has the 13th highest rate, in the nation, of residents taking advantage of the first-time homebuyer credit”  See the full story on the Nashville Business Journal

I know I talk about it a lot but time is running out.  If this credit isn’t extended it will disappear the end of November.  If you are a first time home buyer there are some great deals to be had!

The $8000 first time home buyers tax credit is set to expire soon.  If you haven’t closed on your purchase by November 30th you may loose out.  It takes longer to get to closing now and with this deadline looming more and more people are going to be in the system thus making the contract to closing time even longer.  So even if you are currently under contract you may not make the Nov 30th closing deadline.

If we all contact Congress to extend and expand this program so that more buyers can purchase the small uptick seen in the economy will continue and grow.  The above link is a very short video put together by the National Association of Realtors with real agents expressing the need for an extension and expansion of the program.  Take a look at it then contact your representatives and urge them to extend this program in the interest of the entire country.

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Get the full article here.