Tax Credit Extension Nearing

Posted on November 4, 2009

The much talked about tax credit extension is nearing completion.  Please notice I said "Nearing". It is not finalized yet, but thankfully (to most people who will read this) it looks like it will be.  I just wanted to throw this out there since I have resisted to blog about "what could happen" for so long.  The Senate has cleared the extension to pass later this week if all goes as planned. November is already going to be a crazy month for us and all the local title companies.  Countless First Time Home Buyers have been feverishly working to get a home under contract and ready to close prior to the November 30th deadline.  Now it looks like everyone can rest a bit easier knowing that they will not miss out.  The current form of the extension will run until April 30th, 2010 and includes a 60 day window to close after the deadline if you have a home under contract prior to.  There is also a very nice perk in the deal for current homeowners!  If you income qualify and  have lived in your home for 5 of the last 8 years you can qualify for a $6500 step up tax credit.  Not too shabby!  This should get several people off the fence and into the game.  They of course will have a house to sell and this will give current home shoppers more inventory to choose from. 

Be sure to check back for more.  We will elaborate on the details when this becomes official.  More info on this topic and many others will be available at www.flatbranchhomeloans.com.  If you are one of the many prospective home buyers out there just click this link to Apply for a Home Loan.   You can also follow us on Twitter and Facebook. 

Here is a link to one article on this subject. 

http://www.realestateeconomywatch.com/2009/11/senate-clears-homebuyer-tax-credit-extension-to-pass-this-week/

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