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15 Oregon Ave Suite 107 D
Tacoma, WA 98409
Phone: (253) 820-2745
Fax: (253) 683-4877
Tuesday, October 13th, 2009 at 6:45pm.162 Views, 0 Comments.
Will the First Time Home Buyer Tax Credit be extended?
As we approach the deadline for closing on purchases to qualify for the First Time Home Buyer Tax Credit of $8,000, I am often asked what the chances are that the program will be extended. The answer to the question is always the same; your guess is as good as mine. However, I can give an update on what is happening in Congress where the decision will be made.
First, there is some very positive news from the U.S. House of Representatives. Last Thursday October 8, 2009 the House passed H.R. 3590, the Service Members Home Ownership Tax Act of 2009 by a vote of 416 to 0. This bill extends the First Time Home Buyer Tax Credit one full year for Military personnel (and some Civilian Federal workers)…
Saturday, September 26th, 2009 at 11:58am.124 Views, 0 Comments.
The $8,000 first time buyer tax credit deadline is now looming large. Qualifying first time buyers wishing to take advantage of the credit will need to have their home closed by November 30th. If the current financing timelines continue, you'll want to get moving quickly.
Realistically, you'll want to have your new home under contract by the middle of October to have a stress free shot at closing by Nov 30th if you plan on using USDA 100% financing.
FHA and VA buyers don't have much more time. I anticipate financing timelines and competition to be more difficult in the coming weeks. We are already finding lenders, Realtors, Appraisers and Home Inspectors are filling their schedules quickly right now. If you really want to move forward, it's time to…
